Thursday, May 29, 2014
Changes in statutory Rules of POSB in the backdrop of implementation of SBC dated 20.05.2014
To view please Click Here.
CS writes to GS on merger proposal and views of Directorate thereof
No.AIAIASP/Odisha-Corr-2-1/2014
Dated
29/05/2014
To
Shri
Vilas Ingale
General
Secretary, CHQ
All
India Association of Inspectors and Asst Supts of Posts
Sub:- Merger of ASP cadre in to PS Gr. B cadre- Proposal and views
of Directorate thereof.
Dear Shri Ingale Ji,
The talk
of upgrading certain posts to PS Group-B to pave the way for speedier promotion
after having a single level in the cadre is going on since constitution
of a committee under the chairpersonship of Member(P) vide Department’s Office
order No.1/1/2011-SR dated 09-09-2011.
The proposal dated 20/11/2013 for merger of ASP Cadre and
PS Group-B Cadre to the Secretary Posts by up-gradation 1197(1311) ASP Posts to
PS Group-B Posts and down-gradation of 627(679) ASP Posts to IP showing a net
saving of Rs.3 Lac (Rs.
2,39,700/-) per annum to the Government on the basis of
present GP of Rs.4,200/-, Rs.4,600/- and Rs.4,800/- for IPs, ASPs, and PS
Group-B Officers respectively was submitted in response to Directorate’s Letter
No.137-89/2013-SPB-II dated 11th Ocober, 2013.
In Directorate’s Letter No.137-89/2013-SPB-II dated 11th
Ocober, 2013 to the General Secretary, the department has mentioned that “the
Association was already informed that their proposal for grant of Grade Pay
of Rs.4,600/- to Inspector Posts could be considered only if IPs and ASPs cadre
are merged into one cadre and gazette status of ASPs is forgone. The
Association had agreed to submit a revised proposal shortly to be considered by
the Department”.
Now, the reply of the Department with respect to the proposal is in the
anticipated line to a great extent. It is incorrect to say that the
proposal would be beneficial for the senior 1311 ASPs as opined
by the Directorate. It would be correct to say that the proposal would be
beneficial for the senior 1311 IPs. We should not forget the fact that there is inter- Circle anomaly in
promotion of IPs to the post of ASPs, and the promotion to the 75% posts
of PS Group-B cadre is from amongst the Inspector Posts on seniority basis not
from ASPs. That means if one IP has got promotion to ASP Cadre earlier than
his senior in other Circle and became a senior ASP, can’t be beneficial over the senior in other Circle in IP cadre violating the Recruitment Rule. Therefore,
it is a complex issue. Undoubtedly,
the proposal of merger of ASP Cadre and PS Group-B Cadre has diluted the
Grade Pay issue of IPs.
On merger issue we find ourselves at crossroads and CHQ is unable to
decide which course to take, to proceed further. Odisha Circle has a consistent view in favour of accepting
merger of Inspector Posts and Assistant Superintendent of Posts cadre into one
cadre with Head of the Circle as appointing authority for merged cadre to get
the Grade Pay of Rs.4600/- for Inspector Posts as proposed vide Directorate’s
Letter No.137-89/2013-SPB-II dated 11th Ocober, 2013, and to place the demands for creation of new Postal
Sub-Divisions, new Postal Divisions and up-gradation of IP/ASP posts to PS
Group-B Posts for better promotional avenues of IPs in cadre restructuring.
With best regards,
Sincerely yours,
Pitabasa Jena
Circle Secretary, AIAIASP
Odisha Circle Branch
CHQ News:-Directorate raised queries on merger proposal
No. 25-35/2011-PE-I
Government of India
Ministry of Communications and IT
Department of Posts
***********
Dak Bhawan, Sansad Marg,
New Delhi 110001
Date : 19th May 2014
To,
The General Secretary,
All India Association of Inspectors and
Assistant Superintendents, Posts,
CHQ Qtr. No. 12, P&T Colony,
Khurshid Square, Civil Lines, Delhi – 110 054.
Subject : Merger of ASP cadre in to PS Gr. B cadre – Proposal regarding.
Sir,
Kindly refer to your letter No. GS/AIAIASP/Merger ASP/2013 dated 20.11.2013 and 21.04.2014 on the subject mentioned above.
