Sony Ericsson Lay off Job Cut: Sony Ericsson Fires 450 employees

Apart from the other secotrs, the layoffs are going to hit the mobile and telecom sectors as well. Sony Ericsson has decided to go for lay off with 450 employees being fired from their jobs at Sony Ericsson .
The location where the Sony Ericsson lay off or job cut will happen is its Research Triangle Park location, the headquarters of the company’s North American operations.
Sony Ericsson Lay off Job Cut
Aldo Ligouri, Sony Ericsson’s head of global communications and public relations has confirmed the layoffs in the news.
The credit for layoffs is being given to company-wide changes that Sony Ericsson announced in July. At that time, the company said it would lay off 2,000 workers worldwide to adjust to tough market conditions.

There are around 750 workers in RTP, which serves as a key Sony Ericsson R&D hub. The handset maker, a joint venture between Japan’s Sony and Sweden’s Ericsson, has struggled in recent quarters. Waning demand for its high-end phones and product delays brought down profit to 6 million euros in the second quarter, down from 220 million euros a year earlier.

Sales also slumped in that quarter, to 2.82 billion euros, from 3.11 billion euros in the second quarter of 2007.

Sixth Pay Commission Benefits extends autonomous bodies, quasi-government organisations and statutory bodies

Now some great news for the employees of autonomous bodies, quasi-government organisations and statutory bodies. The government of India has decided to extend the benefit of Sixth Pay Commission recommendations to employees of autonomous bodies, quasi-government organisations and statutory bodies. As per the news, the benefit would be extended to employees of all such organisations whose basic pay and emoluments are similar to those payable to central government employees. Wikipedia on Sixth Pay Commission.Autonomous Bodies Quasi-Government Organisations Statutory bodies Sixth Pay Commission

What about those employees whose pay scales are NOT identical to those of the central government employees?
In those cases when the pay scales are not identical, the department or bodies would constitute a "separate group of officers". The financial advisor of the respective department would be involved in the group as the representative of the finance ministry.

When will this be implemented?
No certainity about that. The final recommendation of the group would be taken by the finance ministry or the ministry of personnel and training for implementation. The accepted pay level would, however, be in no case more than those prescribed for the central government employees of similar level.

"It has now been decided that the orders may be extended to the employees of autonomous organisations whose pattern of emolument structure as pay scale and allowances are identical to those of central government employees," an office memorandum of the finance ministry said.

Dearness allowance, housing rent allowance and city compensatory allowance are the main parameters on which the similarity of the two scales would be decided.

Autonomous organisations and other such bodies would have to provide for 10% of the additional expense on account of pay revision through additional revenue generation, another 10% from savings and the rest 80% would be provided by the Centre.

In case the organisation is not able to generate additional revenue, central government would provide 90% of the additional expenses.

Hyundai Santro LPG Version Car details & Review

It another milestone for the Hyundai Motor India Limited (HMIL), which is a wholly-owned subsidiary of South Korea-based Hyundai Motor Company. This day marks as a new product launch for Hyundai Santro Car LPG version. Official Hyundai Santro Site
Hyundai Santro LPG Version Car
What is the price of the Hyundai Santro Car LPG version?
The precise price of Hyundai Santro Car LPG version will differ from state to state, but as per the news, Hyundai Santro Car LPG version will cost around 21,500 Rs. more than the existing petrol model. The ex-showroom Delhi price for Santro eco (GL) is Rs 354,294 and Santro eco (GLS) is Rs 373,357.


Any other variant models available for Hyundai Santro Car LPG version?
Apart from the recently launched Hyundai Santro Car LPG model, Hyundai Santro also comes in the standard Petrol model as well in the Hyundai Santro Car CNG version.

What are the technical details of Hyundai Santro Car LPG version?
It is powered by the 1.1 litre, eRLX engine, and has the both options available for fuel. With separate Petrol (35 litre) and LPG (27.2 litre) tanks, the customers have an option to choose from both LPG and petrol mode.

As per the news, Hyundai registered a total sales of 327,160 vehicles in the calendar year 2007, an increase of 9.2 per cent over CY
In the domestic market, it clocked a growth of 7.6 per cent as compared to 2006 with 2,00,412 units, while overseas sales grew by 11.8 per cent, with exports of 1,26,748 units.

Children Education Assistance Tuition Fee Reimbursement Sixth Pay Commission

Following the recommendations of the Sixth Central Pay Commission, The Ministry of Personnel, Public Grievance & Pension Department of Personnel Training has issued office memorandum related to the acceptance of sixth pay commission recommendations on Recommendations of the Sixth Central Pay Commissionimplementation of decisions relating to the grant of Children Education Assistance and Reimbursement of Tuition Fee. Below we present the screenshot of text as it appears in the office Memorandum. Wikipedia on Sixth Pay Commission. Children Education Assistance Tuition Fee Reimbursement Sixth Pay Commission

Consequent upon the decisions taken by the Government on the recommendations made by the Sixth Central Pay Commission and in supersession of all earlier orders on the subject of Children Education Allowance and Reimbursement of Tuition Fee, the President is pleased to issue the following instructions: -

(a) Children Education Allowance and Reimbursement of Tuition Fee which were hitherto payable separately will be merged and will henceforth be known as 'Children Education Allowance Scheme'.

