Tuesday, 17 February 2015

Travelling Allowance in respect of Attendant/Escort for accompanying a Government Servant with Disabilities on travel during tour/training

Travelling Allowance in respect of Attendant/Escort for accompanying a Government Servant with Disabilities on travel during tour/training etc: Finance Ministry OM dated 17-02-2015

No. 19030/3/2013-E.IV
Government of India
Ministry of Finance
Department of Expenditure
North Block, New Delhi
Dated the 17th February, 2015.
OFFICE MEMORANDUM
Subject- Travelling Allowance in respect of Attendant/Escort for accompanying a Government Servant with Disabilities on travel during tour/training etc.
References have been received in the Ministry of Finance, Department of Expenditure seeking provision in the Rules/instructions regulating Travelling Allowance, in order to allow grant of Travelling Allowance to the Government servant with Disabilities in respect of an Attendant/Escort accompanying such a Government servant with Disabilities during travel while on tour/training, etc. At present there are no provisions in the Travelling Allowance rules which allows Government servants to claim Travelling Allowance in respect of Attendant/Escort accompanying them on tour/ training, etc. where such Government servants require the assistance of an Attendant/Escort for travel.
2. The matter has been considered and it has now been decided to allow Travelling Allowance in respect of the Attendant/Escort, for accompanying a Government servant with Disabilities during travel while on tour/training, etc., to be claimed by the Government servant with Disabilities. The admissibility of Travelling Allowance, in respect of the Attendant/Escort accompanying a Government servant with Disabilities, would be subject to the following conditions:-
(a) Ordinarily, the field offices/local administrative offices at the touring station, which the Government servant with Disabilities is required to visit on tour or training institutes where the Government servant with Disabilities is required to undergo training, would be required to provide an Attendant/Escort, from the existing pool of staff/persons employed, from the time the Government servant with Disabilities arrives at the destination and till such time the Government servant with Disabilities departs from that destination back to his headquarter station/place from where the Government servant with Disabilities had initially proceeded to that destination. During travel abroad, either on foreign tour/training, the Indian Missions/Posts (Embassy of India) at the country of visit would be required to.provide an Attendant/Escort, from the existing pool of staff/persons ,employed, during the period of stay of the Government servant with Disabilities in that country.

(b) Only when field offices/local administrative offices at the touring station or training institutes or Indian Missions/Posts at the country of visit, as the case may be, officially express their inability to provide an Attendant/Escort to the visiting Government servant with Disabilities, would the claim of Travelling Allowance in respect of Attendant/Escort accompanying the Government servant with Disabilities arise. In such cases, fare for travel of Attendant/Escort accompanying Government servant with Disabilities would be reimbursed. While for travel by air, Airlines-are expected to provide assistance to Government servant with Disabilities during travel as per Airlines policies, a Government servant with Disabilities however, can take along his personal Attendant/Escort for travel by Indian Railways for assistance during journey and boarding/de-boarding, even when an Attendant/Escort at destination station is provided officially.

(c) In all cases, Government servant with Disabilities are required to purchase travel tickets for self and Attendant/Escort at concessional rates, if any, offered by Railways/Airlines.

(d) The facility of Travelling Allowance for the Attendant/Escort would only be admissible to those Government servants with Disabilities, wherein it is certified by the competent Medical Authority that such a person compulsorily requires assistance of another person for travel. Under this clause, necessary certificate is to be obtained from the Head of Department of a Government Civil Hospital designated for the type/form of disability of the Government servant. Based on the certificate from competent Medical Authority, Heads of Departments would have to further satisfy the need for an Attendant/Escort during travel of the Government servant, before allowing the journey for the Attendant/Escort.

(e) Subject to clause (d) above, Travelling Allowance for the Attendant/Escort would be admissible to the Government servant with Disabilities while on tour (domestic or foreign). However, the authority deputing such a Government servant with Disabilities on tour would have to record in writing that the tour is considered necessary in the discharge of duties and responsibilities assigned to the Government servant with Disabilities.