2. In this regard, this is to inform that the proposal submitted by your Association has been examined in detail with the following observations:
(i) It was intimated in the proposal that there is a matching saving for the proposal as there would be an additional expenditure of Rs. 66,86,100/- per annum against the saving of Rs. 69,25,100/- per annum. This means a net saving of Rs. 2,39,700/- per annum. However, while this may be true in the long run, at present there would be no matching saving, as pay will have to be protected for the 679 ASPs till they get promoted to PS Gr. B Grade, while additional expenditure of Rs. 66,86,100/- would start immediately Savings will start accruing only after the 679 ASPs working on the ASP posts downgraded to IPs get promoted to PS Gr. B Grade which will take a very long time. Thus, it is not correct to say that the case has matching savings.
(ii) The proposed down gradation of 679 ASPs (Sub Division) to IP (Sub Division) would create technical problems as ASPs cannot be posted on IPs Posts. Otherwise, they would have to be reverted which is not permissible. The proposal, thus, would only be beneficial for the senior 1311 ASPs and at the same time detrimental to the remaining 679 ASPs who may suffer reversion. Further, on upgradation of the ASPs Posts to PS Gr. B there would be two or more Gr. B officers in Gr. B Divisions. Then, there would be a problem / issue of reporting and also that who amongst them would head the Division. This would ultimately create complicated situation and may not, thus, be administratively viable.
(Note :- the number of ASP Sub Divisions has been ascertained from the Circles and the matching savings have been re-calculated on the basis of information received from the Circles)
3. Therefore, it is requested to furnish your comments / clarifications on the above mentioned observations for further examination of the proposal at the earliest.
Yours faithfully,
Sd/-
(Tarun Mittal)
Assistant Director General (PE-I)
PS : All Circle Secretaries / CHQ office bearers and members are requested to submit their comments in detailed to GS by email.
CHQ News:-CAT case filed at Hyderabad Bench i/c/w to grant GP of Rs.5400/- after completion of 4 years in GP of Rs. 4800/-......updates!!!
15 Gr. B Officers and ASPs who have completed 4 years of service in Grade Pay of Rs. 4800/- of Andhra Pradesh Circle has already filed OA No. 296 in Hon'ble CAT Hyderabad Bench on 17/3/2014.
The applicants have stated in their OA that when a Gr. B officer completes four years of regular service in the GP of Rs. 4800/- is eligible to get GP of Rs.5400/-. While so, the applicants are holding Gr. B gazette post (Offg. PS Gr. B and ASP cadre) and completed 4 years of regular service in the GP of Rs. 4800/- and they are now eligible for financial upgradation in the GP of Rs. 5400/-.
While making the enquiry of this case at Directorate for non filling reply to OA, it is learnt that the matter have already been referred to MOF on 7/5/2014 and their say is awaited.
Mukul Rohatgi to be Attorney General of India
Senior advocate Mukul Rohatgi will be the new Attorney General (AG) of India following change in government at the Centre.
The eminent Supreme Court lawyer told PTI that he has been offered the office of the top law officer in the goverenment and he has given consent to it.
"I have given my consent but it has to be officially announced," he said.
The eminent Supreme Court lawyer told PTI that he has been offered the office of the top law officer in the goverenment and he has given consent to it.
"I have given my consent but it has to be officially announced," he said.
Source:-PTI
Eligibility of officers to be considered for promotion by DPC-Fixing of Crucial Date-reg
To view Department of Personeel and Training OM No.22011/6/2013-Estt (D) dated 28th May, 2014 please Click Here.
The crucial date of eligibility shall be 1st April of the vacancy year in case of financial year based vacancy year i.e. where the Annual Performance Appraisal Reports (APARs) are written financial year wise. It shall come into force in respect of vacancy year 2015-16.
Tuesday, May 27, 2014
Two more attempts for Civil Services aspirants from this year
NEW DELHI: Civil Services aspirants will get two more additional attempts from this year onwards to write the prestigious exam but there will be no change in its format and syllabi, theUnion Public Service Commission (UPSC) said today.
"The aspirants should note that the government has decided to allow two additional attempts with consequential age relaxations to all categories of candidates with effect from Civil Service Examination, 2014. "There are no other changes in the format and syllabi of papers contained in the Civil Services Examination," the UPSC said in a short notice.
A candidate is permitted a maximum of four attempts for the examination. However, there is no restriction on number of attempts by a candidates belonging to Scheduled Castes (SCs) and Scheduled Tribes (STs). As many as seven attempts are permissible to an aspirant belonging to Other Backward Classes (OBCs).