(b) Under the Scheme of Children Education Allowance reimbursement can be availed by Government Servants upto to a maximum of 2 children.

(c) Reimbursement as indicated above will be applicable for expenditure on the education of school going children only i.e., for children from classes nursery to twelfth, including classes eleventh and twelfth held by junior colleges or schools affiliated to Universities or Boards of Education.

(d) Henceforth, the reimbursement of Children Education Allowance shall have no nexus with the performance of the child in his class. In other words, even if a child fails in a particular class, the reimbursement of Children Education Allowance shall not be stopped.

(e) Reimbursement for the following items can be claimed under this Scheme:

Tuition Fee, admission fee, laboratory fee, special fee charged for agriculture, electronics, music or any other subject, Fee charged for practical work under the programme of work experience, fee paid for the use of any aid or appliance by the child, library fee, games/sports fee and fee for extra-curricular activities. This also includes reimbursement for purchase of one set of text books and notebooks, two sets of uniforms and one set of school shoes which can be claimed for a child, in a year.

(f) The annual ceiling fixed for reimbursement of Children Education allowance is Rs.12000.

(g) Under this scheme, reimbursement can be claimed once every quarter. The amount that can be claimed in a quarter could be more than Rs.3000, and in another quarter less than Rs.3000, subject to the annual ceiling of Rs .12000 per child being maintained.

(h) In case both the spouses are Government servants, only one of them can avail reimbursement under Children Education Allowance.

(i) Hostel subsidy will be reimbursed upto the maximum limit of Rs.3000 per month per child subject to a maximum of 2 children. However, both hostel subsidy and Children Education Allowance cannot be availed concurrently.

(j) The above limits would be automatically raised by 25% every time the Dearness Allowance on the revised pay structure goes up by 50%.

2. In order to ensure that Government servants have no difficulty in claiming reimbursement, the procedure under this Scheme is being kept simple. Reimbursement should henceforth be made on the submission of original receipts on the basis of self-certification by the Government servant.

3. These orders shall be effective from 1st September, 2008.

4. Insofar as persons serving in the Indian Audit and Accounts Department are concerned, these orders issue in consultation with the Comptroller and auditor General of India.

Here are the other related links on the Sixth pay Commission Recommendations and the government orders on the same.
New Pay Band of Defence Force Officers: Sixth Pay Commission

Sixth Pay Commission: Armed Forces Pay panel Grieviences

Link: Revised Pay Scale IAS (Administrative) IFS (Foreign) Officers: Sixth Pay Commission

Link: New Revised Pay Scale Indian Police Services IPS : Sixth Pay Commission

Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

Link To:Special Allowance for child care for women with Disabilities

Link: Sixth Pay Commission: Income Tax on Pay Arrears

State Wise Salary Hike details are covered in the links of the article: State Wise Salary Hike Details of Sixth Pay Commission. Please refer to the article and click on your respective state wise link for news and other information.

Link To: Dearness Allowance: Sixth Central Pay Commission Recommendation

Link To: Revised Pay Scales, New Pay Bands Finalized by the Government

Link To: Sixth Pay Commission: Perks, Arrears, Increments & Key Points

ICICI Bank Bankrupt rumors: ICICI Bank Clarifications

Since last few days, ICICI Bank bankrupt has become the most searched word in the Banking sector. People have observed large queues in front of ICICI Bank ATM and ICICI Bank branches to withdraw their money, all based upon rumors that ICICI Bank is Bankrupt. ICICI Bank Bankrupt ICICI Bank Clarifications
One thing that we wish to highlight here is that there appear to be no problems with the ICICI Bank as of now. The long queues in front of ICICI bank ATM and branches have ensured that the money is withdrawn in large amounts so ICICI ATM s are getting empty. However, all the online facilites like ICICI Bank Fund Transfer Facility, ICICI Bank Internet banking, etc are working absolutely fine. That means there appears to be no problem with ICICI Bank and the Rumors of ICICI Bank Bankruptcy appear to be more of panic situation.

From the various resources available on the internet, here are some of the findings:

ICICI Bank Limited clarifies that 98% of ICICI Bank UK PLC’s non-India investment book is rated investment grade and above

• ICICI Bank UK PLC has zero exposure to US sub-prime credit, whether directly or through credit derivatives such as CDO/CLN/CDS.

• About 98% of ICICI Bank UK PLC’s non-India investment book of USD 3.5 billion is rated investment grade and above (by S&P/ Moody’s/ Fitch). About 89% is rated A- and above (by S&P/Moody’s/Fitch).

Related: ICICI Bank Bankrupt Rumors & Effect on ICICI Bank for Lehman Brothers Bankruptcy

• Only about 18% of ICICI Bank UK PLC’s non-India investment book is exposure to the United States.

• In addition, ICICI Bank UK PLC holds cash equivalent instruments (inter-bank placements and certificates of deposit) of USD 1.1 billion. There is no exposure to US banks in this category.

• ICICIBank UK PLC has a total balance sheet size of USD 8.5 billion and has zero NPLs on the balance portfolio of USD 3.9 billion.