(f) Subject to clause (d) above, Travelling Allowance for the Attendant/Escort would also be admissible to the Government servant with Disabilities when deputed on training provided it is recorded by the authority competent to depute such officials on training that such training is a mandatory training for career progression or induction training for probationers.

(g) Travelling Allowance consists of two parts; Mileage Allowance and Daily Allowance. No Daily Allowance would be admissible to the Attendant/Escort of the Government servant with Disabilities. Mileage Allowance would be admissible to the Attendant/Escort at the same rate and in the same class of accommodation, as the Government servant with Disabilities is entitled to under the Revised Travelling Allowance Rules, read with travel restrictions imposed under austerity measures/economy instructions, issued from time to time by the Government. However, in case of travel by any of the modes of conveyance by road, as prescribed under the Travelling Allowance rules, no separate mileage allowance would be admissible to the Government servant with Disabilities, in respect of the Attendant/Escort, except where the travel is by public bus.

(h) For commuting between residence to office and back, certain categories of Government servants with Disabilities are eligible for Transport Allowance at double the normal rates. As no Travelling Allowance is admissible to. Government servants for training at headquarter station, consequently, no claim of Travelling Allowance to the Attendant/Escort of the Government servant with Disabilities would be admissible for training at headquarter station.

3. In so far as persons serving in the Indian Audit and Accounts Department are concerned, these orders issue in consultation with the Comptroller & Auditor General of India.
sd/-
(Subhash Chand)
Director
Source: http://finmin.nic.in/the_ministry/dept_expenditure/notification/ta_ota/TA_Attendant_disabilities_tourtraining17022015.pdf

NC (JCM) replied to DoPT on the decision to call for strike on 28th April, 2015

Secretary, National Council (Staff Side), JCM writes to Director/JCA, DoPT in reply of his letter regarding  the decision to call for strike on 28th April, 2015:-

Shiva Gopal Mishra
Secretary

NATIONAL COUNCIL (STAFF SIDE)
Joint Consultative Machinery
for Central Government Employees
13-C, Ferozshah Road, New Delhi-110001

No. NC/JCM/2015
Dated 16.02.2015.

The Director/JCA,
Government of India,
Ministry of Personnel, Public Grievances & Pension,
Department of Personnel & Training,
New Delhi.

Dear Sir,

Ref: Your letter No. 3/1/2015-JCA dated January 2015

The views expressed in your letter under reference are well taken. The JCM Scheme was introduced in 1966 with the provision of holding periodical meetings to resolve the grievances of Central Govt. employees. But the Scheme has been kept in suspension in animation for the last ordinary meeting of NC/JCM was held on. 15.5.2010. Standing Committee much less the Anomaly Committee is no substitution to ordinary meeting. Since beginning of the introduction of the Scheme the meeting of the Standing Committee of NC/JCM was used to be held one/two days earlier to the ordinary meeting to iron out the progress of the outstanding items of ordinary meeting and the same procedure continued for years together. Unfortunately, of late, this procedure has been given good by.
The removal of anomaly of CPCs are not only the issues. The grievances of Central Govt. employees are piling up, the Govt. has been taking unilateral decisions in detriment for the interest of the Central Govt. employees. There is no attempts on the part of the Govt. to discuss those issues by holding ordinary meeting of the NC/JCM, causing serious resentment and anger amongst Central Govt. employees.
Vide this office letter under reference we have submitted the issues which are of serious consequences in the service life of Central Govt. employees.
You will appreciate that Staff Side NC/JCM can not remain a silent spectator when grievances are not resolved and the Govt. continue to take unilateral decisions in detriment to the interest of Central Govt. employees.
However, meeting with Cabinet Secretary in Chair may be held to discuss the issues already submitted for arriving at a logical conclusion on the issues.

