Safety Related Retirement Scheme covering safety categories with Grade Pay of Rs.1900/-.


GOVERNMENT OF INDIA 
MINISTRY OF RAILWAYS 
RAILWAY BOARD

RBE No.99/2011

No.E(P&A)I-2010-2

New Delhi, dated 28.06.2011

The General Managers
All Indian Railways.

Sub: Safety Related Retirement Scheme covering safety categories with Grade Pay of Rs.1900/-.

*********

Please refer to Board,s letters of even number dated 11.O9.2010 and 24.09.2010 vide which the benefit of Safety Related Retirement Scheme (SRRS) was extended to other safety categories of staff with a grade pay of Rs.1800/- p.m. The nomenclature of the Scheme was also modified also Liberalized Active Retirement Scheme for Guaranteed Employment for Safety Staff (LARSGES5) with Grade Pay of 1800/-.

2. Considering the demand of the Employees Federations it has now been decided to expand the scope of LARSGESS by enhancing the existing criteria of grade pay of Rs.1800/- to Rs.1900/-. However, the employment under the Scheme would be guaranteed only to those found eligible/suitable and finally selected as per the laid down procedure. The list of Safety categories covered under the Scheme in Grade Pay Rs.1800/- has already been circulated vide Board's letter dated 11.09.2011. Same categories in Grade Pay Rs.1900/- will now be eligible for the scheme.

3. For determining the eligibility for seeking retirement under the Scheme, Grade Pay. corresponding to the post against which the employee is working on regular basis, will be taken into account. In other words, the staff working on the post with Grade Pay of Rs.1900/- will continue to be eligible for seeking retirement under the Scheme even after getting financial upgradation in Pay higher han Rs.1900/- under MACPS.

4 The eligibility conditions for the safety staff with grade pay of Rs.1900/- seeking retirement under the scheme would be the same as those for Drivers viz. 33 years of qualifying service and age between 55-57 years. Recruitment of the wards of such employees being in respective category (i.e. in grade pay of Rs.1900/-) their suitability would be adjudged by an Assessment Committee of 3 SAG officers at Headquarter level as in the case of the wards of Drivers.

5. The eligibility conditions in respect of qualifying service and age group in case of Gangmen and other safety categories in grade pay of Rs.1800/- would remain 20 years and 50-57 years respectively, and the suitability of their wards would be adjudged by an Assessment Committee of 3 JA Grade officers at Divisional level.

6. It is once again reiterated that the retirement of the employee be considered only if the ward is found suitable in all respects. Retirement of the employee and appointment of the ward should take place simultaneously.

7. The other terms and conditions of the Scheme will remain unchanged.

8. This issues with the concurrence of the Finance Directorate of the Ministry of Railways.

9.Hindi version will follow.

10. Kindly acknowledge receipt.

sd/- 
(Salim Md. Ahmed) 
Deputy Director Estt.(P&A)III, 
Railway Board

Source: AIRF
[http://airfindia.com/Orders_11/Larsgees%20covering%20GP%201900%20in%20safety%20categories_28.06.11.pdf]

URGENT PUBLIC NOTICE FROM FINANCE MINISTRY


URGENT PUBLIC NOTICE

           It has come to the notice of the Ministry of Finance, Department of Revenue that some unscrupulous persons are sending e-mail messages to innocent internet users calling upon the recipient  to deposit/remit a facilitation money of Rs.38,892/- in order to obtain the prize money of US $ 491000 from the Canadian Coco-Cola company.  The said unscrupulous persons are fraudulently using the name of Finance Minister and of Smt. Renu Jain working as a Director, Department of Expenditure in the Ministry of Finance on the purported letter head of Ministry of Finance, Department of Revenue.
 
2.       The general public is hereby advised not to take cognizance of   any such letter or e-mail received from unscrupulous persons claiming to have backing of the Ministry of Finance or any of its officers.  It is further clarified that no officer of any of the Departments in the Ministry of Finance has been authorized to sign any letter whatsoever either on behalf of the Department of Revenue, Ministry of Finance or any of the organizations in the Ministry for certifying receipt of demand drafts/cheques in respect of the above mentioned prize money from the Canadian Coco-Cola Company or any other company.
 

                                                                                                                 
Issued by – Ministry of Finance, Dept. of Revenue.