• As on the lastbalance sheetdate ofJune 30, 2008, ICICIBank UK PLC had a capital adequacy ratio of 17.4%

As per Economic Times, To ally any concern among the bank’s customers, the bank reiterates that:

• ICICI Bank has a very strong capital position, having proactively raised Rs 20,000 crore (about $5 billion) in June 2007, almost doubling its capital base. It has a net worth of over Rs 47,000 crore (i.e. over $10 billion) and a capital adequacy ratio of 13.4% at June 30, 2008, as against the regulatory requirement of 9.0%. This is among the highest levels of capital adequacy in large Indian banks. This reflects the healthy capital position and comfortable level of leverage. Its banking and non-banking subsidiaries are also well-capitalised.

• ICICI Bank has consolidated total assets of over Rs. 484,000 crore (over $105 billion), which is diversified across a wide range of asset classes in India and overseas.

• ICICI Bank is profitable. It made a profit after tax of Rs. 4,158 crore (over $900 million) in FY2008 and Rs. 728 crore (over $155 million) in the first quarter of this year. This was due to the strong core performance, which more than offset the impact of adverse debt and equity market conditions in India and globally since the second half of FY2008.

• ICICI Bank’s wholly-owned subsidiary, ICICI Bank UK PLC has, as part of its normal treasury operations, a diversified investment portfolio. ICICI Bank UK PLC has zero exposure to US sub-prime credit, and zero non-performing loans. About 98% of its non-India investment book of $3.5 billion is rated investment grade and above, with about 89% rated A- and above. In addition, ICICI Bank UK PLC holds cash equivalent instruments (inter-bank placements and certificates of deposit) of $1.1 billion. As on the last balance sheet date of June 30, 2008, ICICI Bank UK PLC had a capital adequacy ratio of 17.4%.

• The absorption of the impact of current market conditions on investment portfolio valuation will not pose any challenge to ICICI Bank’s capital position.

ICICI Bank Bankrupt rumors: List of ICICI Controversies

Since last few days, ICICI Bank bankrupt has become the most searched word in the Banking sector. People have observed large queues in front of ICICI Bank ATM and ICICI Bank branches to withdraw their money, all based upon rumors.
The bank that people bank upon for being the front runner in technology and said to have revamped the Indian Banking secotr after the economic reforms were implemented in 1990s, is also full of controversies. It's a fact that more popular a product is, the more issues are reported with it. For e.g., Microsoft is the world leader in Software solutions, so more bugs are reported in their products. Same goes for every secotr and product and banks are no different. Wikipedia users have configured a nice list of Controversies surrounding ICICI Bank. Below, we present the list of issued which have been reported for the ICICI Bank controversies.
ICICI Bank Bankrupt List of ICICI Controversies
  • ICICI Bank has been in focus in recent years because of alleged harassment of customers by its recovery agents. Listed below are some of the related news links:
  • Farmers vent ire on bank after suicide. ICICI Bank officials used goondas to seize the tractor
  • ICICI Bank was fined 55 lakh Rs. for hiring goons (known coloquially as "goondas") to recover a loan. Recovery Agents had ,allegedly, forcibly dragged out a youth (who was not even the borrower) from the car, beaten him up with iron rods and left him bleeding as they drove away with the vehicle. "We hold ICICI Bank guilty of the grossest kind of deficiency in service and unfair trade practice for breach of terms of contract of hire-purchase/loan agreement by seizing the vehicle illegally,""No civilised society governed by the rule of law can brook such kind of conduct" said Justice J D Kapoor, president of the commission.
  • 4 loan ICICI employees arrested on theft charges in Punjab
  • ICICI Bank told to pay Rs 1 lakh as compensation for using unlawful recovery methods.
  • RBI warns ICICI Bank for coercive methods to recover loans
  • ICICI Bank drives customer to suicide- Four men including an employee of ICICI Bank booked under sections 452, 306, 506 (II) and 34 of IPC for abetting suicide. As per suicide note they advised him - "If you cannot repay the bank loan, sell off your wife, your kids, yourself, sell everything at your home. Even then if you cannot not pay back the due amount, then it's better if you commit suicide."India biggest private bank has compensated the life by money
Related: ICICI Bank Bankrupt Rumors
  • ICICI Banks on huge car recovery scam in Goa - ICICI Bank invest in car-jackers to recover loans in Goa.
  • Family of Y Yadaiah alleged that he was beaten to death by ICICI Bank’s recovery agents, for failing to pay the dues. Four persons were arrested in this case.
  • A father while talking to Times of India, alleged that "The ICICI Bank recovery agents visited his house and threatened his family. And his son Nikhil consumed poison because of the tension".
  • Oppressed by ICICI Bank's loan recovery agents, Shakuntala Joshi (38), committed suicide by hanging herself. Suicide note stated that she was upset with the ill-treatment meted out by ICICI Bank recovery agents and had thus decided to end her life.
  • In another case of a suicide it is alleged that ‘goondas’ sent by ICICI Bank abused Himanshu and his wife in front of the entire colony before taking away his vehicle. Feeling frustrated and insulted, he reportedly committed suicide.
  • CLN Murthy, a scientist with the Hyderabad-based Indian Institute of Chemical Technology, was allegedly tortured by recovery agents of ICICI Bank after he defaulted on his loan."They humiliated me no end. They ripped my shirt, shaved my moustache, cut my hair and gave electric shocks on my chest and even spat on my face" adds Murthy.
  • A dozen recovery agents of ICICI Bank, riding on bikes, allegedly forced a prominent lawyer, Someshwari Prasad, to stop his car. They held Prasad at gunpoint and also slapped him to force him. A manager of the ICICI branch, Rakesh Mehta, along with four other employees were arrested.
  • A recovery agent allegedly working for ICICI Bank was injured in an exchange of gunfire with Lucknow police. Police said that the miscreants opened fire at the police, who returned fire. The agent, along with three others, was trying to escape after allegedly stealing cash and a cheque from the defaulter.
  • In a landmark case Allahabad High Court had ordered registration of an FIR against ICICI Bank branch manager, President, Chairman and Managing Director on a complaint of 75-year-old widow Prakash Kaur. She had complained that "goondas” were sent by the bank to harass her and forcibly took away her truck. In same case when the Supreme Court wanted to know about the procedure adopted by the banks, ICICI Bank counsel said notice would be sent to a defaulter asking him either to pay the instalments or hand over the vehicle purchased on loan, failing which the agents would be asked to seize it. When the Bench pointed out that recovery or seizure could be done only legally, ICICI Bank counsel said, "If we have to go through the legal process it would be difficult to recover the instalments as there are millions of defaulters".
  • Taking strong exception to the ICICI Bank's use of 'goondas' against a defaulter, Consumer Disputes Redressal Forum president said, "The fact leaves us aghast at the manner of functioning and goondaism in which the bank is involved for a petty amount of Rs 1,889... such attitude is deplorable and sends chills down the spine....The bank had the option to recover dues through legal means. They have no legal right to snatch the vehicle in such a manner which amounts to robbery,". In this case recovery agents pointed a pistol at defaulter when he tried to resist. ICICI Bank argued that they had taken peaceful possession of the vehicle "after due intimation to the complainant as he was irregular in remitting the monthly instalments". But the court found out that the records proved otherwise.
  • Two senior ICICI Bank officials were booked for abducting one Vikas Porwal from his house and keeping him hostage in the bank premises.
  • The credit card division of the ICICI Bank allegedly threatened a senior citizen in Chandigarh with a fictitious arrest warrant on account of a default that never was.
  • Consumer Commission has asked ICICI Bank MD K V Kamath to personally appear before it in respect a complaint. Borrower on protesting the forceful dispossession of car, as seen in the post-incident photographs, was roughed up and sustained the injuries.
  • An 18-year-old boy was allegedly kidnapped and detained at the Pune branch of ICICI Bank.
  • There have been several other minor legal cases accusing harassment by ICICI Bank
  • The consumer court imposed a joint penalty of Rs 25 lakh on ICICI Bank and American Express Bank for making unsolicited call.