Yours faithfully,
sd/-
(Shiva Gopal Mishra)
Secretary
National Council(Staff Side)JCM


Source: http://ncjcmstaffside.com/wp-content/uploads/2015/02/Sign-letter-to-Director-JCA.pdf

Swachh Bharat Mission-RWAs

Swachh Bharat Mission-RWAs

 No.10/01/2.0 14-Dir(C)
Government of India
Ministry of Personnel, PG & Pensions
Department of Personnel and Training
Director (Canteens)
****
Lok Nayak Shawan, Khan Market
New Delhi, dated 13th February, 2015
To,
All Central Government Employees
Resident Welfare Associations
(as per list enclosed)

Subject: Swachh Bharat Mission-RWAs

An appeal was made to all RWAs alongwith AWOs to join together toward achieving the Mission of Swachh Bharat through letter No.10/1/2014-Dir(C) dated 29.9.2014. It is once again reiterated that Resident Welfare Association (RWA) along with Area Welfare Officers(AWO) have been playing very vital role in promoting Social, Cultural and other Welfare Activities of the residents. They also actively coordinate with a various civic authorities to provide civic amenities and services.

2. All RWAs and AWOs were requested to launch cleanliness drive through various programmes like voluntary participation of residents in cleaning (Shramdaan), ensuring disposal of garbage, awareness programmes etc. It is pertinent to point out that in accordance with existing instructions recognized RWAs frame Annual Action Plan for various activities. The achievement with reference to Annual Action Plan is required to be indicated by RWAs while applying for grants-in-aid. RWAs are requested to include cleanliness drive as one of the important targets in their Annual Action Plan and periodically inform DOPT about their achievements on this aspect. RWAs and AWOs are requested to carry out cleanliness drives voluntarily and also in association/coordination with respective civic authorities.

3. All these activities would go long way to make city clean. Let all Resident Welfare Associations and Area Welfare Officers join together towards achieving the Mission of Swachh Bharat.
(Pratima Tyagi)
Director( Canteens)
Tele:24624722
Copy to:·
All Area Welfare Officers (as per list enclosed)
Dir(Adm) w.r.t. letter No. 1-28011/101./2014-Coord dated. 27.01.2015.

Source: http://ccis.nic.in/WriteReadData/CircularPortal/D2/D02adm/sbr.pdf

Decisions taken National Joint Council of Action meeting held on 16.02.2015 on 7th CPC, DA Merger issues

Meeting of National Joint Council of Action held on 16.02.2015 and following decisions were taken
1. Protests to be held at each and every District Collector‘s office all across India on 02.03.2015.

2. Massive rallies will be held between 23.03.2015 to 11.04.2015 at every state capital of India and memorandum will be submitted to Governor of every state.

3. March to Parliament will be carried out on 28.04.2015.

Swachh Bharat Mission-Departmental Canteen

Swachh Bharat Mission-Departmental Canteen
No.10/01/2014-Dir(C)
Government of India
Ministry of Personnel, PG & Pensions
Department of Personnel and Training
Director(Canteens)
****
Lok Nayak Bhawan, Khan Market
New Delhi, dated 13th February, 2015
OFFICE MEMORANDUM
Subject: Swachh Bharat Mission-Departmental Canteen

