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Railwaymen demand special status in salary structure

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Railwaymen demand special status in salary structure

Cash-strapped railways may soon have another big headache to contend with. A prominent railway union that met officials of the 7th Pay Commission on Thursday has demanded that railwaymen be categorised ‘differently’ when the commission gets down to finalising the new pay structure.

Why special status?
The reason the union cites is the huge number of deaths and injuries in the line of duty, which according to Western Railway Mazdoor Sangh (WRMS) is second only to the defence forces. WRMS office-bearers, who met Pay Commission chairman AK Mathur and secretary Meena Agarwal in Mumbai, pointed out that between 2007 and 2011, the number of railwaymen killed while on duty was 1,600, and those injured 9,000. Many of those injured have been crippled for life.

Where are the figures from?
They are from the report of the Safety Review Committee headed by Anil Kakodkar, which looked into the ailing railway system and its falling safety standards—safety of both passengers and railway personnel.

Why are rail staff special?
Speaking to dna, JG Mahurkar, general secretary, WRMS, said: “We told the commission that railwaymen deserve a special category like the defence forces. The work we do is arduous, dangerous and round the clock. So equating us with other governmentdepartments on pay structure is unfair. The commission was appreciative and we hope we get special status.”

Why is rail admn worried?
Railway administration is understandably worried. “During the 6th Pay Commission, railways paid the highest amount of (salary) arrears. Railways has the highest workforce under a single management. The amount paid out in 2008 was Rs 74,000 crore, and it bled the railways white,” said a senior official.

What would it cost railways?
Granting special category status would mean another massive pay-out whenever the recommendations of the Pay Commission is implemented, said the official. Railways’ thin finances was highlighted by minister V Sadananda Gowda in his July 8 railway budget speech in which he gave one of the most depressing assessments of railway accounts in recent times. Railways, Gowda told parliament, earned Rs 1,39,558 crore, of which it spent Rs 1,30,321 crore as working expenses in 2013-14 fiscal. Losses are compounded by the fact that thanks to low fares, the loss per-km-per-passenger has increased from 10 paise in 2000-01 to 23 paise in 2012-13.

A dangerous job
On Nov 1, dna front-paged an article on how Central Railway train examiner MA Shaikh died while trying to rectify an electrical fault in a Bandra-CST local. Shaikh, called in to look into the malfunctioning of a train early on Oct 31 morning, fell and had his legs severed when he leaned out of the running train to check if the overhead apparatus was working. The incident occurred close to Dockyard station and Shaikh’s colleagues told dna that such risks were part and parcel of all railway employees. Gangmen and pointsmen, theemployees who walk along the tracks looking for and rectifying faults, remain the most vulnerable with the number of deaths among them being among the highest, said railway union office-bearers.

Figure this
No. railway employees killed between 2007 and 2011: 1,600.
No. railway employees injured between 2007 and 2011: 9,000 (many of those injured have been crippled for life).
Pay-out (arrears) as per Pay Commission recommendations in 2008: Rs 74,000cr.(Railways has the highest workforce in India under a single management).
Amount railways earned in 2013-14: Rs 1,39,558cr.
Amount railways spent in 2013-14: Rs 1,30,321cr.
Loss per-km-per-passenger in 2000-01: 10 paise.
Loss per-km-per-passenger in 2012-13: 23 paise.

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बीमा पॉलिसी खरीदने के लिए केवाईसी जरूरी, अब क्लेम होगा और अधिक आसान, नहीं होगा कोई फ्रॉड

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Insurance KYC: बीमा नियामक इरडा ने कहा है कि नए बदलाव जीवन बीमा, स्वास्थ्य बीमा (Health Insurance) , वाहन बीमा ( Motor Insurance)और आवास बीमा समेत अन्य बीमा पर पॉलिसी पर भी लागू होंगे।

इरडा ने उपभोक्ताओं को धोखाधड़ी से बचाने और क्लेम को और ज्यादा आसान करने के लिए पॉलिसी खरीदने में केवाईसी दस्तावेज को अनिवार्य कर दिया है। नियामक ने इसके अलावा कई अन्य नियमों में भी बदलाव किया है। बीमा नियामक इरडा ने कहा है कि नए बदलाव जीवन बीमा, स्वास्थ्य बीमा, वाहन बीमा और आवास बीमा समेत अन्य बीमा पर पॉलिसी पर भी लागू होंगे।

बीमा नियामक ने कंपनियों को निर्देश देते हुए कहा है कि बिना केवाईसी दस्तावेजों के किसी भी तरह की पॉलिसी न बेचें। इसके अलावा मौजूदा पॉलिसी में किसी तरह के बदलाव से बचें। मामले से जुड़े सूत्रों का कहना है कि कुछ ग्राहकों ने अपनी बीमा कंपनी और बीमा नियामक से धोखाधड़ी की शिकायतें की हैं।

