Saturday, February 25, 2012

Fixed Deposit - How Taxation can affect your Returns?

Equity markets have been highly volatile during the last few years. Still recovering from the last fall, coupled with steep rise in interest rates, most of the investors have since looked for safer avenues to safeguard their investments. Although, among all debt instruments, Public Provident Fund(PPF) , National Savings Certificate (NSC), Post Office Monthly Income Schemes (POMIS)  always command high priority, Fixed Deposits(FDs) by banks have gained popularity in recent times. The primary reason is the attractive interest rates offered by the banks along with sovereign guarantee, giving investors a sense of security.
However, within this euphoria, most investors neglect taxation aspect while investing in fixed deposits. What they failed to consider is that taxation can significantly lower returns generated by this instrument.
How FD is taxed
The interest income earned through fixed deposit is taxable, if the interest amount exceeds Rs 10,000, in any financial year. This income is added to your total income under header "Income from other sources" and then taxed as per the income slab. A very important point to note is that the interest income from fixed deposits are taxed on accrual basis and not when actually received. This means that the tax on interest income earned at the end of financial year have to be paid even if the interest is credited at a later year. For e.g. if you are investing Rs 75000 in a  fixed deposit for five years, you will have to pay tax on liable interest for all financial years it spans, even though the interest will be credited at the end of fifth year. Also, Tax Deducted at Source (TDS) is deducted by the banks if the interest amount exceeds Rs 10000 from one or through multiple investments. Even FDs in name of the minor attract TDS, if the interest exceeds the limit.
What you earn?
In a higher interest rate scenario, the going is good for investors in lower tax bracket. The investments from fixed deposits yield them returns that are worth talking about. But as your income go into the higher slabs the taxation starts affecting the net earnings.
Consider an interest rate of 9.25% p.a. on a 10 year fixed deposit of Rs 2 lakh. Most of us will be lured by this fixed return which is very high if compared with rates few years back. However, the real picture is very different from what is presumed when taxation is considered.
Tax Slab (%)
Amount  Invested (Rs)
Interest (Rs)
Tax (Rs)
Net Interest Earned (Rs)
Post Tax Return (%)
                  As can be seen from the above illustration individuals in higher tax slab of 30.9% tax, the post-tax returns are 6.3% from this fixed deposit. As against this, an individual in the lowest tax slab will be able to fetch 8.3% return on the same investment post taxation. Surely, the benefit accruing to lower tax category has lot to cheer.
Should you Invest
Fixed Deposits are highly liquid instruments and hence are best suited for goals where immediate fund requirement is very high. However, sometimes, high interest rate scenarios like existing today provides good investment opportunities for some category of investors even for long term. Senior Citizens who earns .25-.50 basis more on FDs and enjoy higher exemption limit in income tax are poised to benefit most from this instrument. A retired banker (Senior Citizen) today is able to fetch interest rate close to 11% on a 10 year FD from the same bank where he served. Even if he pays the maximum marginal tax he will still earn close to 8% which will give him a decent income. Inflation is something one has to live with but effect of taxation can be reduced by deploying some tax planning strategies. What you need to consider is post-tax earnings and not just the attractive interest rates, to get a true picture of what you will receive at the end. 
Source :
Posted by: AIPEDEU,Odisha Circle.                                                                                                                         