Reference is invited to this Department’s O.M. of even No. dated 26.09.2014 and 09.10.2014 wherein all Ministries/Departments were requested to carry out periodical cleanliness campaign in respect of Departmental Canteens under their administrative control through respective Management Committees. Detailed guidelines with reference to observation and maintenance of cleanliness in Departmental Canteens were also circulated. All Ministries/Departments were requested to carry out periodical cleanliness campaign at least once in a month in respect of Departmental Canteens under their administrative control and furnish report thereon in the prescribed Proforma. So far only few Departments have furnished this report. All Ministries/Departments are requested to furnish report on cleanliness campaign carried out by them in respect of Departmental Canteen by 15th of every month.
(Pratima Tyagi)
Director (Canteens)
Tele: 24624722
Copy to:-
1. All Ministries/Departments of the Government of India
(Director/Deputy Secretaries Incharge, Administrative Division/Wing as per Standard List)
2. President’s Secretariat, Rashtrapati Bhawan, New Delhi.
3. Cabinet Secretariat, New Delhi.
4. Director (Admn.) DOP&T, North Block, New Delhi-w.r.t letter No. 1-28011/101/2014-Coord dated. 27.01.2015.
5. Comptroller & Auditor Genecal of India, New Delhi.
6. Director of Audit, Central Revenue, New Delhi.
7. Controller General of Accounts, Ministry of Finance, New Delhi.
8. Supreme Court of India, Tilak lVIarg, New Delhi.
9. High Court of Delhi, Sher Shah Road, New Delhi.
10. Controller General of Defence Accounts, R.K.Puram, West Block, New Delhi.
11. CAO’s Office, Ministry of Defence, DHQ, PO, New Delhi-ll0011.
12. Administrator, all Union Territories as per standard list.

Copy for information to:-
1.. PSO to Secretary(p)
2. PS to Joint Secretary (AT&A).

Ministry of Labour and Employment Moves Forward for Implementation of Amended Apprentices Act

 Ministry of Labour and Employment Moves Forward for Implementation of Amended Apprentices Act
Press Information Bureau
Government of India
Ministry of Labour & Employment
13-February-2015 10:21 IST

Ministry of Labour and Employment Moves Forward for Implementation of Amended Apprentices Act
Ministry of Labour and Employment has taken quick steps to implement the amended Apprentices Act. Draft recommendations for Rules under the Act have been placed on web-site (at news updates http://www.labour.gov.in/content, at news updates http://www.dget.gov.in/content) for public comments. Comments can be sent by 2nd March, 2015.

The Government has taken several initiatives to revamp apprenticeship scheme. The Apprentices Act, 1961 has been amended and brought into effect from 22nd December, 2014. These amendments have been made with the objective of expanding the apprenticeship opportunities for youth. Non engineering graduates and diploma holders have been made eligible for apprenticeship. A portal is being setup to make all approvals transparent and time bound. Apprenticeship can be taken up in new occupations also.

In light of the new amendments, the Apprenticeship Rules, 1992 are required to be framed/amended in consultation with the Central Apprenticeship Council-a statutory body under the Act.

A Working Group has been constituted by Ministry of Labour and Employment for framing draft apprenticeship rules.

The Working Group in its meeting held on 12.1.2015 has prepared draft recommendations on the proposed amendments in Apprenticeship Rules, 1992 and guidelines of Third Party Agencies (TPA). Proposed amendments and Guidelines for TPA are uploaded at the web-sites of the Ministry of Labour & Employment and DGE&T.

Comments/suggestions are invited on these draft recommendations by 2nd March, 2015 at ddgat-dget@nic.in. These comments/suggestions shall be considered by the Working Group before finalizing its recommendations. Thereafter Apprenticeship Rules will be framed in consultation with Central Apprenticeship Council.

PIB

Cadre Restructuring of Central Secretariat Stenographers Service (CSSS) – sanctioned strength of Officers- regarding

Reminder
No. 15/1/2014-CS.II(A)
Government of India
Ministry of Personnel, PG and Pensions
(Department of Personnel & Training)
3rd Floor, Lok Nayak Bhavan,
New Delhi-110003
Dated the 16th February, 2015
Office Memorandurm

Sub: Cadre Restructuring of Central Secretariat Stenographers Service (CSSS) – sanctioned strength of Officers – regarding.

The undersigned is directed to refer to this Department OM of even no. dated 11th February on the subject mentioned above and to say that the necessary inputs have been received only from a few Cadre Units. The necessary information is urgently required in this Department.