ठगी बढ़ी तो सख्त हुए नियम

इसके तहत ग्राहकों से टॉपअप कराने, बीमा कवर बढ़ाने समेत कई अन्य फायदों का लालच देकर ठगी करने की कोशिश की गई है। इसके बाद नियामक ने कदम उठाते हुए बीमा पॉलिसी खरीदने के नियमों को सख्त कर दिया है। केवाईसी दस्तावेज में बीमा कंपनी को आधार कार्ड, पैन कार्ड, चुनाव पहचान पत्र, पासपोर्ट, आवास प्रमाण पत्र, रसोई गैस कनेक्शन का बिल या बिजली बिल दे सकते हैं।

मानसिक बीमारी का कवर जरूरी

बीमा नियामक ने एक और अहम कदम उठाते हुए स्वास्थ्य बीमा पॉलिसी से जुड़ी कंपनियों से कहा कि वह हर हाल में स्वास्थ्य बीमा में मानसिक बीमारी का कवर भी जरूर शामिल करें। इसके साथ ही इरडा ने यह भी कहा है कि कंपनियां मानसिक बीमा से जुड़े क्लेम को मना नहीं कर सकती हैं। इसके अलावा नियामक ने ग्राहकों को स्वास्थ्य बीमा पॉलिसी खरीदते समय इस मानसिक बीमा के कवर की गहरी जांच-परख करें।

केवाईसी के फायदे

1. पॉलिसी में बदलाव के नाम पर धोखाधड़ी पर अंकुश लगेगा
2. क्लेम के समय कंपनियां नाम गलत होने का बहाना नहीं कर पाएंगी 3. पॉलिसी फॉर्म में दिए विवरण और केवाईसी में किसी अंतर पर कंपनियां भी जिम्मेदार होंगी

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Modi Government Fixes 8.15% as provident fund Interest Rate For 2022-23

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In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21.

Retirement fund body EPFO (Employees’ Provident Fund Organisation) fixed 8.15 per cent  rate of interest on employees’ provident fund (EPF) deposits for 2022-23 at its meeting today.

In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21.

This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.

The Employees’ Provident Fund Organisation’s apex decision-making body Central Board of Trustees (CBT) has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday, the Ministry of Labour and Employment said.

The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.

After the CBT’s decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence.

After the government’s ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over five crore subscribers of EPFO.

EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.

In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.

EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.

The rate of interest was 8.25 per cent in 2011-12. 

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AIR INDIA TO GIVE RS. 98 CRORE WORTH SHARES TO ITS EMPLOYEES, CHECK ELIGIBILITY HERE

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Tata-owned airline Air India has introduced an employee share benefit scheme, offering around 98 crore shares or 3 per cent of its equity share capital to permanent employees as part of a stock option scheme. The move aimed at incentivising and improve the performance will benefit around 8,000 employees.

“In accordance with the share purchase agreement signed as part of the disinvestment process, Air India has initiated the Employee Share Benefit Scheme for eligible employees who were in service with the airline on the date of privatisation,” Economic Times quoted a company spokesperson as saying.

With this, Air India will become the second company in the salt-to-steel conglomerate to launch such stock option plan for its staff after automobile major Tata Motors, which rolled out a scheme in 2018. Tatas officially took over the erstwhile national carrier from the Centre on January 27, 2022.

Along with Air India staff, permanent employees of Air India and Air India Express at the time of the takeover will also be eligible to participate in the scheme.

Air India Staff Stock Option

Under the scheme, permanent employees will get the share at a price of 27 paise apiece, as per the document sent to the staff. The price is at a discount compared to the book value of 87-90 paise per share at the time of acquisition, PTI quoted a source as saying.

Worth mentioning here is that employees of the carrier will not personally own any of its shares at any point of time, instead, the shares will be held by a trust. SBI Caps Trustee Company Ltd has been appointed to implement the scheme.

The company has authorised the trust to offer ESB benefits on no more than 3 per cent of the shares of the company purchased by Talace i.e., 97,99,56,600 to the eligible employees from time to time, in one or more tranches, acquired by the trust from Talace for nil monetary consideration.

The trust shall hold the ESB shares to provide the ESB benefit to the eligible employees upon the payment of the aggregate exercise price together with all applicable taxes and amounts. Talace, a subsidiary of Tata Sons, acquired Air India, Air India Express and the government’s 50 per cent stake in Air India SATS Airport Services Pvt Ltd.

The fair market value (FMV) will be calculated every year by July 15 and employees will be able to encash their shares.

Any eligible employee retiring on or after January 27, 2022, will be deemed to be an eligible employee and will be entitled to the benefits in accordance with and subject to the terms of this scheme.

ESOP scheme in other airlines

Other Indian airlines and Air India’s competitors like IndiGo and SpiceJet have also implemented ESOP policies. Low-budget airline IndiGo allotted shares to its top management in its early days, making most of them millionaires when it listed on the stock exchanges in 2015 at a price of Rs 765 a share.

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