News from USPS :Post office plans 35,000 job cuts

WASHINGTON - With no financial relief in sight, the U.S. Postal Service is pushing ahead with planned cuts to more than 260 mail processing centers around the nation, part of a billion-dollar cost-cutting effort that will slow delivery of first-class mail.
In a statement Thursday, the cash-strapped agency said it had completed a review of closings to mail processing centers it had proposed last fall. Based on community input and other factors, the post office said, it will move forward with consolidations involving virtually all of the 252 facilities on the list, as well as up to 12 new locations, beginning in mid-May.
Of the 264 facilities, roughly 41 won't be closed or consolidated right away as the post office conducts additional reviews.
The consolidations are expected to result in a loss of roughly 35,000 jobs, which the post office hopes to achieve mainly through attrition. The agency described the move as a necessary cost-saving measure because of declining mail volume as people and businesses continue switching to the Internet in place of letters and paper bills.
The 12 locations added to the list include those in Owensboro, Ky.; Washington, Pa.; Cardiss Collins (Chicago), Ill.; Gaylord, Mich.; Staten Island, New York; Mankato, Minn.; Champaign, Ill.; Atlanta, Ga.; Corpus Christi, Texas; Fort Worth, Texas; Mid-Florida, Fla.; and Butte, Mont.
"The steps we are taking now will put the Postal Service on a strong financial footing for decades to come," the agency said in a statement.
The estimated $3 billion in reductions are part of a wide-ranging effort by the Postal Service to quickly trim costs, seeing no immediate help from Congress. It is seeking to close or consolidate more than half of its nearly 500 mail processing centers.
Because the consolidations typically would lengthen the distance mail travels from post office to processing center, the agency also would lower delivery standards for first-class mail that, for the first time in 40 years, will eliminate the chance for stamped letters to arrive the next day.
Last week, the Postal Service warned it will lose as much as $18.2 billion a year by 2015 unless Congress grants it new leeway to eliminate Saturday delivery and raise the price of a postage stamp by as much as 5 cents.
It is asking Congress for permission to make service cuts and reduce annual payments of about $5.5 billion to prefund retiree health benefits. At the request of Congress, the cash-strapped agency agreed to wait until mid-May to begin closures so lawmakers would have time to stabilize its finances first.
But in recent weeks, the Senate and House have stalled as lawmakers differ widely on costs, the level of financial oversight and the prospect of widespread postal closures.
The Postal Service, an independent agency of government, is subject to congressional control on major aspects of its operations. Earlier this month, the Postal Service said its quarterly loss ballooned to $3.3 billion amid declining mail volume and said it could run out of money by October.
Sen. Bernie Sanders, I-Vt., who is pushing for legislative changes that would stop or delay mass closings of mail processing centers, described the proposed closings as counterproductive. He and 26 other senators recently signed a letter to congressional sponsors of postal legislation seeking to prevent cuts to first-class mail delivery.
"At a time when the Postal Service is competing against the instantaneous delivery of information from email and the Internet, slowing down mail delivery service will result in less business and less revenue, and will bring about a death spiral for this institution," Sanders said.
Courtesy :
Posted by: AIPEDEU,Odisha Circle.                                                                                                                             

Union Labour Minister’s Appeal to Trade Unions

                Union Labour and Employment Minister Shri Mallikarjun Kharge has appealed to the major central trade Unions to desist from going on countrywide general strike on February 28,2012.The Minister has issued the following appeal here today:
‘ I am pained to learn that all major central trade unions have decided to observe a countrywide general strike on 28th February 2012 when the whole attention of the country is focused on achieving high economic growth. It may be appreciated that the UPA Government has taken strong measures to contain price rise, as a result of which prices of commodities have decreased significantly in recent months. It is well-known that the interest of the common man is paramount for the UPA Government in all policy decisions, particularly relating to the weaker sections of society, farmers and working class. In pursuance to these avowed objectives the Ministry of Labour and employment has taken many radical steps to improve the lot of working class. Most of the issues relating to labour raised by the central trade unions have already been addressed to a substantial extent. However, i do assure all the central trade unions that i am always open to discussions on any of the issues relating to labour at any time and resolve the same amicably through consultations.
There is no denying the fact that the proposed strike will not only cause colossal economic loss to the country but also bring hardship and inconvenience to the common man.
In view of the above and in the interest of the country I would fervently appeal to all the central trade unions to desist from going on strike on 28th February 2012. “
Source : PIB Release, Feb 24, 2012
Posted by: AIPEDEU,Odisha Circle.                                                                                                                                             

