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NEW DELHI: Trade Unions have pitched for an hike in personal income tax exemption limit to Rs 5 lakh and minimum wages to Rs 18,000 in the upcoming Union Budget.
Trade union representatives gave their wish list to Finance Minister Arun Jaitley that emphasized on steps in the next Budget to create more jobs and employment opportunities.
Other suggestions include, more focus in the Budget on social security schemes for the workers, especially those working in unorganised sectors, according to a finance ministry statement on Saturday.
Hon'ble Finance Minister Shri Jaitley said that one of the major priorities of the government is to ensure that benefits of Social Security Schemes reach to every section of workers including those working in the unorganised sector. He said that the government is sensitive about the workers' welfare and would take all possible.
Interest rate on the long term saving deposits in post offices
Interest rates on bank deposits are not uniform and vary from bank to bank. Hence, a one-on-one comparison of interest rates may not be possible.
The interest rates on term deposits are deregulated and they are determined by the banks themselves as per their Board approved policies. In contrast interest rates on Small Savings Schemes are administered interest rates linked to G-Sec rate of comparable maturity.
The percentage of savings in the savings schemes in Post Office as on 31.03.2016 is 14.84% of the deposits in the savings schemes of PSBs.
The Government has taken various steps to popularise all the existing schemes by carrying out publicity through print and electronic/Audio Visual media on an all India basis. Jan Dhan Yojana is a scheme of the Government to encourage deposits in banks and promote savings.
This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.
Government had appointed a Judicial Committee headed by Justice L. Narasimha Reddy, retired Chief Justice of Patna High Court on 14.12.2015, to look into anomalies, if any, arising out of implementation OROP.
The Terms of Reference for the Committee is as under:
To examine and make recommendations on references received from the Central Government on the following matters:
Measures for the removal of anomalies that may arise in implementation of the OROP letter No. 12(1)/2014/D(Pen/Pol)/ Part-II dated 07.11.2015.
Measures for the removal of anomalies that may arise out of inter-service issues of the three forces due to implementation of OROP order ibid.
Implications on service matters.
Any other matter referred by the Central Government on implementation of the OROP or related issues. In making its recommendations, the Committee shall take into account the financial impact of its recommendations.
The Committee has submitted its report on 26.10.2016 which is under examination. During the Financial year 2016-17, a sum of Rs. 12456 crore has been provided for expected expenditure on account of One Rank One Pension (OROP).
The status of payment to the Defence Pensioners/ Family Pensioners on account of implementation of OROP benefits, as on 03.11.2016 are as under:
Out of 20,63,529 pensioner beneficiaries, 1,27,561 Defence Pensioners/Family Pensioners are yet to get the benefits of OROP. Public Grievance Cell in the Department is receiving grievances of the pensioners/family pensioners and taking up the matters with the concerned Department for redressal of their grievances. Disposal of grievances is monitored at the highest level in the Government.
This information was given by Minister of State for Defence Dr. Subhash Bhamre in a written reply to Shri Alok Sanjar and others in Lok Sabha today.
(a) whether the expenditure on overtime allowance provided to Government employees had increased from Rs.797 crore to Rs.1629 crore during 2012-13 and if so, the details thereof; and
(b) whether the Government is considering to abolish overtime allowance in Government offices and if so, the details thereof?
MINISTER OF STATE FOR FINANCE (EXPENDITURE)
(SHRI ARJUN RAM MEGHWAL)
(a) Yes Sir. The expenditure of Rs.796.90 crore in 2006-07 was excluding the expenditure on overtime allowance in respect of employees of Union Territories whereas the expenditure of Rs. 1629.02 crore during year 2012-13 is including the expenditure in respect of employees of Union Territories.
(b) The Seventh Central Pay Commission has recommended to abolish OTA (except for operational staff and industrial employees who are governed by statutory provisions) and in case the Government decides to continue with OTA for those categories of staff for which it is not a statutory requirement, then the rates of OTA for such staff should be increased by 50 percent from their current levels. Recommendation of the 7th CPC on allowances are yet to be finalised.