Defaulting Cadre Units/sub Cadre Units are, therefore, requested to furnish the necessary inputs immediately by Fax/email.
(Kameshwar Mishra)
Under Secretary
Telefax 24623157
email – kameshwar.mishra@nic.in
To
The Under Secretary (Admn.) of Cadre Units of CSSS except the following cadre units/sub-cadre units :-
Home (Proper), H&FW, HRD, Corporate Affairs, Mines, SJ&E, P&NG, Coal, Consumer Affairs, Supply, Inter-State Council Secretariat, Shipping, MS&ME, UPSC, AR&PG, Tribal Affairs, W&CD, D/o Empowerment of Persons with Disability P & PW and Posts.

Promotion of Grade-I (Under Secretary) officers of CSS to the Selection Grade (Deputy Secretary) on ad-hoc basis – Furnishing of personal information thereof

No.4/2/2015-CS-I(D)
Government of India
Ministry of Personnel, Public Grievances and Pensions
(Department of Personnel & Training)

Lok Nayak Bhawan, New Delhi -110003
Dated the 13 February, 2015.
OFFICE MEMORANDUM

Subject: Promotion of Grade-I (Under Secretary) officers of CSS to the Selection Grade (Deputy Secretary) on ad-hoc basis – Furnishing of personal information thereof.

The undersigned is directed to say that ad-hoc promotions of officers of Grade-I (Under Secretary) of CSS to the Selection Grade (Deputy Secretary) are likely to be made shortly.

2. As Officers are aware, this Department has proposed a revised rotational transfer policy in respect of CSS Officers. It has, therefore, been considered appropriate to decide posting of officers henceforth on transfer and on promotion as per the proposed policy, on the
following parameters:
(i) Ministries /Departments are categorized into Group A and Group B for posting/transfer;
(ii) The proposed RTP provides a tenure of five years for DS in a Ministry Department, including continuous tenure rendered in any other designation in the same Ministry Department;
(iii) In Group A, certain Ministries qualify for a reduced tenure by one year;
(iv) An officer on transfer! promotion shall ordinarily be posted from Group A- Group B and Group B- Group A as the case may be,  if they have completed the prescribed tenure for the promotional post;
(v) Officers who are within two years of superannuation will be retained in the same Ministry/Department if a vacancy in the promotional grade is available; In the absence of a vacancy such officer will be transferred out;
(vi) Officers within six months’ of superannuation will not be posted out on promotion; In the absence of a vacancy of the promotional post, such officer will be adjusted in the same Ministry/Department by personal upgradation of the post;
(vii) For calculation of residency in a Ministry! Department, 2 years/six months for superannuation as the case may be, the last date of the month in which promotion order/posting order is issued will be taken as the cut-off date; accordingly, for posting! promotion in this round, the cutoff date has been taken as 28.2.2015.
(viii) The Placement Committee will decide posting of officers on the basis of seniority, preference, past postings etc.
3. The list of brief details of officers who are likely to be considered for promotion is at Annexure-I. Information relating to vacancies in DS!Director grade of CSS as on 01.03.2015 is at Annexure-II.

4. The officers excluding those who are to be retained as per revised policy are requested to exercise their option for posting in the Ministries/Departments in the other Group latest by 16.2.2015 in the format at Annexure-III to Under Secretary, CS-I (D), Department of Personnel and Training through e-mail (ak.upadhayaya@nic.in) or fax number given below. Hard copies of the same may also be furnished immediately. The officers on deputation may also indicate their willingness to avail the ad-hoc promotion. Maximum three choices within the available vacancies may be exercise. If option is not received by 16.2.2015, it will be presumed that the officer has no specific choice and posting will be decided by the Placement Committee accordingly.
(Biswajit Banerjee)
Under Secretary to the Government of India

Revoking suspension of empanelment of Dr. Khanna’s path Care Pvt. Ltd. Delhi

Revoking suspension of empanelment of Dr. Khanna’s path Care Pvt. Ltd. Delhi

G.I., M.H., CGHS,
O.M.F. No: S-11011/02/2014-CGHS (HEC),
dated 13.2.2015

Sub: Revoking suspension of empanelment of Dr. Khanna’s path Care Pvt. Ltd. Delhi.

