Dec 7, 2016

7th Pay Commission Pension revision – Interpretation of Proposed Option 3

7th Pay Commission Pension revision – Interpretation of Proposed Option 3

7th Pay Commission Pension revision – Interpretation of Proposed Option 3 by RSCWS for revised Pension as per 7th CPC recommendations as an alternate to Option 1 recommended by 7th Pay Commission

INTERPRETATION OF PROPOSED OPTION 3 FOR REVISED PENSION HOW FAR IS IT AN ALTERNATIVE TO OPTION 1 RECOMMENDED BY 7Tth CPC? By N. P. MOHAN, President, RSCWS

 The most significant recommendation of 7th CPC is to bring parity between past pensioners with those retiring after 1-1-2016 (Para 10.1.67). A long standing demand of the pensioners, who have been the victim of Modified Parity in the last two decades from 1-1-1996 (5th CPC), has been addressed by the Commission The parity is sought to be achieved by the recommendation of Option 1 for revised pension which provides for consideration of increments earned in the last Level by a pensioner while in service. Recognizing the delay in checking record for ascertaining the increments for implementation of this option, revised pension in the interim phase was recommended to be fixed by multiplying the pension fixed after 6th CPC by MF of 2.57 (Option 2). This option has already been implemented.

While accepting the above recommendations, Govt. had constituted a 5 member Committee under the chairmanship of Secretary (Pension) to examine the feasibility of implementation of Option 1. The Committee in its meeting with JCM on 6th October has suggested an alternative option (Option 3) to overcome the difficulty of tracing record in some cases. It has been indicated in Para 5 of the minutes of the meeting “that the Committee has found that the alternative method of arriving at notional pay in Seventh CPC by applying formula for pay revision for serving employees in each Pay Commission and giving 50% of this as pension to be beneficial to all pensioners in comparison to the fitment method.”

Dispensation of revised pension under alternative Option 3 will depend on the decision of the Govt on the recommendations of this Committee. The impact of Option 3 as understood from the proposal of the Committee mentioned in above is reflected in the 3 tables indicating the revised pension.



EXAMPLE OF REVISED PENSION UNDER OPTIONS 1 & 2 of 7th CPC & OPTION 3 BASED ON NOTIONAL PAY IN SUCCESSIVE PAY COMMISSIONS

  (As proposed in Para 5 of the minutes of the meeting of Feasibility Committee held with JCM on 6-10-2016)


FOR PENSIONERS RETIRING IN 5TH CPC REGIME (1.1.1996 TO 31-12-2005) FROM SCALE S 13 (7450-11500)-LEVEL 7 Average Pay on retirement Pension after 5th CPC (Higher of Mod. Parity or with factor of 2.26) – whichever is higher Notional pay-6th CPC (As per Fitment table-6th CPC) Notional pay-7th CPC with MF OF 2.57-3rd option (col.2xMF) Pay in the next cell of 7th CPC Pay Matrix- 3rd Option Pay based on option 1 with no. 0f increments (7th CPC pay matrix- (7th CPC pay matrix- Level 7)Revised Pension as per Option 3 (col.4/2) Revised Pension as per Option 1 (col.5/2) Revised Interim Pension as per Option 2 of 7th CPC (Col.2×2.57) 


1
2
18460
4
5
44900
7
8
9
745092304744247600238002245023721
7675923018880485224900046200245002310023721
7900923019300496015050047600252502380023721
8125923019720506805200049000260002450023721
8350943620144517705200050500260002525024249
8575969020550528145360052000268002600024903
8800994420970538935520053600276002680025556
90251019821390549725520055200276002760026210
92501045321810560525690056900284502845026863
94751070722230571315860058600293002930027516
97001096122650582115860060400293003020028170
99251121523070592906040062200302003110028823
101501147023480603446040064100302003205029477
103751172423900614236220066000311003300030130
106001197824320625026410068000320503400030783
108251223224740635826410070000320503500031437
110501248725160646616600072100330003605032090
112751274125580657416600074300330003715032744
115001299525990667946800076500340003825033397

NOTES:- 1. This table is illustrative under option 3 which is as per understanding of the proposal indicated by the Feasibility Committee based on Notional pay fixation in successive Pay Commissions.

 2. Actual fixation of revised pension will depend on Govt’s decision in the matter. 3. The figures of revised pension under Option 1 (Col. 8) are for each stage of increment. Compiled by: N. P. Mohan, President, RSCWS
Source : RSCWS

Bank unions threaten to agitate, plan strike against work pressure

Bank unions are planning agitation, including strike, to highlight the heavy work pressure faced by employees in the wake of demonetisation and lack of improvement in supply of currency notes. 

While the government and the Reserve Bank of India (RBI) say there has been some improvement in supply for currency notes in the system, the ground reality is different, say the unions. 
C H Venkatachalam, general secretary of All India Bank Employees Association (AIBEA), told Business Standard that if the problems for bank employees continue, the unions would be compelled to strike. 

According to Venkatachalam, many ATMs are running out of cash and people have to stand in long queues at bank branches, making them restless and unruly, escalating into quarrels with bank staff. Having to work under such circumstances affects employees’ physical as well as mental health, he added. 

He said the situation is increasingly becoming unbearable and employees, including officers, are on the brink of losing their patience owing to sheer fatigue. They are unable to tell customers when the normal supply and flow of cash would be restored, AIBEA said.

While the problem of cash crunch still persists, lack of enough supply of small-denomination currency notes is also a problem because the banks are yet to get the new Rs 500 currency notes and customers are reluctant to accept Rs 2,000 notes. 

Similarly, Rs 100 notes are also in short supply. As a result, ATMs are non-functional and branches are finding it tough to deal with agitated customers, the union noted. 

Another problem is that RBI is supplying soiled and damaged Rs 100 currency notes, which customers are unwilling to accept. For employees also, dealing with soiled notes is a big health hazard, AIBEA said.

Government has directed the banks to install an additional one million new PoS terminals by 31st March 2017

Press Information Bureau 
Government of India
Ministry of Finance

06-December-2016 19:47 IST 

In order to facilitate the move towards cashless transactions, the Government has directed the banks to install an additional one million new PoS terminals by 31st March 2017;. 2,73,919 camps organized to open banks accounts for unorganized labour in which 24.54 lakh accounts opened. 
As part of the plan to expand the digital payments eco-system and facilitate the move towards cashless transactions, the Government has decided that an additional one million new PoS terminals should be installed by 31st March 2017. Towards this end, banks have already placed orders for 6 lakh PoS machines and another 4 lakh PoS machines are likely to be ordered in the next few days. The country today has about 15 lakh PoS terminals across different merchants to facilitate card based payments. 

A special drive has also been undertaken jointly with Ministry of Labour & Employment and States’ Administration to open banks accounts for unorganized labour by holding camps at various locations. A total of 2,73,919 camps have been organized so far in which 24.54 lakh accounts have been opened. 

In the light of the Government’s decision to demonetize Specified Bank Notes w.e.f. the midnight of 8th November 2016, banks are making all out efforts to facilitate genuine transactions. Appropriate action is being taken against individuals involved in irregular and unauthorized activities. Since 3rd December 2016, action against 7 officials of Public Sector Banks (PSBs) have been taken. 

In addition, audit has been taken-up in few branches of Public Sector Banks (PSBs). The Concurrent Audit is also being initiated as per the requirement and under the extant guidelines of RBI.

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