Friday, February 24, 2012

PO & RMS Accountant Examination scheduled to be held on15.04.2012

URGENT / With entry
Department of Posts, India
Office of the Chief Postmaster General
Odisha Circle, Bhubaneswar-751001
No RE/30-8/2012 
 22nd February 2012
The PMG Berhampur (Gm)/ Sambalpur Region
All SSPOs/SPOs/ SSRM/ SRM in Odisha Circle
The Superintendent PSD/ CSD, Bhubaneswar
The Superintendent CSD, Sambalpur
Officer In-charge, P & T Administration Cell, APS Centre,
C/o 56 APO
Sub         PO & RMS Accountant Examination scheduled to be held on 15.04.2012
Kindly refer to this office letter No. RE/30-12/2009 dated 5.1.2012 wherein the Calendar of Departmental Examination to be held in 2012 has been circulated. As per the said Calendar of Departmental Examination the PO and RMS Accountant Examination is scheduled to be held on 15.4.2012.  Accordingly, the following dates are fixed for processing the examination.
1. Last date for submission of application by the candidate – 09.03.2012
2. Last date for applications reaching Circle Office – 16.03.2012
3. Date of holding the examination – 15.04.2012
The candidates who fulfil the prescribed conditions of eligibility as per Rule-273 (a) (i) and (a) (ii) of P & T Manual, Vol.IV as amended from time to time may submit their applications in the prescribed form (enclosed) along with  two copies of their recent passport size photographs duly attested by the controlling officer to the heads of the unit/ Division concerned in time. The head of the office concerned after obtaining the application from the candidates will scrutinize the same and forward the applications to this office along with his specific recommendation or otherwise.  Divisions under RO Berhampur/ Sambalpur may submit their applications through the respective Regional Offices. The information furnished in the prescribed application forms by the candidates should be thoroughly checked up and verified with reference to their PF, Service Book or any other relevant records and then forwarded to Circle Office along with the prescribed proforma report, the specimen copy of which is annexed to this letter. Besides the above, while forwarding the applications, you are requested to furnish a certificate in the prescribed form as mentioned in the bottom of each application.
                The seniority position of the PA/SA as per up-to-date Circle/Division gradation list of such officials may be furnished in the proforma report.
The contents of this letter along with the copy of the application form may be circulated to all concerned. Any application not submitted in the prescribed form, not properly filled in by the candidate, not properly checked and verified by your office and after all not submitted in due time, is liable to be rejected at your risk.
                The receipt of this letter may kindly be acknowledged.
Encl : As above
Asst. Director (RE)
For CPMG, Odisha Circle 
Posted by:  AIPEDEU,Odisha Circle.                                                                                                                                                 

Transfer and Posting in PS Group. B on adhoc basis

1.Shri Ajit Kumar Dash, Sr. Postmaster, Cuttack GPO is transferred and allotted to Berhampur Region vide CO Memo No.ST/2-4(3)/2011/Ch.II dated 23.02.2012. Posting order of Shri Dash will  be issued by the PMG, Berhampur Region.
2.Shri Ramakanta Mishra, ASP(BD/Mail), RO, Berhampur is promoted to PS Gr. B Cadre on adhoc basis and posted as Sr. Postmaster, Cuttack GPO vide CO Memo No.ST/2-4(3)/2011/Ch.II dated 23.02.2012.
Posted by: AIPEDEU,Odisha Circle.

Thursday, February 23, 2012


Government of India
Ministry of Communication & IT
Department of Posts
(GDS Section)
Dak Bhawan, Sandad Marg
New Delhi – 110001
 No. 19-19/2009-GDS                                                                                        Dated: 21 Feb 2012

Chef Postmaster General
Postmaster General


            A reference is invited to Para 7(d) of this Directorate letter No. 17-17/2010-GDS dated 14.12.2010 wherein it was provided that "this percentage of 10% shall only apply to cover cases of wards of deceased GDS and not to GDS acquiring disability during service defined in the Persons with Disabilities Act, 1995. Section 47 of the Persons with Disabilities Act, 1995 provides that no establishment shall dispense with or reduce in rank an employee who acquires a disability during his service as also no promotion shall be denied to a person merely on the ground of his disability. In case of a GDS acquiring a disability during his service and is considered to be unsuitable for the GDS post he was holding, could be shifted to some other post with the same TRCA." The ceiling of 10% was further removed with revised provisions under this Directorate letter No. even dated 01.08.2011.

