Employee Provident Fund (EPF) : Retire as a Crorepati

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        We normally hate any kind of deductions in our monthly salary slips – either its income tax deduction , professional tax deduction or even an EPF deduction.Very few of us really know that this small EPF deduction each year can in reality make you a crorepati by the time you retire. Encouraging fact is that this statement is applicable to even with those having modest salaries. There’s many if’s and but’s to achieve that , most notably being resisting the temptation to withdraw money till retirement.

        12% of your basic salary that gets deducted as part of EPF account every month has a potential to make you a crorepati by the time you retire. Most of us are of view that investment is so small and interest rate offered is nothing special. Power of compounding clubbed with a matching contribution from your employer every month can do wonders for you.

         Encouraging stats : 8.5% interest earned on the EPF can help a person with a basic salary of 25,000 a month accumulate a mammoth 2.4 crore in 35 years. Sounds unbelievable.
Hard fact : A very few people are able to reach even 1 crore milestone in their careers.

          Good news is that the initial draft of Direct Tax Code has proposed that new contribution to EPF be taxed on withdrawal. However , the revised draft has made EPF fully tax exempt making it once again one of the best debt option available in the market.

       Try not to touch your EPF account till you hang your boots. You may have to use it during acute emergencies but other than that avoid poking into this account while you are working. Its not uncommon of people to withdraw their PF at the stage. Government discourages you to withdraw money as withdrawals from EPF within five years of joining are taxable. Early withdrawal don’t allow power of compounding to come to play.

      Lesson for everyone – Do not withdraw money from EPF while switching jobs , one should transfer the balance to the new account with the new employer. Remember , this do not happen automatically. You need to fill a ‘Form 13′ and deposit it with the EPFO. Make this one of your first TODO’s things at new workplace as with course of time you will loose track of it and also get pre-occupied at new job.

EPFO in addition is coming up with a software enabling online transfer of money from old account to new account. This will reduce both the paperwork and time taken for transaction.

               source:http://www.investment-mantra.in/?p=938


           Employee Provident Fund (EPF) : Retire as a Crorepati

NOTICE FOR CWC MEETING AT GHAZIABAD.

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Safety Related Retirement Scheme covering Drivers, Gangmen and other safety categories with Grade Pay of Rs. 1800/-.

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Safety Related Retirement Scheme covering Drivers, Gangmen and other safety categories with Grade Pay of Rs. 1800/-.

GOVERNMENT OF INDIA 

MINISTRY OF RAILWAYS 

(RAILWAY BOARD)

RBE No.42/2011 

New Delhi, dated 29.03.2011.

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

The General Managers.

All Indian Railways.

Sub: Safety Related Retirement Scheme covering Drivers, Gangmen and other safety categories with Grade Pay of Rs. 1800/-.

Ref: Board’s letter of even number dated 11.09.2010 and 24.09.2010

   The demands raised by the employees’ Federations, such as constitution of a lower level Assessment Committee at Divisions, processing of the retirement/recruitment cases more than once in a year, etc., under Liberalized Active Retirement Scheme for Guaranteed Employment for Safety Staff (LARSGESS) have been under consideration of Board for some time. It has been decided that the retirement/recruitment process under the LARSGESS in respect of all safety categories of staff including Gangmen in Grade pay of Rs. 1800/p.m. and Drivers/Loco Pilots may be done twice in a year as per the annexed time schedule. The suitability of the words for recruitment under the Scheme may be adjudged by the Assessment Committee as follows:

     (I) Assessment Committee of 3 JAG Officers at Divisional Level to adjudge the suitability of wards for recruitment against safety category post in Grade Pay of Rs.1800/-p.m., and

     (ii) Assessment Committee of 3 SAG Officers at Headquarter Level may continue to adjudge the suitability of wards of Drivers/Loco Pilot.

   2. The process of retirement/recruitment may be started from July 2011 for the current calendar year 2011.

   3. The other terms and conditions of the Scheme will remain the same.

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

   5. Kindly acknowledge receipt.

( Dharam Pal ) 

Deputy Director Estt.(P&A) II, 

Railway Board

LETTER FROM LABOUR MINISTER ON RLC REPORT.

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             Dear friends 

                            ON THE ABOVE SUBJECT MINISTRY OF LABOUR HAS 

              PASSED AND REQUEST TO OUR ASSOCIATION TO WAIT AND

              SEE THE FINAL DECISION OF YOUR DEMAND SINCE RLY.IS 

              UNDER PROCESS TO SETTLE THE ISSUES.

                         IN THE ABOVE CONTEST , IT IS NOT POSSIBLE TO DIRECT 

               OUR CASE TO TRIBUNAL .

No. 1-41011/128/2010 IR, B                                      New Delhi, 24.03.2011

                                                                              Government of India / Bharath Sarkar

                                                                                               Ministry of Labour

To

(1) The Deputy Director Estt. IR,I

Ministry of Railways, Railway Board

Rail Bhavan

New Delhi

(2) The Secretary General

All India Loco Running Staff Association

AILRSA Bhavan, No.333

Ghaziabad, UP

                             Sub: ID between the Secretary General, All India Loco Running

                                      Staff Association and the Management of Railways

            Sir,

                 I am directed to refer to the failure of conciliation report No. ND X (17)/2009-PA dated 01.11.2010, from the Regional Labour Commissioner (C) New Delhi received I the Ministry on 18.11.2010 on the above mentioned subject and to say that prima facie this Ministry does not consider this dispute fit for adjudication for the following reason.