The Civil Service Examinations is conducted by the UPSC to select Indian Administrative Service (IAS), Indian Police Service (IPS) and Indian Foreign Service (IFS) officers among others. The examination is conducted in three stages-- preliminary, mains and interview.The Civil Services Examination (Preliminary), 2014 is scheduled to be held on August 24, this year.
A candidate who has attained the age of 21 years but not attained 30 years may apply for the Civil Services Examination, as per eligibility mentioned in the notification. The upper age limit is relaxable up to a maximum of five years for candidates belonging to SCs or STs categories and up to a maximum of three years for candidates of OBC category among others.
The upper age limit is also relaxable up to a maximum of five years if a candidate had ordinarily been domiciled in Jammu & Kashmir during January 1, 1980 to December 31, 1989.
It can also be relaxed up to a maximum of three years in the case of defence services personnel disabled in operations during hostilities with any foreign country or in a disturbed area and released as a consequence thereof. There is also a relaxation in upper age up to a maximum of 10 years in the case of blind, deaf-mute and orthopaedically handicapped candidates.
The detailed examination notice for this year's Civil Services Examination will be published in Employment News or Rozgar Samachar on May 31, the UPSC said.
"The aspirants should note that the government has decided to allow two additional attempts with consequential age relaxations to all categories of candidates with effect from Civil Service Examination, 2014. "There are no other changes in the format and syllabi of papers contained in the Civil Services Examination," the UPSC said in a short notice.
A candidate is permitted a maximum of four attempts for the examination. However, there is no restriction on number of attempts by a candidates belonging to Scheduled Castes (SCs) and Scheduled Tribes (STs). As many as seven attempts are permissible to an aspirant belonging to Other Backward Classes (OBCs).
The Civil Service Examinations is conducted by the UPSC to select Indian Administrative Service (IAS), Indian Police Service (IPS) and Indian Foreign Service (IFS) officers among others. The examination is conducted in three stages-- preliminary, mains and interview.The Civil Services Examination (Preliminary), 2014 is scheduled to be held on August 24, this year.
A candidate who has attained the age of 21 years but not attained 30 years may apply for the Civil Services Examination, as per eligibility mentioned in the notification. The upper age limit is relaxable up to a maximum of five years for candidates belonging to SCs or STs categories and up to a maximum of three years for candidates of OBC category among others.
The upper age limit is also relaxable up to a maximum of five years if a candidate had ordinarily been domiciled in Jammu & Kashmir during January 1, 1980 to December 31, 1989.
It can also be relaxed up to a maximum of three years in the case of defence services personnel disabled in operations during hostilities with any foreign country or in a disturbed area and released as a consequence thereof. There is also a relaxation in upper age up to a maximum of 10 years in the case of blind, deaf-mute and orthopaedically handicapped candidates.
The detailed examination notice for this year's Civil Services Examination will be published in Employment News or Rozgar Samachar on May 31, the UPSC said.
Source:-The Economic Times
Monday, May 26, 2014
Circle Conference of Keral Circle
The following members were unanimously elected as office bearers for the term 2014-2016 in the 42nd Biennial Circle Conference of the Keral Circle Association held at Michaels Land Resort Kannamali, on the 24th & 25th May, 2014.
President- Sri. R.Venunatha Pillai, OSD, CO TVM
Circle Secretary-Sri. S.Nandakumar,IP, Kollam RMS
Vice President-Sri. P.K.Sivadasan, ASP Kannur Sub Dn
Treasurer-Sri. C.I.Joymon, IP, TGY, RO Kochi
Asst Secretary(1)- Sri. Rajeev.J.Cherukad-IP, Palai
(2)-Smt. G.Jyolsna, ASP, Calicut South Sub Dn
Org. Secretary (1)- Sri. N.Anilkumar, ASP(HQ), Thalassery Dn
(2)-Sri. A.K.Prasanth, IP, Paravur Sub Dn.
(3)- Sri. G.Gopakumar, ASP(HQ), TVM(S) Dn
Auditor-Sri. M.K.Prakash, ASP, Kavaratty
Odisha Circle Branch congratulates the new Office bearers of Keral Circle.
5 smart things to know about about Basic Savings Bank Deposit Account (BSBDA)
Here are five things you must know about Basic Savings Bank Deposit Account
1 BSBDA is a savings account that can be opened by any individual or HUF (Hindu Undivided Family) who has no savings bank account in that bank.