2.         The issue of allowing compassionate engagements to one of the dependant of the GDS discharged on invalidation on medical grounds supported by the invalidation proof has been considered in this Directorate and it has now been decided to allow considering compassionate engagement to one of the words of invalidated GDS discharged before the date of issue of this Directorate letter No. 17-17/2010-GDS dated 14.12.2010 on consideration of the indigent condition of the family taking recourse to the application of the same provisions of compassionate engagement and process as were in force at the time of discharge of the GDS on invalidation, without a further reference to this Directorate.

3.         It is, however, clarified once again that the provision contained in Para 7 (d) of this Directorate letter No. 17-17/2010-GDS dated 14.12.2010 as amended may be observed scrupulously and no GDS is allowed to be discharged on invalidation observing the provisions of Section 47 of the Persons with Disabilities Act, 1995. In case a GDS acquires a disability during his service and is considered to be unsuitable for the GDS post he was holding, he/she may be shifted to some other post with the same TRCA. If at all some genuine difficulty arises about the nature of work to be extracted from him and the concerned HOC is personally convinced of the grounds in individual cases, the Circles may take up the issue of appropriate cases with the Training Division of this Directorate.

4.         The instructions contained in Para 7(d) of this Directorate letter No. 17-17/2010-GDS dated 14.12.2010 & the present instructions would cover the cases of the GDS where a GDS was permitted to be discharged during the period from 01.01.1996 to 13.12.2010 by the prescribed appointing authority based on medical invalidation by a medical board of a Government Hospital and the disability would cover only the disabilities mentioned and defined in Section 2 of the PWD Act, 1995." While considering the cases under this provision, Head of the Circle would personally ensure that only the cases fulfilling the requisite conditions are considered for compassionate engagement.

5.         The above provisions may be brought to the notice of all concerned for strict compliance. This issue with the approval of Secretary(Posts).
(Surender Kumar)
Assistant Director General (GDS)
Posted by: AIPEDEU,Odisha Circle.                                                                                                                                                      

RTI Queries Don't Affect Govt. Work

The time spent by government officials replying to RTI is so little that it cannot be a pretext for them to shirk that task.
 In August 2011, the Supreme Court made an observation which had some unintended consequences on the Right to Information (RTI) process. The judgement by Justice R.V. Raveendran is turning out to be a seemingly legitimate excuse for government officials to restrict information.
Aditya Bandopadhyay went to court when the Central Board of Secondary Education declined to provide his examination answer sheets under the RTI Act. While the court allowed access to answer sheets, it also observed that the cherished right to information should not affect administrative efficiency.
In his judgement, Justice R.V. Raveendran said: “The nation does not want a scenario where 75 percent of the staff of public authorities spends 75 percent of their time in collecting and furnishing information to applicants instead of discharging their regular duties. The threat of penalties under the RTI Act and the pressure of the authorities under the RTI Act should not lead to employees of public authorities prioritising information furnishing at the cost of their normal and regular duties.” Government officials are now using this excuse with increasing frequency saying that even the court agrees. Central Information Commissioner Shailesh Gandhi says 75 percent government staff spending 75 percent of their time on giving information would mean 56 percent (0.75 X 0.75) of their total time spent only on replying to RTI queries. 
 Gandhi says that at the most optimistic estimate not more than one crore RTI applications are likely to be received by all public authorities across the country in 2012. The average time to attend to each would be less than three hours. That means no more than three crore hours spent by all officials.
Assuming that an average government employee works for just six hours a day for 200 days a year, it would mean he would work for a total of 1,200 hours in a year. That means 25,000 (3 crore divided by 1,200) employees would be required full time. The Centre and all state governments have about 1.2 crore employees. So, the total time spent by government employees on replying to RTI queries would be 0.208 percent (25,000 divided by 12,000,000).
                In other words, no more than 4.6 percent officials are spending 4.6 percent of their time on giving information. This is based on conservative assumptions. Surely, government officials work for more than six hours a day! Doesn’t look like they have much space to hide.
Source : Forbes India, Feb 23, 2012, by Dinesh Narayanan
 ( This article appeared in Forbes India Magazine of 02 March, 2012)
Posted by: AIPEDEU,Odisha Circle.                                                                                                                                 