Is ICICI Bank going Bankrupt? Dont believe the rumors

Loads and loads of emails are flying around in the Indian corporate sector - especially among the Indian IT workforce. The stories are going on baselessly that ICICI Bank may go Bankrupt. God knows the source of these stories, but there have been serious losses reported by ICICI Bank due to the Lehman Brothers Bankruptcy News. Out of the total reported losses of around 4 billion Rupees loss by Indian Banks collectively, 75% of those losses have been taken by ICICI Bank i.e. 3 billion Rupees have been lost by ICICI Bank alone - this news appears to form the basis of the rumors going around about the ICICI Bank going Bankrupt. ICICI Bank Bankrupt

ICICI Bank Share price have gone down by a whopping14 percent in today's trading.
This has led to serious "mail-rumors" running around across the various IT industry workers. Few weeks back, when Lehman declared Bankruptcy, people queued up at ICICI Bank ATM and Bank Branches to withdraw their money. Now again, the IT employees are getting worried on these rumors. The biggest cause of concern is that most of the employees are having their Salary account with ICICI Bank. That will mean that majority of the liquid earnings of the employees will be kept with this bank.

Along with the ICICI officials, everyone hopes that this circus of rumors should come to an end. Savings bank account holders may not worry, as government will guarantee the return of their money in the savings account. In the past, around 4 years back, the GTB or Global Trust Bank had gone burst. It was later taken over by the OBC bank, a government run bank and all the savings account money was safe.

Hopefully, one should not see anything like this in the Indian Markets again. The banks are much better regulated.

Reliance RCOM launches GSM network Services

Once again, its the ADAG or Anil Dhirubhai Ambani Group which is making waves in the Mobile Business space. On Sunday, Reliance Communications (RComm) has commenced the soft launch of its GSM network across major cities, as per the news sources.
Reliance RCOM GSM Services
What is the meaning of "Soft Launch" of Reliance RCOM GSM Services
The Soft Launch means that the Reliance RCOM GSM Services have been started but the sales and marketing has not been started for common individuals. It is learnt that the company has issued 10,000 SIM Cards but only to its own employees, to test its GSM network Services.

How much investment has been made by Reliance RCOM GSM Services
The company has invested about Rs 800 crore in Mumbai circle to set up 2,500 towers. Full GSM service is likely to be launched by mid-December.