2 BSBDA is a basic bank account that does not require an initial deposit to start the account. There are no minimum balance maintenance requirements for this account.
3 If a customer has any other existing savings bank account, it will be required to be closed within 30 days from the date of opening a Basic Savings Bank Deposit Account.
4 The account offers free-of-cost banking facilities, such as ATMcum-debit card, deposit and withdrawal of fund, using electronic payment channels, deposit or collection of cheques at bank.
5 BSBDA account holders are allowed four free cash withdrawals in a month, balance enquiry through ATM is free for any number of times.
The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre and Arti Bhargava.
1 BSBDA is a savings account that can be opened by any individual or HUF (Hindu Undivided Family) who has no savings bank account in that bank.
2 BSBDA is a basic bank account that does not require an initial deposit to start the account. There are no minimum balance maintenance requirements for this account.
3 If a customer has any other existing savings bank account, it will be required to be closed within 30 days from the date of opening a Basic Savings Bank Deposit Account.
4 The account offers free-of-cost banking facilities, such as ATMcum-debit card, deposit and withdrawal of fund, using electronic payment channels, deposit or collection of cheques at bank.
5 BSBDA account holders are allowed four free cash withdrawals in a month, balance enquiry through ATM is free for any number of times.
The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre and Arti Bhargava.
Source:-The Economic Times
Instruction for Accessing Your Indiapost mails
INSTRUCTIONS FOR FIRST LOG IN TO THE NEW MAIL BOX
Step 1: Obtain your new password. The password has been sent through SMS to you. If you have not received Please call any one of the following number.
Mail id doptcs.wave1support@tcs.com
Phone number-
011- 66076729;
011-66076730;
011-66076755,
011-66076756
Step 2: Visit https://webmail.indiapost.gov.in
Step 3: Log in using your email ID and new password supplied to you.
Step 4: You will be prompted to change your default log-in password. You have to compulsorily change the password,
For the first time the user name should be entered as follows
indiapost\<your e mail id>
Example if your user name is cpmg_chh@indiapost.gov.in then the user name should be entered as follows
indiapost\cpmg_chh@indiapost.gov.in
Step 5: Your password must be at least 9 characters in length and have a combination of the following.
• English uppercase characters (A through Z).
• English lowercase characters (a through z).
• Base-10 digits (0 through 9).
• Special Characters (for example! $, #, %). Extended ASCII, symbolic, or linguistic characters.
Step 6: You are now ready to use your mail box with new email id and changed password.
If you have issues Pl send a mail to or call any one of the following number
Mail id doptcs.wave1support@tcs.com
Phone number
011- 66076729 011-66076730 011-66076755 011-66076756
Sunday, May 25, 2014
India Post needs to apply afresh to Reserve Bank of India for bank licence
NEW DELHI: India Post will have to apply afresh to the Reserve Bank under differential licence guidelines if it wishes to start banking operations. According to sources, aspirants, including the Department of Post, will have to apply once again after guidelines on differential bank licences are issued in the next few months.
India Post was one among the 25 unsuccessful contenders for new bank licences. The Reserve Bank of India (RBI) last month granted licences only to IDFC and Bandhan Financial Services Pvt Ltd.
The applicants also included state-run IFCI and private sector Anil Ambani group and Aditya Birla group, Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital. Recently, RBI Governor Raghuram Rajan had said it is committed to freeing entry in banking.
"We just announced two new commercial bank licences after a rigorous vetting process. We are examining this experience, and after making appropriate changes, will announce a more regular process of giving licences - what has been termed licenses on tap," he had said At present, there are 27 public sector banks and 22 private sector lenders in the country.
"The RBI can take more of a chance with new players if they get the licence to open only a small bank or to conduct only one segment of banking business. Such differentiated licences - licences with restrictions on the geographical reach or the products offered by a new bank - can generate more organisational variety and efficiency," Rajan had said.
Small banks tend to be better at catering to local needs, including needs of small and medium businesses, he had said. A payments bank, which will take deposits and offer payment and remittance services but be constrained to invest all its funds in safe instruments such as government securities, could be very synergistic with other existing services, he had said.
"For example, the proposed Post Bank could start as a payment bank, making use of post office outlets to raise deposits and make payments," he had said. New bank licences were issued by RBI in April to IDFC and Bandhan after a decade. Before this, the central bank had awarded licences to Kotak Mahindra Bank and Yes Bank in 2003-04.