Wednesday, February 22, 2012

            Pension fund regulator PFRDA has invited bids from financial institutions to manage funds of Central Government Employees under the New Pension Scheme (NPS) for the next three years beginning April 1, 2012.
            The fund managers will be required to manage the pension assets of Central government employees, according to Pension Fund Regulatory and Development Authority (PFRDA).
            The three pension fund managers will have to submit bids by March 15, PFRDA said. At present, pension funds of government employees are managed by three pension fund managers (PFMs) — LIC Pension Fund, SBI Pension Fund, and UTI Retirement Solutions. The total corpus of the government employees as on December 2011 was Rs 12,769 crore.
            These three fund managers are also eligible for participating in the bidding process, the regulator said. The total average monthly subscriptions of government employees is around Rs 500 crore.
            National Pension System (NPS) was introduced on January 1, 2004, and is mandatory for central government employees (except armed forces personnel) appointed on or after January 2004. The scheme was made available to all citizens on a voluntary basis from May 1, 2009.
            Even though NPS is an immensely beneficial financial product for unorganised sector employees, especially those who do not manage a steady source of income after retirement, it has received lukewarm response till now.
            To popularise the scheme, PFRDA, in September 2010, introduced the Swavalamban scheme. Under this scheme, the government contributed Rs 1,000 per year to each NPS account opened in the year 2010-11 and for the next three years, i.E., 2011-12, 2012-13 and 2013-14. To be eligible, a person has to make a minimum contribution of Rs 1,000 and maximum contribution of Rs 12,000 per annum.
Source: Times of India
Posted by: AIPEDEU,Odisha Circle.
                                                           Date- 6-02-2012
            The system of engaging casual laborers is in existence in the Dept. of post even from undivided    P&T Dept. In the year 1980 order was issued by the Dept.  dividing them into different categories. They are....
1-         Those who has not completed  720 days of service in a period of 3 years @ 240 days    per year as on 1-4-1980
2-         Those who are working from 1-4-77 or earlier and have completed 720 days as on 1-     4-80.
3-         Those who are working from 1-4-75 or earlier and completed 1200 days service as         on 1-4-80.
The wages were fixed as follows
            First category they will be paid approved local rates.
            Second category they will be paid 75% of the 1/30 of minimum of group D + DA.
            Third category will be paid daily wage equal to 1/30 of minimum of group D + DA.2
            Against this  discrimination in payment of wages  which is against fundamental rights NFPTE filed writ petition No302 of 1986  on 5-2-86 in the manner of MANDAMUS to the Union of India to  direct it to pay to the petitioners same salary and allowances and  other benefits as are  being paid to the regular and permanent  employees in the  corresponding cadre and to direct the Union of  India to  regularizes the service of casual  labor who had been  continuous service more than 6 months.
            The Apex Court delivered the Judgment on 27-7-1987 which directed the Government as follows:-
            Direction (1). The petitioners are entitled for the wages rates equal to the minimum pay in the pay scale of the regular employees and workers in the corresponding  cadre including DA &  ADA if any and other benefits which are being enjoying on the date  of the Judgment.
            Direction (2). Directed the department to prepare scheme on a rational basis for  absorbing as far as possible those who have  been  continuously working for more than one year within eight  months of the date of Judgment.
            Basing on these Judgments some orders were issued by the department.
They are-
           (1) DOP no 14/8/88-PAP dated 15-6-1987.
            This order allowed paid w/off if a casual labor performed duties for 6 days
2-         DOP no 2-10/88-PE dated 19-2-88 directing the authorities to create posts wherever       feasible and complete the process of absorption by 31-5-1988
3-         DOP No 17-141/88-EDC & trg.  Dated 6-6-88 in these orders  instruction  were  issued for  considering casual  labors against  group D/ EDA posts.  In spite of all these orders same are  not 3 being implemented at lower level and number of quires were raised
such as Who should be treated as casual  labor? These were clarified by the department vide its order No 55-24/88 –SPB1 dated 17-3-89. This order clarified that all the  casual workers working with different names in all the offices  should be treated as casual  labor only with two different names i.e. part time casual labor and full time casual labor.
