Payment of Dearness Allowance to Central Government employees - Revised Rates effective from 1.7.2015 - Order issued by Finance Ministry
2. The provisions contained in paras 3, 4 and 5 of this Ministry’s O.M. No. 1(3)/2008-E-II(B) dated 29th August, 2008 shall continue to be applicable while regulating Dearness Allowance under these orders.
3. The additional installment of Dearness Allowance payable under these orders shall be paid in cash to all Central Government employees.
4. These orders shall also apply to the civilian employees paid from the Defence Services Estimates and the expenditure will be chargeable to the relevant head of the Defence Services Estimates. In regard to Armed Forces personnel and Railway employees, separate Orders will be issued by the Ministry of Defence and Ministry of Railways, respectively.
No. 1/3/2015-E-II (B)
Government of India
Ministry of Finance
Department of Expenditure
North Block New Delhi
Dated the 23rd September, 2015.
OFFICE MEMORANDUM
Subject: Payment of Dearness Allowance to Central Government employees - Revised Rates effective from 1.7.2015.
The undersigned is directed to refer to this Ministry’s Office Memorandum No. 1/2/2015-13-11 (B) dated rot" April, 2015 on the subject mentioned above and to say that the President is pleased to decide that the Dearness Allowance payable to Central Government employees shall be enhanced from the existing rate of 113% to 119% with effect from 1st July, 2015.
2. The provisions contained in paras 3, 4 and 5 of this Ministry’s O.M. No. 1(3)/2008-E-II(B) dated 29th August, 2008 shall continue to be applicable while regulating Dearness Allowance under these orders.
3. The additional installment of Dearness Allowance payable under these orders shall be paid in cash to all Central Government employees.
4. These orders shall also apply to the civilian employees paid from the Defence Services Estimates and the expenditure will be chargeable to the relevant head of the Defence Services Estimates. In regard to Armed Forces personnel and Railway employees, separate Orders will be issued by the Ministry of Defence and Ministry of Railways, respectively.
5. In so far as the employees working in the Indian Audit and Accounts Department are concerned these orders are issued with the concurrence of the Comptroller and Auditor General of India.
sd/-
(A. Bhattacharya)
Under Secretary to the Government of India
Order is as below
Pay Commission to submit report soon
PTI | Sep 23, 2015, 04.03 PM IST
NEW DELHI: Seventh Pay Commission is ready with its recommendations on revising emoluments for nearly 48 lakh central government employees and 55 lakh pensioners, and will soon submit report to the finance ministry.
Earlier in August, the government had extended Commission's term by another four months till December 31 to give recommendations.
"The Commission is ready with recommendations and the report will be submitted soon," according to sources.
The Commission, whose recommendations may also have a bearing on the salaries of the state government staff, was given more time by the Union Cabinet just a day before its original 18-month term was coming to an end.
Headed by Justice AK Mathur, the Commission was appointed in February 2014 and its recommendations are scheduled to take effect from January 1, 2016.
The government constitutes the Pay Commission almost every 10 years to revise the pay scale of its employees and often states also implement the panel's recommendations after some modifications.
As part of the exercise, the Commission holds discussions with various stakeholders, including organisations, federations, groups representing civil employees as well as defence services.
Meena Agarwal is the secretary of the Commission. Other members are Vivek Rae, a retired IAS officer of 1978 batch and Rathin Roy, an economist.
The Sixth Pay Commission was implemented with effect from January 1, 2006, the fifth from January 1, 1996 and the fourth from January 1, 1986.
Earlier in August, the government had extended Commission's term by another four months till December 31 to give recommendations.
"The Commission is ready with recommendations and the report will be submitted soon," according to sources.
The Commission, whose recommendations may also have a bearing on the salaries of the state government staff, was given more time by the Union Cabinet just a day before its original 18-month term was coming to an end.
Headed by Justice AK Mathur, the Commission was appointed in February 2014 and its recommendations are scheduled to take effect from January 1, 2016.
The government constitutes the Pay Commission almost every 10 years to revise the pay scale of its employees and often states also implement the panel's recommendations after some modifications.
As part of the exercise, the Commission holds discussions with various stakeholders, including organisations, federations, groups representing civil employees as well as defence services.
Meena Agarwal is the secretary of the Commission. Other members are Vivek Rae, a retired IAS officer of 1978 batch and Rathin Roy, an economist.
The Sixth Pay Commission was implemented with effect from January 1, 2006, the fifth from January 1, 1996 and the fourth from January 1, 1986.
Courtesy : http://timesofindia.indiatimes.com/
IRDA seeks information from insurers like Bharti AXA & Max Bupa to verify
MUMBAI: The insurance regulator has asked companies such as Bharti AXA and Max Bupa to furnish further details on the composition of their boards and shareholding pattern to ensure the control and ownership structure remains with Indians even after an increase in foreign holding. "We have asked for more information from companies like Bharti AXA and Max Bupa," said an Insurance Regulatory and Development Authority (Irda) official.
"We want to ensure that board majority remains with Indians; that key appointments and all key decisions are taken by the board and the foreign promoter does not get a veto power in key management decisions."
The Foreign Investment Promotion Board (FIPB) has cleared an increase in FDI in companies such as Edelweiss Tokio Marine, Bharti AXA and Max Bupa. Max Bupa, the standalone health insurance JV, was the first insurance company to announce an increase in FDI to 49% from 26%. However, these were cleared without looking into the control and ownership structures. The regulator has cleared the increase in FDI in Edelweiss Tokio Marine.
"We want to ensure that board majority remains with Indians; that key appointments and all key decisions are taken by the board and the foreign promoter does not get a veto power in key management decisions."
The Foreign Investment Promotion Board (FIPB) has cleared an increase in FDI in companies such as Edelweiss Tokio Marine, Bharti AXA and Max Bupa. Max Bupa, the standalone health insurance JV, was the first insurance company to announce an increase in FDI to 49% from 26%. However, these were cleared without looking into the control and ownership structures. The regulator has cleared the increase in FDI in Edelweiss Tokio Marine.
"Irda is looking into the control and ownership issues," said a CEO of an insurer. "They are seeking more information in terms of composition of the board and shareholding agreement."
Even though the government has allowed higher FDI in the insurance sector, it wants to make sure that ownership and control remain with Indians at all times. While Indian ownership is defined as more than 50% of the equity share capital being held by Indian residents, control would mean the rightto appoint majority directors on the board of a company or to control the management or policy decisions, including shareholder agreements or voting agreements.
Even though the government has allowed higher FDI in the insurance sector, it wants to make sure that ownership and control remain with Indians at all times. While Indian ownership is defined as more than 50% of the equity share capital being held by Indian residents, control would mean the rightto appoint majority directors on the board of a company or to control the management or policy decisions, including shareholder agreements or voting agreements.
Source : http://economictimes.indiatimes.com
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