Which regions will be offering the Reliance RCOM GSM Services
Mumbai, Bangalore, Ahmedabad, Surat, Lucknow and Ludhiana circles went live on Sunday afternoon. In the next stage of launch the company will get associates and vendors on the network for further testing.

By the time of the launch, close to 5 lakh test subscribers are likely to be on the company’s GSM network, sources said. Over the next four weeks, the soft launch would take place in cities with another 35 per cent of the subscriber base and the rest 20 per cent would be covered within 6 to 9 weeks.

On completion, RComm would be the only operator to offer GSM and CDMA mobile phone services.

What is the progress on Reliance RCOM GSM Services
Around 1 lakh temporary staff is working on the company’s GSM project.
About 8,000 skilled manpower from RComm and vendors are supervising the operations.

Reliance Communication was also the pioneer in India to launch Pre-paid Blackberry Phones.

Lehman Brothers affect on Indian Banks: declare 4 billion Losses

The news is out. India is not shielded from the Collpase of Lehman Brothers who declared Banruptcy. Initially, tehre were many rumors that Effect on ICICI Bank for Lehman Brothers Bankruptcy and many people in South India actually queued up to withdraw their money from their ICICI bank accounts at ATMs and ICICI Bank Branches.
Lehman Brothers affect on Indian Banks Losses
However, not only the ICICI bank, but other Indian Banks have also been affected by the Lehman Brother Bankruptcy due to MTM losses or Mark to market losses. As per the reports, The Indian banking sector has incurred Rs 4 billion mark-to-market losses due to their investment in instruments of bankrupt Lehman Brothers and AIG, reports Economic Times.

The major portion of this has been taken by ICICI Bank alone accounted for Rs 3 billion of losses due to Lehman Brother bankruptcy.

MTM is based on the market value of underlying securities and keep varying. MTM is a notional loss but it would be reflected in the balance sheet. A few of state-owned government banks also had exposure in the instruments of these troubled US financial giants to the tune of Rs 2.34 billion.

Related: Effect on Lehman Brothers Bonds: Lehman Brothers Bankruptcy

Immediately after the collapse of Lehman Brothers and AIG, Finance Minister P Chidambaram had said that India's financial institutions were on a sound foundation and PSU banks were not having any undue exposure to the same.

However, he sounded some cautions saying that though the country`s banking sector was well protected from global crisis, the credit crunch could have some effect in India as well.

Westgate Resorts Lay off Job Cut: To fire hundreds of employees

Not only are the financial companies getting affected by the credit crunch and the financial turmoil, even the other sectors are not shielded from the financial turmoil. Orlando-based Westgate Resorts, one of the nation's largest time-share companies, is going to close down much of its sales and preparing to lay off hundreds of people. Last year, Westgate Resorts celebrated its 25th Anniversary, but seems like 2008 or the 26th year, is not appearning to be fruitful to the company. Wikipedia on Westgate Resorts. News
Westgate Resorts Lay off Job Cut
Though there are no certain numbers about how many people would be fired from their jobs at Westgate Resorts, but whatever is expected will happen in the next few days. Though the Westgate Resorts president David Siegel, confirmed that there would be hundreds of job cuts.

Which departments of Westgate Resorts will see the major job cuts?
The Westgate Resorts layoffs will be made in the construction, sales, accounting, telemarketing, marketing and administration departments companywide.
He said sales will be shut down for some of the company's 28 resorts in 11 states, but would not give specifics.

As per the news, Westgate Resorts - founded in 1970, was the seventh-largest employer in Central Florida with 8,113 workers in 2007. The company, the largest privately held time-share company in the world, employs more than 10,000 nationwide. Westgate is managing to pay all its bills and will continue to meet all its obligations. But he said there is no money for new business.

HSBC Lay off Job Cut: fires 1100 Employees

It's time for another financial giant to cut jobs and fire employees. This time, it is HSBC so called World's local Bank, has decided to fire 1100 employees and go for massive HSBC lay off or HSBC Job Cut. After the Massive Layoff in Financial Sector in 2008, where more than 50,000 employees from the Wall Street based investment banks and financial firms have been fired, this news of HSBC Job Cutagain comes as another big setback for the industry.
HSBC Lay off Job Cut
HSBC has plans to Cut 1,100 jobs in its global banking and markets operation division, mainly in the two biggest financial centers, New York and London. No wonder why the lay offs are concentrated to the 2 costliest financial capitals of the world - London & New York.

This will constitue 4% of the global banking unit's workforce, and is said to help it weather the global financial crisis.
As per the news, HSBC’s global banking and markets operation division has offices in more than 60 countries and territories, providing corporate banking, investment banking, trade services, payments and cash management and leveraged acquisition finance to institutional and corporate clients and governments. The 1,100 affected jobs include both front- and back-office operations. About half of them are in HSBC’s headquarters in Britain; around 100 contractors and temporary staff that serve supporting roles in Hong Kong, the bank's largest Asian operations base, will go; and the remainder are mostly in the United States and Europe. There are a around 35,000 employees of HSBC globally. It is still not clear that whether this lay off will continue with further job cuts or will it stop here.
The worst fear is that this job cut by HSBC or HSBC Lay off may trigger other firms to go for similar actions in the financial sector.
HSBC was the first international lender to report losses on its subprime mortgage exposure in the United States and has written down losses of $18.7 billion since the start of the global credit crunch last year