India Post was one among the 25 unsuccessful contenders for new bank licences. The Reserve Bank of India (RBI) last month granted licences only to IDFC and Bandhan Financial Services Pvt Ltd.
The applicants also included state-run IFCI and private sector Anil Ambani group and Aditya Birla group, Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital. Recently, RBI Governor Raghuram Rajan had said it is committed to freeing entry in banking.
"We just announced two new commercial bank licences after a rigorous vetting process. We are examining this experience, and after making appropriate changes, will announce a more regular process of giving licences - what has been termed licenses on tap," he had said At present, there are 27 public sector banks and 22 private sector lenders in the country.
"The RBI can take more of a chance with new players if they get the licence to open only a small bank or to conduct only one segment of banking business. Such differentiated licences - licences with restrictions on the geographical reach or the products offered by a new bank - can generate more organisational variety and efficiency," Rajan had said.
Small banks tend to be better at catering to local needs, including needs of small and medium businesses, he had said. A payments bank, which will take deposits and offer payment and remittance services but be constrained to invest all its funds in safe instruments such as government securities, could be very synergistic with other existing services, he had said.
"For example, the proposed Post Bank could start as a payment bank, making use of post office outlets to raise deposits and make payments," he had said. New bank licences were issued by RBI in April to IDFC and Bandhan after a decade. Before this, the central bank had awarded licences to Kotak Mahindra Bank and Yes Bank in 2003-04.
Source:-The Economic Times
Friday, May 23, 2014
India Post e-Mail server is down-Migration in progress
India Post e-Mail server is down due to migration is in progress, e-mail services will start working on May 26,2014.
Url to access Mail will be changed – New mail url is – “https://webmail.indiapost.gov.in/owa from the current https://mail.gov.in”.
Please contact “doptcs.wave1support@tcs.com “ / 011- 66076729; 011-66076730” for any issue/detail.”
Multiple bank accounts may just be more pain than gain
How many savings accounts does a person actually need? Many financial advisors are busy answering this question these days, as they try to educate their clients after the Reserve Bank of India (RBI) abolished the penalty for not maintaining a minimum balance in inoperative savings bank accounts.
Individuals end up with more accounts than needed when they switch jobs or opt for feature-rich accounts, without closing their existing ones. Experts say that the abolition of penalty should not be an excuse to hold on to accounts that one doesn't use regularly.
"Ideally, one should maintain one or, at best, two savings bank accounts," says VN Kulkarni, chief credit counsellor with the Bank of India-backed Abhay Credit Counselling Centre. "Both should be joint accounts with the spouse or any close relative. If you do not want to have a joint account, ensure that that a nomination is made. If you are dealing in shares or any other business activity on an individual basis, you can maintain an overdraft account. In case of regular business activities, a current account is required to be opened," adds Kulkarni.
Individuals end up with more accounts than needed when they switch jobs or opt for feature-rich accounts, without closing their existing ones. Experts say that the abolition of penalty should not be an excuse to hold on to accounts that one doesn't use regularly.
"Ideally, one should maintain one or, at best, two savings bank accounts," says VN Kulkarni, chief credit counsellor with the Bank of India-backed Abhay Credit Counselling Centre. "Both should be joint accounts with the spouse or any close relative. If you do not want to have a joint account, ensure that that a nomination is made. If you are dealing in shares or any other business activity on an individual basis, you can maintain an overdraft account. In case of regular business activities, a current account is required to be opened," adds Kulkarni.
 |
Case Against Multiple Accounts Experts feel that there are many reasons for limiting the accounts to a minimum of one or two. Maintaining multiple accounts would mean one has to constantly monitor all of them. Most individuals are not adept at this task. "It is important that customers close their accounts if they do not intend to use them at all, else they expose the account to potential fraud," says Japjit Bedi, director, deposits and wealth management, private and business clients, Deutsche Bank India.
It could be a serious threat if you do not inform your bank about any change in your contact details. The bank would communicate to your old address or phone number, and you may not come to know about fraudulent activity. The RBI has issued instructions to banks for contacting account holders of dormant accounts. They may contact the introducers or accountholder's employers, in case accounthold er's contact details are not available.
However, you need to be careful too. "Frauds can occur, at times, in collusion with insiders, as they know that the account holder has either forgotten about the account or has shifted and is not likely to return. So, fraudsters initially with start by making a small withdrawal; keep a watch for some time and thereafter withdraw the entire balance. Despite various systems that are in place, frauds do take place in inoperative or dormant accounts," says Kulkarni. It is in the interest of customers to approach the bank, submit required documents and get the account closed or reactivated.