With reference to the above mentioned matter, the undersigned is directed to draw attention to the Office Order dated 14.11.2014 vide which empanelment of Dr. Khanna’s Path Care Pvt. Ltd., A-43, Hauz Khas, New Delhi – 110016 was suspended for a period of three months or till further orders. Since suspension was not due to financial irregularity or quality/ patient service related issue, it has been decided to revoke suspension of Dr. Khanna’s Path Care Pvt- Ltd. initially for a period of six months w.e.f. 14.02.2015 to facilitate CGHS beneficiaries in getting requisite investigations done.

This issues with approval of competent authority.

Authority – CGHS Portal

Home Loan Rates in 2015: Here’s Your Guide

Home Loan Rates in 2015: Here’s Your Guide
As soon as one starts looking out at properties to buy a house, banks start offering home loans. This can be overwhelming at times. Making a choice then largely depends on comparing what competitor banks have to offer. Here is a list, which compares home loan rates by different banks.

For a loan amount up to Rs 30 lakh and the tenure being 15-20 years, the following is on offering.

1. Floating interest rate of 10.15 per cent
This rate is being offered by the following organizations:
SBI ( State Bank of India)
ICICI Bank
HDFC Bank
HSBC Bank
Axis Bank
PNB Housing Finance
DHFL
India Bulls ( Up to Rs 25 lakh)
Citi Bank
Tata Capital Housing Finance Ltd
EMI per lakh works out to be Rs 975.
SBI charges a processing fee of 0.25 per cent of the loan amount up to Rs 25 lakh or minimum Rs 1000. For a loan amount above Rs 25 lakh the processing fee is Rs 3,250. Citibank charges 0.25 per cent of the loan amount. ICICI, HDFC and PNB charge 0.5 per cent of the loan amount as processing fees. However, HDFC has capped the maximum amount to Rs. 10,000. Whereas, Axis Bank and HSBC charge a minimum processing fee of Rs 10,000 or 1 per cent of the total loan amount. DHFL charges Rs 5000 plus document charges and taxes and India Bulls charges Rs 7,500 plus taxes.

2. Floating interest rate of 10.20 per cent
This rate is being offered by the following banks:
Federal Bank
Bank of India
UCO Bank
Canara Bank
The EMI per lakh works out to be Rs 978.
Federal Bank and UCO Bank both charge 0.5 per cent of the loan amount. The minimum amount charged is Rs 3000 and Rs 1500 whereas maximum is Rs 7500 and Rs 15,000 respectively by both the banks. Bank of India has decided to waive off processing fees on new loans sanctioned up to March 2015.

3. Floating interest rate of 10.25 per cent
This rate is being offered by the following lenders:
IDBI
Punjab National Bank
Allahabad Bank
Central Bank of India
Corporation Bank
Union Bank of India
United Bank of India
Bank of Baroda
Oriental Bank of Commerce
Kotak Bank
Dena Bank
First Blue Home Finance
Syndicate Bank
Indian Overseas Bank
State Bank of Travancore
Indian Bank
The EMI per lakh works out to be Rs 982.

IDBI, Punjab National Bank and Oriental Bank of Commerce have NIL processing fees. State Bank of Travancore does not charge any processing fee up to a loan amount of Rs 25,000 and United Bank of India has waived off processing fee for a loan amount up to Rs 75 lakh. Processing fee ranges from 0.25 per cent to 0.5 per cent of the loan amount. Allahabad Bank charges 0.6 per cent of the loan amount with a cap of Rs 12,000 while India Overseas Bank charges 0.58 per cent of the loan amount with a cap of Rs 10,190.

4. Floating interest rate of 10.26-10.30 per cent
Standard Chartered Bank offers 10.26 per cent on home loans with a processing fee of Rs 5500 plus service tax. The EMI works out to be Rs 982.
Vijaya Bank charges 10.30 per cent and the EMI works out to be Rs 985. The processing fee is 0.25 per cent of the loan amount with a cap of Rs 10,000.