Bradford & Bingley Lay off Job Cut: Bradford & Bingley B&B Fire 370 employees

Bad news continues to come in from the Financial sector for the employees. Already, the financial world has been seeing the sufferings of the financial sector through the Massive Layoff in Financial Sector in 2008. To add to that, Banking company Bradford & Bingley announced 370 job cuts and 134 million of charges from losses on troubled assets yesterday as the bank's new chief executive prepared for the reality of a stagnant business and rising arrears.
Bradford & Bingley Lay off Job Cut
Bradford & Bingley is primarily a mortgage lending firm but as the Wall Street Big Banks, it has been suffering the Sub prime Mortgage Crisis and the Credit Crunch. Hence, giving to the situation, the ailing mortgage lender has decided to shut down its mortgage processing centre in Borehamwood, Hertfordshire. It is expected to save 15 million USD a year. As per the news, The closure, which is expected to be early next year, will see 300 of the centre's 370 staff made redundant and its work transferred to the bank's head office in Bingley, Yorkshire.

The remaining 70 workers will stay with the bank, working in its arrears department. After cutting the number of in-branch mortgage advisers to 50 from 160 in the first half, B&B is axing the remainder of the employees. It will also cut back staff who deal with mortgage brokers, and make cuts at its head office.

As per the news, B&B has been hit by big write-downs on investments in toxic structured credit and surging arrears from its buy-to-let and self- certified mortgage lending. The bank said it had sold or written down to zero all its holdings in collateralised debt securities and structured investment vehicles and had sold 40m of asset-backed securities, resulting in the pre-tax 134m charge to its profit and loss account.

Richard Pym, the former boss of Alliance & Leicester, joined B&B last month as chief executive. Keefe Bruyette & Woods analysts said his tough actions made a takeover of the bank more likely, though with little premium in prospect for shareholders.

Mr Pym said: "The changes we have announced today focus the business as a strong savings bank, reduce the size of our lending activities and increase our capacity in arrears collection. We are a strongly capitalised bank now undertaking a complex transition with regrettable job losses."

The Bradford & Bingley shares fell 15 per cent to a new low of 21.25p.

Google G1 Phone Android in India: HTC may offer with Airtel

The much hyped Google Phone G1 with Android operating System, will be available in India from Decemeber 2008 onwards, as per news available from Taiwanese handset major High Tech Computer (HTC). Some first look reviews for Google G1 Phone can be read here. Google G1 Phone Android India

What is the expected price of Google G1 Phone Android in India?
The Google G1 Phone Android is expected to cost more than what it is costing in USA. The current offering in US for Google G1 Phone Android is in the range from $179 to $199. In India, Google G1 Phone Android is expected to cost much higher than that (like the Apple iPhone price dispcrepancy between US & India). The reason being quoted by the HTC is "the Indian market does not work on the handset subsidy model".
So Google G1 Phone Android aspirants, be ready to shell out more money for your purchase of Google Phone G1. Though the price is expected to be a little less than Apple iPhone for having some competitive edge.

Will the Google G1 Phone Android be offered as "locked" phone in India to a Mobile Service Provider?
Most probably YES. HTC officials say that they would prefer a mobile operator tie-up to introduce the Google phone in India in December. Rumors are that most probably the mobile service provider would be Airtel. As per the news, HTC India has an exclusive partnership with Airtel, is also open to selling the G1 phone through independent retail channels.

How much sales are being targeted by Google G1 Phone Android in India?
Google G1 Phone with Android is expected to sell 400,000 units by the end of 2008 i.e. in just one month of launch. That would constitute 4% of market share of smart phone market. In the next year 2009, HTC India hopes to sell 600,000 mobile devices.

Anything special about Google G1 Phone Android?
HTC’s device is a 3G phone with a touch-screen, slider keyboard, GPS and Wi-Fi. Android is a Linux-based operating system for mobile devices that was announced in November last year and developed by the Open Handset Alliance — a group comprising players like Google, HTC, Intel, Motorola and Samsung. Moreover, the name Google does not need any marketing strategy - people trust it by the heart. However, the biggest constraint is the availability of 3G network across India, which would severly hurt the applications to work on these smart phones.

Defence Armed Forces withhold Sixth Pay Commission Recommendation till Lieutenant Colonels move to higher Pay band

There has been lots of news about the complains from different departments of the government employees and the Armed Forces or Defence Forces were the first ones to raise their protest against the anamolies in the Sixth Central Pay Commission Recommendations. Their protest seems to have brought some fruit and it is learnt that Army and Air Force Chiefs have decided to withhold the implementation of the Sixth Pay Commission report in the armed forces until the Government agrees to the place Lieutenant Colonels and their equivalents in the higher pay band. Wikipedia on Sixth Pay Commission. Defence Armed Forces withhold Sixth Pay Commission Recommendations

This news and development has come as a shot in the arm for the army jawans, especially the ones higher up in the seniority, who had concerns about the disparity in the pay hike given to armymen or defence personnels or armed forces.
It appears that issue has now become a war of nerves between the Armed Forces and the government with only five days left to implement the pay commission report.
Government sources said that Admiral Mehta has decided not to issue "government draft letter" that is required by the Defence Ministry to implement the new pay scales and arrears on October 1. The three service chiefs apparently took this decision as the existing pay band 3, as per the Pay Commission, is unacceptable to Lt Colonels and their equivalents. Backed by their seniors, the Lt Colonels want the next pay band, which is 4, so that they at least get more salary than their counterparts in the Coast Guard. Even though the Defence Ministry has quietly reminded the services for issuing the draft letter, the service chiefs are under tremendous pressure not to yield to the government till the pay disparities are rectified.