Source: http://dor.gov.in/

What is the differences between EPF, GPF and PPF?


What is the differences between EPF, GPF and PPF?

EPF- Employees Provident Fund 
GPF - General Pension Fund 
PPF - Public Provident Fund


GPF - General Provident Fund which is for the Government Employees 
PPF - Individuals can save to a maximum of Rs.60000/- in a year in the account. Account can be maintained in a Post Office. 
EPF - Employees Provident Fund for Private sector where 12% of Employees share and 12 % of Employer's share of Basic Salary + DA is deducted and remitted to PF Authorities


PF vs PPF: What's the difference ?

1. What is PPF and PF? 
EPF/ PF (Employees Provident Fund / Provident Fund) 

The Employee Provident Fund, or provident fund as it is normally referred to, is a retirement benefit scheme that is available to salaried employees.


Under this scheme, a stipulated amount (currently 12%) is deducted from the employee's salary and contributed towards the fund. This amount is decided by the government.

The employer also contributes an equal amount to the fund.


However, an employee can contribute more than the stipulated amount if the scheme allows for it. So, let's say the employee decides 15% must be deducted towards the EPF. In this case, the employer is not obligated to pay any contribution over and above the amount as stipulated, which is 12%.

PPF (Public Provident Fund) 

The Public Provident Fund has been established by the central government. You can voluntarily decide to open one. You need not be a salaried individual, you could be a consultant, a freelancer or even working on a contract basis. You can also open this account if you are not earning.

Any individual can open a PPF account in any nationalised bank or its branches that handle PPF accounts. You can also open it at the head post office or certain select post offices.

The minimum amount to be deposited in this account is Rs 500 per year. The maximum amount you can deposit every year is Rs 70,000.


2. What is the return on this investment?

EPF: 8.5% per annum

PPF: 8% per annum


3. How long is the money blocked?

EPF

The amount accumulated in the PF is paid at the time of retirement or resignation. Or, it can be transferred from one company to the other if one changes jobs.

In case of the death of the employee, the accumulated balance is paid to the legal heir.

PPF

The accumulated sum is repayable after 15 years.

The entire balance can be withdrawn on maturity, that is, after 15 years of the close of the financial year in which you opened the account.

It can be extended for a period of five years after that. During these five years, you earn the rate of interest and can also make fresh deposits.

Save tax and get rich

4. What is the tax impact?

EPF

The amount you invest is eligible for deduction under the Rs 1,00,000 limit of Section 80C.

If you have worked continuously for a period of five years, the withdrawal of PF is not taxed.

If you have not worked for at least five years, but the PF has been transferred to the new employer, then too it is not taxed.

The tenure of employment with the new employer is included in computing the total of five years.

If you withdraw it before completion of five years, it is taxed.

But if your employment is terminated due to ill-health, the PF withdrawal is not taxed.

PPF

The amount you invest is eligible for deduction under the Rs 1,00,000 limit of Section 80C.

On maturity, you pay absolutely no tax.

5. What if you need the money?

EPF

If you urgently need the money, you can take a loan on your PF.

You can also make a premature withdrawal on the condition that you are withdrawing the money for your daughter's wedding (not son or not even yours) or you are buying a home.

To find out the details, you will have to talk to your employer and then get in touch with the EPF office (your employer will help you out with this).

PPF

You can take a loan on the PPF from the third year of opening your account to the sixth year. So, if the account is opened during the financial year 1997-98, the first loan can be taken during financial year 1999-2000 (the financial year is from April 1 to March 31).

The loan amount will be up to a maximum of 25% of the balance in your account at the end of the first financial year. In this case, it will be March 31, 1998.

You can make withdrawals during any one year from the sixth year. You are allowed to withdraw  50% of the balance at the end of the fourth year, preceding the year in which the amount is withdrawn or the end of the preceding year whichever is lower.

For example, if the account was opened in 1993-94 and the first withdrawal was made during 1999-2000, the amount you can withdraw is limited to 50% of the balance as on March 31, 1996, or March 31, 1999, whichever is lower.

If the account extended beyond 15 years, partial withdrawal -- up to 60% of the balance you have at the end of the 15 year period -- is allowed.



Courtesy : rediff.com
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