            Further clarification was issued on 16-9-92 vide lr.  No.45- 14/92 –SPB 1-directing the authorities to consider the PTCLs part  time casual labors] working for five hours and more should be made  FTCL[full time casual labors] by re-adjusting on combination of  duties wherever possible. In the same order it was clearly mentioned that in future no fresh CL should be engaged
            Dept. of post issued orders called as grant of temporary  status and regularization scheme w.e.f. 29-11-89 according to  which CL[both ptcl&ftcl] on the roles of the Dept as on 29-11-89  and continued to  be  employed for 240 days in a year would be  conferred by the  temporary status.    This was further extended up to 1-9-93.
            In spite of various orders mentioned above lower level authorities did not concentrate on this issue and casual labor system was continued as it is and engagement of new CL and contingent was also continued without following the rules and orders.
            Again in the years 2006 orders were issued by DOPT vide its memo no. 49019/1/2006-EStt.dated 11 Dec.2006 for regularization of casual labors who were  recruited in irregular  manner also basing  on the Supreme Court Judgment in Civil Appeal No 3595, 3612/1999 dated 10-4-2006. But the same was neither circulated nor  implemented by the dept. of posts.
            Even CAT HYD. in OA no 388 of 1998 directed the Dept. to grant the temp.  Status to PTCL also but the same was not implemented and opposed by the Dept. and filed WP No 17048 of 2000 in AP High Court.  Hon'ble High Court dismissed the petition 4confirming the orders of the CAT on 7-9-2010. Again dept. approached Hon'ble Supreme Court by filing SLP which was dismissed by the Apex Court. After this much of long struggle for 15 years the Hon'ble CAT judgment was  implemented for only those who approached the CAT that too  particularly prospectively but not retrospectively.
            This is the situation prevailing in the dept of post in respect of casual labors. Even today Number of casual laborsworking from 1980 is still waiting for their absorption.
After implementation of 6thC.P.C. to the regular  employees they have been denied of revised wages  till today on one plea or other. The benefits which have been enjoyed by the down trodden section which are given because of the Judgment given by Apex Court on 27-7-1987 were withdrawn one by one. They are
1. Paid w/o was withdrawn on the plea of Audit objection
2. They have been denied temporary status
3. They have been denied identity cards which are essential to them for performing duties.
4. They have been denied arrears of revised wages / DA from 1-1-2006
5. Wages were not revised on par with regular employees w. e.f. 1-1-2006
6. They are not being paid DA for the last three years.
7. Up to implementation of fifth C.P.C.  recommendation payment of HRA & CCA  was drawn with arrears but  subsequently this was withdrawn against which Hon'ble  CAT Chennai delivered Judgment to pay HRA&CCA, the same  was ratified by Hon'ble High court also but by amending  the rules dept. did not implement the Judgment and  HRA&CCA  was permanently withdrawn by issuing clarificatory order in December 2010.
Keeping in view all the above, your good self  is requested to  examine the situation
prevailing in respect of casual labor in the Dept. and ISSUE INSTRUCTIONS TO ISSUE ORDERS AND SETTLE THE ISSUES MENTIONED BELOW.
i. Immediate payment of revised wages from 1-1-2006 along with  arrears irrespective of date of entry in the dept. which was  quashed  by the Apex Court in 1987
ii. All the CL either full time or part time may be granted paid W/OFF, POH including national holidays.
iii. All the part time contingent posts may be converted as GDS posts and the present incumbents working in that posts may be upgraded as GDS.
iv. All other PTCL may be regularized by issuing appointment orders so that they will get job security
v. All the PTCL may be absorbed against MTS/GDS vacancies by implementing AP High Court Judgment in W.P. no 17048 of 2000 dated 7-9-2010
vi. The following modifications may be made in the latest MTS recruitment rules
            1. Against 25% out side quota priority may be given to eligible casual labors.
            2. The condition of prior to 1993 in respect of PTCL may be removed keeping in view     AP High Court  Judgment in WP NO.17048 mentioned above.
vii. PTCL may be considered against GDS vacancies by reiterating  the DG posts order no 17-141/88-EDC&TRG dated 6thJune 88.
viii. It may be recommended to issue identity cards to all CL irrespective of their working hours.
ix. All the CL may be included in provident fund, gratuity and pensioner benefits as granted to unorganized sector workers.
x. All the welfare measures granted to regular employees may be extended to casual labor also.
             We hope that you will examine these issues with open mind keeping in view the natural justice and fundamental rights provided in the constitution to all the citizens of this country.
Thanking you Madam.
                   Yours faithfully,
   (M. Krishnan)                      (D. Theagarajan)
Secretary General              Secretary General
      (NFPE)                                       FNPO

