Saturday, 24 October 2015

Payment of Productivity Linked Bonus at revised calculation of Rs. 7000 – NFIR writes to Railway Minister

Payment of Productivity Linked Bonus at revised calculation of Rs. 7000 – NFIR writes to Railway Minister

 NFIRPayment of Productivity Linked Bonus (PLB) to the Railway employees at revised calculation of Rs. 7000/- p.m.- GS/NFIR WRITES TO MINISTER OF RAILWAYS

NFIR
National Federation of Indian Railways


No. I/10/Part IV
Dated: 21/10/2015

Shri Suresh Prabhu,
Hon’ble Minister for Railways.NFIR
Railway Bhavan,
New Delhi

Respected Sir,
Sub: Payment of Productivity Linked Bonus (PLB) to the Railway employees at revised calculation of Rs. 7000/- p.m.-reg.
Ref: (i) Item No. 4 of 55 Point Charter of Demands of NFIR.
(ii) NFIR’s letter No. I/10/Part IV dated 08/09/2015 & 07/10/2015 addressed to Hon’ble MR.
(iii) Railway Board’s letter No.E.(P&A)ll-2015PLB-4 dated 07/10/2015.

Kind attention is invited to NFIR’s communication dated 08/09/2015 to the Hon’ble MR to take action for removal of calculation ceiling of Rs. 3500/- p.m. for payment of PL Bonus to the Railway employees in view of Government’s announcement dated 1st September 2015 for relaxing calculation ceiling limit to Rs. 7000/- p.m.

Now the Union Cabinet in its meeting held on October 21, 2015 has decided to amend the Bonus Act, 1965 for enhancing the calculation ceiling from Rs. 3500/- to Rs. 7000/-.

NFIR, therefore, requests to kindly see that Railway employees are paid P.L. Bonus with revised calculation ceiling of Rs. 7000/- p.m.

Thanking you,
Yours faithfully,
sd/-
(Dr.M.Ragavaiah)
General Secretary

Source : NFIR

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 Courtesy : http://atppost.blogspot.in/

Indian retirement system ranks last in global pension index: Mercer report

Indian retirement system ranks last in global pension index: Mercer report

The Indian retirement system has been ranked last in the global pension index, according to a Mercer report. Denmark has been rated as the country with the best retirement system globally, while Australia, Germany, Japan, Singapore and the UK have increased their pension age to offset the increase in life expectancies.

India’s index value fell from 43.5 in 2014 to 40.3 in 2015, primarily because of a recent review conducted by the Economic Intelligence Unit that showed a material reduction in its household savings rate.

The Melbourne Mercer Global Pension Index (MMGPI) report 2015 is now in its seventh year, and has measured 25 retirement income systems against more than 40 indicators, under the sub-indices of adequacy, sustainability and integrity. The report covers almost 60% of the global population, and also suggests how governments can provide adequate and sustainable benefits that protect their citizens against longevity risk, ie. the risk of their aging population outliving their savings. This year’s MMGPI looked beyond the annual rankings to observe changes over the last seven years and assess which pension systems will continue to deliver and which ones are at risk.

“The National Pension System (NPS) is gradually gaining popularity in India. Continuing to improve education and communication will help increase coverage of pension arrangements for the working population in the organised sector, particularly popularising the corporate model of NPS among Indian employers,” said Anil Lobo, India business leader for retirement, Mercer India.

Author of the report and senior partner at Mercer, David Knox, said, “Implementing the right reforms to improve pension systems and provide financial security in retirement has never been more critical for both individuals and societies.”

The Index is used internationally both to highlight the relative strengths of pension systems and to identify opportunities and options for improvement.

Suggested measures to improve India’s system include introducing a minimum level of support for the poorest aged individuals, increasing coverage of pension arrangements for the unorganised working class, introducing minimum access age so that it is clear that benefits are preserved for retirement purposes, and improving the regulatory requirements for the private pension system.

The Index looks objectively at both the publicly funded and private components of a system as well as personal assets and savings outside the pension system. It is published by the Australian Centre for Financial Studies (ACFS) in conjunction with Mercer and is funded by the Victorian State Government.

Source : The Economic Times

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