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Monday, 21 March 2016

Banks must follow rules on excess recovery from retirees

Here's a an extract from THE HINDU MUMBAI Edition today MUMBAI, March 18, 2016

RBI Stating that it is receiving complaints from pensioners against the lenders’ attitude regarding collection of excess or wrong payments, RBI on Thursday asked banks to strictly adhere to the relevant rules. “We have been receiving complaints from pensioners stating that the recovery of excess/wrong pension payments are being made in a manner that is not in keeping with the extant guidelines,” RBI said in a notification.

The regulator asked the banks to follow the relevant guidelines on this formulated in 1991 while dealing with such excess payments. As soon as the excess payment comes to the notice of the bank, it should adjust the same against the amount standing to the credit of the pensioner’s account to the extent possible, including lump sum arrears payment. Where the entire amount of over payment cannot be adjusted from the account, the pensioner may be asked to pay forthwith the balance of over payment. If the pensioner expresses inability to pay the amount, the same may be adjusted from the future payments to be made to them, it said.

—PTI

Fauj Vs Babus: Why 7th Pay Commission Has The Military Up In Arms

While netas play politics over patriotism, soldiers are fighting for pay parity. The seventh pay commission says Indian Police Service and Indian Forest Service will be at par with the IAS, leaving the military behind. On We The People, we debate the pay panel's recommendations. Why this pay divide? Will politicians who are playing patriotic games put their money where their mouth is? In crises like the recent Jat agitation, the Army is often replacing civil administration, but is not being paid as much. Why is this so? Should Armed Forces have a separate pay commission

7th Pay Commission Enhanced Salaries, Arrears To Be Paid In July

The central government is going to start payment of salaries and pensions 7th Pay Commission Enhanced Salaries, Arrears To Be Paid In July its 48 lakh employees and 52 lakh pensioners according to the 7th Pay Commission recommendations from July along with six months’ arrears.

The Seventh Pay Commission report was presented to Finance Minister Arun Jaitley in November. The payments will be made following the pay-fixation method in the new pay matrix which has been suggested in place of pay band and grade pay by the Seventh Pay Commission. The government’s overall arrears payout will be lower because of only six months arrears this time, compared to the previous pay commission, which came in late. The government has been provisioned Rs 70,000 crore in the Union Budget 2016-17 to meet the demand for the new pay commission award that will be made effective from January 2016.

Basic salary of central government employee will almost be 30 percent hiked under the new pay commission award with employees in the lower rung are likely to get the highest percentage of raise. “We’re at the final stage for issuing the notification and 3-4 more months will be required to implement, so we hopefully say that they will get new pay and arrears in the July,” a source close to the developments told The Sen Times.

The report of the Seventh Pay Commission was presented to Finance Minister Arun Jaitley in November with a recommendation for raising minimum pay to Rs 18,000 per month from current Rs 7,000 while the maximum pay, drawn by the Cabinet Secretary, has been fixed at Rs 2.5 lakh per month from current Rs 90,000. The panel recommended a 14.27 per cent increase in basic pay.
The overall increase in salary, allowances and pensions is 23.55%. The increase in allowances will be higher by 63% while pensions will rise 24%. The government set up a 13-member Empowered Committee of Secretaries (CoS) headed by Cabinet Secretary P K Sinha for processing the report of the Seventh Pay Commission before cabinet nod. An Implementation Cell has been created in the Finance Ministry which works as the Secretariat of the Empowered Committee. All central government employees unions’ submitted their written demands in respect of seventh pay commission’s anomalies in the cell to review, which are under process.

TST

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