Closing or Reactivating Accounts If you are convinced on not keeping innumerableaccounts, go ahead and close them. You just need to follow a few simple steps for the purpose. "All banks have standard forms for closing an account. This form should be signed by the accountholders depending on the mode of operation and all unused cheques or debit card will have to be either returned to the bank with the form or destroyed by the customer," says Bedi. If your account shows some balance, you will have to specify the mode of payment — funds transfer, demand draft or banker's cheque — for transferring this amount to your operative account.
"Do note that some banks levy a charge for closing accounts before expiry of a specified period of time," points out Bedi. If you want to reactivate any account after reviewing your holdings, ensure your bank gives you your due. "After the account is activated, you must ascertain whether interest has been credited," adds Kulkarni.
As per RBI instructions, interest on savings bank accounts should be credited on regular basis, irrespective of whether the account is operative or not. "For example, if a fixed deposit receipt matures and proceeds are unpaid, the amount left unclaimed with the bank will attract savings bank rate of interest," he says.
It could be a serious threat if you do not inform your bank about any change in your contact details. The bank would communicate to your old address or phone number, and you may not come to know about fraudulent activity. The RBI has issued instructions to banks for contacting account holders of dormant accounts. They may contact the introducers or accountholder's employers, in case accounthold er's contact details are not available.
However, you need to be careful too. "Frauds can occur, at times, in collusion with insiders, as they know that the account holder has either forgotten about the account or has shifted and is not likely to return. So, fraudsters initially with start by making a small withdrawal; keep a watch for some time and thereafter withdraw the entire balance. Despite various systems that are in place, frauds do take place in inoperative or dormant accounts," says Kulkarni. It is in the interest of customers to approach the bank, submit required documents and get the account closed or reactivated.
Closing or Reactivating Accounts If you are convinced on not keeping innumerableaccounts, go ahead and close them. You just need to follow a few simple steps for the purpose. "All banks have standard forms for closing an account. This form should be signed by the accountholders depending on the mode of operation and all unused cheques or debit card will have to be either returned to the bank with the form or destroyed by the customer," says Bedi. If your account shows some balance, you will have to specify the mode of payment — funds transfer, demand draft or banker's cheque — for transferring this amount to your operative account.
"Do note that some banks levy a charge for closing accounts before expiry of a specified period of time," points out Bedi. If you want to reactivate any account after reviewing your holdings, ensure your bank gives you your due. "After the account is activated, you must ascertain whether interest has been credited," adds Kulkarni.
As per RBI instructions, interest on savings bank accounts should be credited on regular basis, irrespective of whether the account is operative or not. "For example, if a fixed deposit receipt matures and proceeds are unpaid, the amount left unclaimed with the bank will attract savings bank rate of interest," he says.
Source:-The Economic Times
Thursday, May 22, 2014
Employees prefer higher take home salary over other benefits: TimesJobs Survey
According to the latest compensation and benefit survey by online portal TimesJobs.com, rising inflation and increasing cost of living has led employees to re-evaluate priorities on how they are compensated for their work. The survey indicates that most employees, across generations, prefer a higher 'in-hand' pay out compared to other components of the salary, TimesJobs said in a statement.
According to the survey, 87% employees prefer a customised compensation structure, and organisations should take that into account while designing benefits.
'In-hand' salary matters more to the junior level employees than the ones at the mid and senior levels. Kishore Sambasivam, director-total rewards, SAP, attributes this trend to the fact that employees at junior levels are typically single and seek ownership. They do not want money locked up in a PF or superannuation benefit. Employees at this level want to plan their investment strategies which may have a higher risk and return profile.
"Effective management starts by understanding who you are managing. This boils down to knowing the expectation the workers have from the organisation. As indicated by our survey, the future of compensation will be a customised compensation and benefit package to suit the needs of the employee," Vivek Madhukar, COO, TimesJobs.com said in a statement.
According to the survey, almost 90% of the employees prefer a customised compensation package. Their priority of what is more important to them depends on the stage of their career and their age.
While salary remains core to all age groups, the baby boomer generation prefers post-retirement benefits (24%) such as PF and gratuity, there is a marked distintion for other perks in the Generation X segment with 29% wanting club memberships, car, and company housing. The youngest Gen Y generation is eager to have it all with an equal balance of about 20% for each benefit - be it medical, post retirement or other perks. But, by and large, salary remains the core consideration for all levels coming in lowest at a considerable 41% for Gen Y and a high of 57% for the boomer generation.