Here are the other related links on the Sixth pay Commission Recommendations and the government orders on the same.

New Pay Band of Defence Force Officers: Sixth Pay Commission

Sixth Pay Commission: Armed Forces Pay panel Grieviences

Link: Revised Pay Scale IAS (Administrative) IFS (Foreign) Officers: Sixth Pay Commission

Link: New Revised Pay Scale Indian Police Services IPS : Sixth Pay Commission

Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

Link To:Special Allowance for child care for women with Disabilities

Link: Sixth Pay Commission: Income Tax on Pay Arrears

State Wise Salary Hike details are covered in the links of the article: State Wise Salary Hike Details of Sixth Pay Commission. Please refer to the article and click on your respective state wise link for news and other information.

Link To: Dearness Allowance: Sixth Central Pay Commission Recommendation

Link To: Revised Pay Scales, New Pay Bands Finalized by the Government

Link To: Sixth Pay Commission: Perks, Arrears, Increments & Key Points

New Revised Pay Scale Indian Forest Services IFS: Sixth Pay Commission

Following the recommendations of the Sixth Central Pay Commission, below is the table describing the new pay scales for Indian Forest Services for central government employees. The Ministry of Personnel, Public Grievance & Pension Department of Personnel Training has issued office memorandum related to the acceptance of sixth pay commission recommendations on the pay scale revisions of Indian Forest Service and other similar departments and positions. Below we present the screenshot of text as it appears in the office Memorandum. Wikipedia on Sixth Pay Commission. You may click on the table to get a bigger view.
Indian Forest Services New Pay Scale Sixth Pay Commission

Indian Forest Services New Pay Scale
Link: Revised Pay Scale IAS (Administrative) IFS (Foreign) Officers: Sixth Pay Commission

Link: New Revised Pay Scale Indian Police Services IPS: Sixth Pay Commission

Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

Link To:Special Allowance for child care for women with Disabilities

Link: Sixth Pay Commission: Income Tax on Pay Arrears

Link: Risk Allowance Withdrawn: Life Insurance offered in place of Risk Allowance

New Pay Band of Defence Force Officers: Sixth Pay Commission

State Wise Salary Hike details are covered in the links of the article: State Wise Salary Hike Details of Sixth Pay Commission. Please refer to the article and click on your respective state wise link for news and other information.

Link To: Dearness Allowance: Sixth Central Pay Commission Recommendation

Link To: Revised Pay Scales, New Pay Bands Finalized by the Government

Link To: Sixth Pay Commission: Perks, Arrears, Increments & Key Points

New Revised Pay Scale Indian Police Services IPS IFS: Sixth Pay Commission

Following the recommendations of the Sixth Central Pay Commission, below is the table describing the new pay scales for Indian Police Services & Indian Forest Services for central government employees. The Ministry of Personnel, Public Grievance & Pension Department of Personnel Training has issued office memorandum related to the acceptance of sixth pay commission recommendations on the pay scale revisions of Indian Police Service, Indian Forest Service and other similar departments and positions. Below we present the screenshot of text as it appears in the office Memorandum. Wikipedia on Sixth Pay Commission.
IPS IFS New Pay Scale Sixth Pay Commission

Indian Police Services New Pay Scale Sixth Pay Commission
Link: Revised Pay Scale IAS (Administrative) IFS (Foreign) Officers: Sixth Pay Commission:

Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

Link To:Special Allowance for child care for women with Disabilities

Link: Sixth Pay Commission: Income Tax on Pay Arrears

Link: Risk Allowance Withdrawn: Life Insurance offered in place of Risk Allowance

New Pay Band of Defence Force Officers: Sixth Pay Commission

State Wise Salary Hike details are covered in the links of the article: State Wise Salary Hike Details of Sixth Pay Commission. Please refer to the article and click on your respective state wise link for news and other information.

Link To: Dearness Allowance: Sixth Central Pay Commission Recommendation

Link To: Revised Pay Scales, New Pay Bands Finalized by the Government

Link To: Sixth Pay Commission: Perks, Arrears, Increments & Key Points

New Revised Pay Scale Indian Administrative Services IAS: Sixth Pay Commission

Following the recommendations of the Sixth Central Pay Commission, below is the table describing the new pay scales for Indian Administrative Services for central government employees. The Ministry of Personnel, Public Grievance & Pension Department of Personnel Training has issued office memorandum related to the acceptance of sixth pay commission recommendations on the pay scale revisions of Indian Police Service, Indian Forest Service and other similar departments and positions. Below we present the screenshot of text as it appears in the office Memorandum.