5. Floating interest rate of 10.50 per cent and above
Deutsche Bank offers an interest rate of 10.5 per cent and a flat processing fee of Rs 12,000 plus taxes. EMI per lakh works out to be Rs 998.

Bank of Maharashtra offers 10.55 per cent (up to 25 lakh) and 10.75 per cent above that. Accordingly the EMI works out to be Rs 1001 and Rs 1015 respectively. Processing fee is 0.25 per cent of the loan amount subject to maximum of Rs 25,000.

ING Vysya offers 10.75 per cent, the EMI for which works out to Rs 1015. Processing fee is 0.5 per cent of the loan amount.

Development Credit Bank and Dhanalakshmi Bank offer 11.50 per cent and charge a processing fee of 1 per cent. EMI per lakh works out to be Rs 1066.

6. Fixed rates on offer
LIC Housing Finance offers 10.10 per cent (fixed for 2 years)
HDFC Ltd offers 10.15-10.65 per cent (fixed for 2-3 years) and 10.25- 10.75 per cent (fixed for 10 years).
 
Axis Bank offers 10.40 per cent (fixed for 20 years)
Look out for festive offers when processing fee is waived off and always negotiate for better rates. Request your bank official to share complete details so that there are no surprises in the form of hidden charges, pre-payment charges etc. Also, find out about special rates applicable for self-employed individuals and women.

Hope this compilation helps you in analysing what suits you best.

Data source: deal4loans.com

EPFO Pension Scheme: Age Limit May Be Raised

EPFO Pension Scheme: Age Limit May Be Raised

New Delhi: The Employees’ Provident Fund Organisation’s trustees in a meeting on Thursday will consider a proposal to raise the age limit from 58 to 60 years for vesting of pension under the Employees’ Pension Scheme (EPS-95).

At present, a formal sector worker covered under the EPS-95 can make contributions towards the pension scheme till the age of 58 years and can claim pension after that.

The Pension Implementation Committee (PIC) has recommended an increase in the age for vesting pension to 60 years, while suggesting that the actuary should be asked to develop a model to give incentive to those persons who opt for drawing pension at the age of 60 years.

An actuary analyses financial consequences of risk after studying uncertain future events, particularly of concerns to pension and insurance plans.

Raising the age limit would reduce the deficit in pension fund and would increase the pension benefits of members as there would be two additional years of service, as per the agenda listed for the meeting of the Employees’ Provident Fund Organisation’s apex decision making body – Central Board of Trustees (CBT).

According to a report of the valuer on the scheme, increasing the age limit would reduce the shortfall in the pension fund to the extent of Rs 27,067 crore.

The level of deficit is not a matter of concern, though it is recommended that the retirement fund body should look into investment returns more carefully and not increase benefits without consulting the actuary, and do sensitivity analysis more frequently, the valuer has suggested.

As per the the valuer, appointed by EPFO, net liability or deficit is Rs 10,855 crore as of March 31, 2012, Rs 6,712.96 crores as of March 31, 2013 and Rs 7,832.74 crore as of March 31, 2014.

It is also proposed by the committee to increase the short service pension entitlement age from 50 years to 55 years. This measure would reduce the shortfall in pension fund to the extent of Rs 12,028 crore.

At present, members can ask for fixing pension at attaining the age of 50 years provided they have served for at least 10 years.

It is also proposed that the pensionable salary should be determined on the basis of 36 months average wages immediately preceding the date of exit from the scheme in place of existing 60 months.

It may be noted that there is no bar of any kind for contributing towards other social security schemes run by the Employees’ Provident Fund Organisation (EPFO) – Employees’ Provident Fund Scheme 1952 and Employees’ Deposit Linked Insurance Scheme 1976.

Read at: NDTV Profit

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