Secretary General NFPE

Tuesday, February 21, 2012

Dr. P.V.S. Reddy (IPoS-1993), DPS(BD&Technology) on deputation to Hyderabad.

Dear Comrades,

Dr. P.V.S. Reddy (IPoS-1993), DPS(BD&Technology), O/o CPMG, Odisha Circle Bhubaneswar is relieved on 17.02.2012 A/N to join as Registrar National Institute of Plant Health Management(NIPHM), Hyderabad on deputation for three years vide Directorate, New Delhi  Memo No.14-14/2009-SPG dated 17th February, 2012.

Shri L Pradhan, DPS, Sambalpur will look after the duties of  DPS(BD&Technology)  on local arrangement.
Posted by: AIPEDEU,Odisha Circle.

EPFO may fix minimum pension at Rs 1,000 per month next week

New Delhi: Retirement fund body EPFO may take a final decision on fixing the minimum pension for its subscribers at Rs 1,000 per month, during a meeting of the Central Board of Trustees (CBT) scheduled on February 22.
"The EPFO's apex decision making body the CBT could fix minimum pension at Rs 1,000 per month for its subscribers, at a meeting this month," All India Trade India Congress Secretary D L Sachdev said.
Sachdev, who is also an Employees' Provident Fund organisation (EPFO) trustee informed the proposal is listed on the agenda for the CBT meet on February 22.
The trustee said that CBT will also discuss the proposal to issue contribution cards similar to bank passbooks to its over 4.72 crore subscribers, which would be updated on monthly basis from April 1.
According to EPFO data, as of March 31, 2010, there were 35 lakh pensioners subscribed to the retirement fund body, of which 14 lakh persons get a monthly pension of less than Rs 500.
The number of EPFO pensioners getting a monthly pension of Rs 1,000 is 7 lakh. The data reveals there are cases where pensioners are getting a monthly pension as low as Rs 12 and Rs 38.
As per estimates, the proposal to hike the minimum pension to Rs 1,000 per month will require an additional contribution of 0.63 percent of subscribers' basic pay and dearness allowance to the pension account.
The hike in contribution will be over-and-above the 8.33 percent contributed by employers toward the pension account of employees, as well as the 1.16 percent provided by the government under the scheme.
Courtesy :, Feb 19, 201
Posted by: AIPEDEU,Odisha Circle.