According to Sambasivam, employees prefer flexibility in their compensation structure. This is dependent on the changing demographic profile, priorities, preferences, risk orientation, individuality and 'live-in-the-present' mindset. Traditionally, companies focused on long-term orientation such as Provident Fund (PF), superannuation, company provided accommodation, Leave Travel Allowance (LTA), and loans. Now, employees prefer more cash-in hand as it gives them the flexibility to spend as per their aspirations and lifestyle.
"Companies need to be cognizant of the same and modify their compensation structure and philosophies in line with the changing expectations of the workforce", added Sambasivam.
"A healthy compensation and benefit structure should have a balance between financial and non financial components and should be aligned with the strategic priorities of the organisation," said Raghavendra K, vice president and head, human resource development, Infosys BPO.
According to the survey, 87% employees prefer a customised compensation structure, and organisations should take that into account while designing benefits.
'In-hand' salary matters more to the junior level employees than the ones at the mid and senior levels. Kishore Sambasivam, director-total rewards, SAP, attributes this trend to the fact that employees at junior levels are typically single and seek ownership. They do not want money locked up in a PF or superannuation benefit. Employees at this level want to plan their investment strategies which may have a higher risk and return profile.
"Effective management starts by understanding who you are managing. This boils down to knowing the expectation the workers have from the organisation. As indicated by our survey, the future of compensation will be a customised compensation and benefit package to suit the needs of the employee," Vivek Madhukar, COO, TimesJobs.com said in a statement.
According to the survey, almost 90% of the employees prefer a customised compensation package. Their priority of what is more important to them depends on the stage of their career and their age.
While salary remains core to all age groups, the baby boomer generation prefers post-retirement benefits (24%) such as PF and gratuity, there is a marked distintion for other perks in the Generation X segment with 29% wanting club memberships, car, and company housing. The youngest Gen Y generation is eager to have it all with an equal balance of about 20% for each benefit - be it medical, post retirement or other perks. But, by and large, salary remains the core consideration for all levels coming in lowest at a considerable 41% for Gen Y and a high of 57% for the boomer generation.
According to Sambasivam, employees prefer flexibility in their compensation structure. This is dependent on the changing demographic profile, priorities, preferences, risk orientation, individuality and 'live-in-the-present' mindset. Traditionally, companies focused on long-term orientation such as Provident Fund (PF), superannuation, company provided accommodation, Leave Travel Allowance (LTA), and loans. Now, employees prefer more cash-in hand as it gives them the flexibility to spend as per their aspirations and lifestyle.
"Companies need to be cognizant of the same and modify their compensation structure and philosophies in line with the changing expectations of the workforce", added Sambasivam.
"A healthy compensation and benefit structure should have a balance between financial and non financial components and should be aligned with the strategic priorities of the organisation," said Raghavendra K, vice president and head, human resource development, Infosys BPO.
Source:-The Economic Times
CHQ News:-DPC for the promotion to the cadre of JTS Gr. A for the year 2012-13
It is learnt that DPC for promotion to the cadre of JTS Gr. A for the year 2012-13 is held today.
RBI governor Raghuram Rajan hints at bank licence for India Post
NEW DELHI: Reserve Bank of India governor Raghuram Rajan has backed the postal department's demand to set up a bank, even as the finance ministry has tried to block the move.
At the annual day lecture of the Competition Commission of India on Tuesday evening, the RBI governor, who is known for his candid comments, suggested that the 'Post Bank' could be given a limited banking licence that will be able to raise deposits and offer payment and remittance services. There will, however, be restrictions on investments and the entire amount would be have to be parked in government securities.
"...the proposed Post Bank could start as a payment bank, making use of post office outlets to raise deposits and make payments," Rajan said.
At the annual day lecture of the Competition Commission of India on Tuesday evening, the RBI governor, who is known for his candid comments, suggested that the 'Post Bank' could be given a limited banking licence that will be able to raise deposits and offer payment and remittance services. There will, however, be restrictions on investments and the entire amount would be have to be parked in government securities.
"...the proposed Post Bank could start as a payment bank, making use of post office outlets to raise deposits and make payments," Rajan said.