“Most of the demands raised by the union are under active consideration by the management. The union should wait for the decision of various committees”.

                                                                       Yours faithfully

                                                                           SD/-

                                                                         (Ramesh Singh)

                                                                          Desk Office

  ALL INDIALOCORUNNINGSTAFF ASSOCIATION

      Regd. No. 17903 H/Q Aravindapalli, Lower Beniasole, Post. – Adra . Distt. Purulia (W.B.) Pin 72312  Central Office : AILRSA BHAWAN, H.No. 333, Bhoor Bharat Nagar, Ghaziabad – 201001.

Tel. No. : 0120-2740025

            L. Mony                                      M.N.Prasad                                                                     Central President                   Secretary-General,                                                                                                     

      Phone:09446207312 Phone:09434008950                                                                                                                  E-mail mn.prasad@rediffmail.com

             

                   Ref: ………….                                                                                   Date: 01.04.2011

Com,

            You may please find enclosed herewith, the copy of a letter dated 24.03.2011 received on 31.03.2011 from Ministry of Labour in response of our representation for sending our case to Industrial Tribunal, which clearly reflects their stand. This decision as reflected in the letter appears to be taken under the influence of Railway Administration going back from the assurance which have been given to us by the Ministry. However, it once reflects our case has a sufficient justification. However, I am sending a protest representation to Ministry of Labour requesting to limit the time may for a month to finalize our case.

            In view of above development, I would like to suggest that the program of 6^th April 2011 should be changed from Hunger Strike for 24hrs to Mass rally at Divisional levels and memo to be submitted to the Chairman Railway Board, through respective DRM copy to Hon’ble Minister for Labour, Shram Shakti Bhawan, New Delhi copy of the memo is also sent herewith.

            The letter of Labour Ministry should be well circulated amongst staff for their information.

                                                                                         Your’s comradely

 

                                                                                         ( M.N.Prasad.)

                                                                                           

    ALLINDIA LOCO RUNNING STAFF ASSOCIATION

     Regd. No. 17903 H/Q Aravindapalli, Lower Beniasole, Post. – Adra . Distt. Purulia (W.B.) Pin 72312 Central Office : AILRSA BHAWAN, H.No. 333, Bhoor Bharat Nagar, Ghaziabad – 201001.

Tel. No. : 0120-2740025

                                                                                                      E-mailmn.prasad@rediffmail.com

             

 Ref: ………….                                                                                                    Date: 06.04.2011

To,

The Chairman,

Railway Board,

Rail Bhawan,

New Delhi

Sir,

                   Reg: - Addressing our grievances which were under conciliation  through RLC (C) New Delhi for about one year and conciliation end with failure

                   Ref: - Letter of Dated: - 24.03.2011 from Ministry of Labour to Ministry of Railways and Secretary General / AILRSA in  concerned with above.

            As we came to know form above referred letter of Ministry for Labour as well as from RLC (C) conciliation’s proceeding on the different dates, the Railway Administration all along maintaining their stand that our grievances are under active consideration by the management and the Union should wait for final decision of various committees.

                       Sir, the Loco Running Staff are eagerly        and        patiently waiting for a   final  decision on  their genuine and justified demands for a long perioi.e.all     most    all for one and half year or  more but still a final decision is yet to come and on                     the   other hand    the Loco Running

 Staff further discriminated badly on the matter of MACP, safety related voluntary retirement scheme and selection procedure of Loco inspectors, In detail representation on this matter have already been submitted centrally.

            Sir, the Loco Running Staff of Indian Railway proved beyond any doubt that they are very interested to maintain Industrial peace and productivity in the Railway, despite of huge vacancies, short of cadres but due to this abnormal delay in settling the issues now they are loosing their patience.

            I therefore on behalf of the AILRSA / ……………… Division request your honour to settle the issues to the satisfaction of Loco Running Staff at an earliest latest within a month to maintain a co-ordeal Labour relation.

                                          With thanks,

                                               Your’s faithfully

                                              (                       )

                                                                   Divisional Secretary   

Payment of Dearness Allowance to Railway employees – Revised rates effective from 01.01.2011.

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                                                                                             GOVERNMENT OF INDIA 

MINISTRY OF RAILWAYS 

(RAILWAY BOARD)

S.No.PC-VI/251
No.PC-VI/2008/I/7/2/1 RBE No.40/2011

New Delhi, dated 25.3.2011

The GMs/CAO(R),
All Indian Railways & Production Units
(as per mailing list)

      Sub. :-       Payment of Dearness Allowance to Railway employees – Revised rates effective from 01.01.2011.

Please refer to this Ministry’s letter of even number dated 22.09.2010 (S.No.PC-VI/227, RBE No.139/2010) on this subject mentioned above. The President is pleased to decide that the Dearness Allowance payable to Railway employees shall be enhanced from the existing rate of 45% to 51% with effect from 1st January, 2011.

2. The provisions contained in Paras 3,4 & 5 of this Ministry’s letter of even number dated 09.09.2008 (S.No.PC-VI/3, RBE No. 106/2008) shall continue to be applicable while regulating Dearness Allowance under these orders.

3. The additional installment of Dearness Allowance payable under these orders shall be paid in cash to all railway employees. The payment of arrears of Dearness Allowance for the months of January and February, 2011 shall not be made before the date of disbursement of salary for March, 2011 and no honorarium is payable for preparing separate bill for this purpose.

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

                                                                                                                                                                                     Sd/- Koshy Thomas                                                         

Joint Director, Pay Commission-RAILWAY BOARD