Wednesday, 1 November 2017

7th CPC: Implementation of decision relating to the grant of children Education Allowance

Clarification orders on Children Education Allowance - DOPT issued on 31.10.2017

7th CPC Children Education Allowance DoPT


7th CPC:  Implementation of decision relating to the grant of children Education Allowance
No.A-27012/02/2017-Estt.(AL)
Government Of India
Ministry Of Personnel, Public Grievances and P&PW
Department Of Personnel & Training
Block-IV, Old JNU Campus, New Delhi
Dated: 31st October,2017
OFFICE MEMORANDUM

Subject: Recommendations of the Seventh Central Pay Commission - Implementation of decision relating to the grant of children Education Allowance.

The undersigned is directed to refer to this Department's O.M.No.12011/04/2008-Estt(AL) dated 11-09-2008 and O.M.No.A-27012/02/2017-Estt.(AL) dated 16-08-2017 on the subject mentioned above and to state that the reimbursement of Children Education Allowance for differently abled Children of government employees shall be payable at double the normal rates prescribed. The annual ceiling fixed for reimbursement of Children Education Allowance for differently abled children of government employees is now Rs.54,000/- The rest of the conditions will be the same as stipulated vide O.M.No.12011/04/2008-Estt(AL)dated 11-09-2008.

2. These orders shall be effective from 1st July,2017.

Hindi version follows.
sd/-
(Navneet Misra)
Under Secretary to the Government Of India
Source: www.dopt.gov.in

Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years under NPS - Private Sector


Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years under NPS - Private Sector

In continuance of the several initiatives under taken by Pension Fund Regulatory and Development Authority (PFRDA) during the last few years to increase the pension coverage in the country, PFRDA has now increased the maximum age of joining under NPS-Private Sector (i.e. All Citizen and Corporate Model) from the existing 60 years to 65 years of age.

Now, any Indian Citizen, resident or non-resident, between the age of 60- 65 years, can also join NPS and continue up to the age of 70 years in NPS. With this increase of joining age, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS.

NPS provides a very robust platform to the subscriber to save for his/her old age income security. Due to the better healthcare facilities and increased fitness, along with the opportunities and avenues available in the private sector as well as in the capacity of self-employment, more and more people in their late 50s or 60s are now living an active life allowing them to be employed productively.

The subscriber joining NPS beyond the age of 60 years will have the same choice of the Pension Fund as well as the investment choice as is available under the NPS for subscribers joining NPS before the age of 60 years.

Subscriber joining NPS after the age of 60 years will have an option of normal exit from NPS after completion of 3 years in NPS. In this case, the subscriber will be required to utilize at least 40% of the corpus for purchase of annuity and the remaining amount can be withdrawn in lump-sum.

In case of such subscriber willing to exit from NPS before completion of 3 years in the NPS, he/she will be allowed to do so, but in such case, the subscriber will have to utilize at-least 80% of the corpus for purchase of annuity and the remaining can be withdrawn in lumpsum.

In case of unfortunate death of the subscriber during his stay in NPS, the entire corpus will be paid to the nominee of the subscriber.

The increase in joining age will provide the options to the subscribers who are at the fag-end of the employment and expecting lump-sum amount at the time of retirement, but willing to defer their retirement planning for future, to open the NPS account and contribute the lump-sum corpus to NPS for better fund management by Professional Fund Manager to fetch better returns and plan for the regular income after some time. The Annuity rates available in the older age fetch better annuities than that at the age of 60 or less age.

This initiative will allow a larger segment of the society particularly senior citizens to reap the benefits of NPS and plan for their regular income.

PIB

Dearness Allowance for Bank Employees from Nov 2017 to Jan 2018


 Dearness Allowance for Bank Employees from Nov 2017 to Jan 2018

The calculation of Dearness Allowance for bank employees is almost finalized from Nov 2017 to Jan 2018.

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