The suggestion came in the wake of a statement that RBI, while being cautious with new players, can be a little more flexible in allowing players to set up a small bank or to operate in only one segment of banking business. "Such differentiated licenses - licenses with restrictions on the geographical reach or the products offered by a new bank - can generate more organizational variety and efficiency. Small banks tend to be better at catering to local needs, including needs of small and medium businesses," the governor said, adding that consultations will be conducted with stakeholders on the issue.
The model could be a win-win solution for the RBI and India Post, and also address the capital-related concerns that the finance ministry has. For RBI, a payments bank model will help it tap into the post offices' extensive reach that goes beyond what even State Bank of India can offer. Compared to SBI's over 15,000 branches, there are over 1.5 lakh post offices across the country.
For India Post, it means that it can get additional revenue stream, learn the tricks of the trade and then hope to convert into a full-fledged bank later. It also comes with the advantage that lower capital may be required to sustain this model.
The model could be a win-win solution for the RBI and India Post, and also address the capital-related concerns that the finance ministry has. For RBI, a payments bank model will help it tap into the post offices' extensive reach that goes beyond what even State Bank of India can offer. Compared to SBI's over 15,000 branches, there are over 1.5 lakh post offices across the country.
For India Post, it means that it can get additional revenue stream, learn the tricks of the trade and then hope to convert into a full-fledged bank later. It also comes with the advantage that lower capital may be required to sustain this model.
Source:-The Times of India
Tuesday, May 20, 2014
Employees to get pension payment order soon after retirement
NEW DELHI: In order to check delay in disbursal of pension, the Centre has decided to give Pension Payment Order (PPO) to all central government employees at the time of retirement along with their other dues.
At present, the scheme for payment of pensions to central government civil pensioners through authorised banks, issued by the central pension accounting office provides for an undertaking to be submitted by the retiring government servant or pensioner to the pension disbursing bank before commencement of pension.
"It has been found that the first payment of pension after retirement gets delayed mainly due to two reasons.
"One, the delay in receipt of intimation by the pensioner that pension papers have reached the bank and two, delay on part of the pensioner in approaching the bank for submission of undertaking," the Ministry of Personnel said.
The pensioner would no longer be required to visit the bank to activate the first payment of pension, it said in a recent order.
"Therefore, after ascertaining that the bank's copy has been dispatched by the central pension accounting office, the pensioner's copy of the Pension Payment Order (PPO) may be handed over to him at the time of retirement along with other retirement dues.
"This should be feasible in all cases where the government servant had submitted pension papers within the time-limits," the Personnel Ministry said.
An employee posted at a location away from the office of the Head of Office or who for any other reasons feels that it would be more convenient to him to obtain his copy of PPO from the bank, may inform the Head of Office of his option in writing while submitting his pension papers, it said.
The Ministry of Personnel has asked Office of Controller General of Accounts to instruct all Pay and Accounts Offices and all pension disbursing banks to follow its directives.
There are about 30 lakh Central government pensioners. The Ministry has also issued a proforma of an undertaking to be filled by a pensioner and submitted to pension disbursing bank agreeing "to refund or make good any amount to which he is not entitled to".
At present, the scheme for payment of pensions to central government civil pensioners through authorised banks, issued by the central pension accounting office provides for an undertaking to be submitted by the retiring government servant or pensioner to the pension disbursing bank before commencement of pension.
"It has been found that the first payment of pension after retirement gets delayed mainly due to two reasons.
"One, the delay in receipt of intimation by the pensioner that pension papers have reached the bank and two, delay on part of the pensioner in approaching the bank for submission of undertaking," the Ministry of Personnel said.
The pensioner would no longer be required to visit the bank to activate the first payment of pension, it said in a recent order.
"Therefore, after ascertaining that the bank's copy has been dispatched by the central pension accounting office, the pensioner's copy of the Pension Payment Order (PPO) may be handed over to him at the time of retirement along with other retirement dues.
"This should be feasible in all cases where the government servant had submitted pension papers within the time-limits," the Personnel Ministry said.
An employee posted at a location away from the office of the Head of Office or who for any other reasons feels that it would be more convenient to him to obtain his copy of PPO from the bank, may inform the Head of Office of his option in writing while submitting his pension papers, it said.
The Ministry of Personnel has asked Office of Controller General of Accounts to instruct all Pay and Accounts Offices and all pension disbursing banks to follow its directives.
There are about 30 lakh Central government pensioners. The Ministry has also issued a proforma of an undertaking to be filled by a pensioner and submitted to pension disbursing bank agreeing "to refund or make good any amount to which he is not entitled to".
Source:-The Economic Times
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