Please note:*The pay structure for the IAS will also be applicable to the IFS or Indian Foreign Service.
Pay Scales IAS IFS Sixth Pay Commission

Indian Administrative Services IAS IFS New Pay Scale Sixth Pay Commission
Link: Revised Pay Scale IPS IFS Officers: Sixth Pay Commission:

Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

Link To:Special Allowance for child care for women with Disabilities

Link: Sixth Pay Commission: Income Tax on Pay Arrears

Link: Risk Allowance Withdrawn: Life Insurance offered in place of Risk Allowance

New Pay Band of Defence Force Officers: Sixth Pay Commission

State Wise Salary Hike details are covered in the links of the article: State Wise Salary Hike Details of Sixth Pay Commission. Please refer to the article and click on your respective state wise link for news and other information.

Link To: Dearness Allowance: Sixth Central Pay Commission Recommendation

Link To: Revised Pay Scales, New Pay Bands Finalized by the Government

Link To: Sixth Pay Commission: Perks, Arrears, Increments & Key Points

Revised Pay Scale: Sixth Pay Commission: IPS IFS Officers

Some more update on the Sixth Central Pay Commission, this time the update has come for the IPS & IFS officers. i.e for Indian Police Services & Indian Forest Services. The Ministry of Personnel, Public Grievance & Pension Department of Personnel Training has issued office memorandum related to the acceptance of sixth pay commission recommendations on the pay scale revisions of Indian Police Service, Indian Forest Service and other similar departments and positions. Below we present the text as it appears in the office Memorandum.

Government of India, Department of Personnel & Training, Ministry of Personnel, Public Grievances and Pensions, North Block, New Delhi 110001

As you are aware, the Central Government has accepted recommendations of the Sixth Central Pay Commission, inter-alia, on revision of the pay scales of All India Services. The relevant revised Pay Bands and Grade Pay notified in this regard are enclosed in Annexure I, II and III. Some other recommendations specific in nature to the All India Services are as follows: -

a) The Indian Police Service (Pay) rules and the Indian Forest Service (Pay) Rules will be appropriately modified to provide in each State Cadre one post of Director General of Police as head of State Police and one post of Principal Chief Conservator of Forests as head ofthe Forest Service at the Apex level of Rs.80,000/- .

b) Grant of the Apex Grade of Rs.80,000/- to Directors General of Indo-Tibetan Border Police and Sashastra Seema Bal.

c) Eligibility for promotion to Inspector General of Police/Chief Conservator of Forests level to continue to be 18 years as at present. However, the eligibility for promotion to Super Time Scale of IAS to be restored to 16 years. (This had been reduced by the Government to 14 years in January 2008).

2. Certain changes are required to be made in the pay scales of the All India Service Officers on the basis of these recommendations and the Central Government's decision thereon for this purpose in consultation with the State Governments is necessary as per clause (3) ofthe All India Services Act, 1953.

3. You are, therefore, requested to furnish the comments of the State Government in this regard immediately by 9th September 2008. If no reply is received by this time, it would be presumed that the State Government concurs with the said proposals relating to the revision of pay scales of AIS Officers.
Revised Pay Scale Sixth pay Commission
Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

Link To:Special Allowance for child care for women with Disabilities

Link: Sixth Pay Commission: Income Tax on Pay Arrears

Link: Risk Allowance Withdrawn: Life Insurance offered in place of Risk Allowance

New Pay Band of Defence Force Officers: Sixth Pay Commission

State Wise Salary Hike details are covered in the links of the article: State Wise Salary Hike Details of Sixth Pay Commission. Please refer to the article and click on your respective state wise link for news and other information.

Link To: Dearness Allowance: Sixth Central Pay Commission Recommendation

Link To: Revised Pay Scales, New Pay Bands Finalized by the Government

Link To: Sixth Pay Commission: Perks, Arrears, Increments & Key Points

Oracle to Enter Hardware Business with HP

After declaring fantastic earnings or financial results a few days back, Oracle is now entering into the Hardware Business, in collaboration with Hewlett Packard or HP. News
Oracle Enters Hardware Business with HP
The company revealed its plans to come out and sell a computer bundled with Oracle software, which would be a unique combination designed to help businesses sort through data faster. The system, which Oracle describes as an appliance, will be manufactured for the company by Hewlett-Packard Co. and come with Oracle's database software installed. Palo Alto-based HP (NYSE:HPQ) will make the devices, which will be sold by Redwood City-based Oracle (NASDAQ:ORCL). Oracle's Chief Executive Larry Ellison said the two hardware systems include a programmable storage server and an advanced database server.
Its basically being described as a "Oracle database machine" and a smaller storage product, both made by Hewlett-Packard Co. Both pieces of hardware are designed to help companies fetch information stored on Oracle's database software more quickly while taking up less space in corporate data centers. Oracle has been pouring most of its money into broadening its selection of software applications, hoping to appeal to corporate customers who want to buy as many programs as possible from a single vendor. The Redwood Shores-based company has spent more than $35 billion to acquire about 50 other software makers in the last four years.
The shopping spree has paid off so far, helping to boost Oracle's profit by 29 percent to $5.5 billion in its last fiscal year. Just last week, the company reported its earnings rose by another 28 percent to $1.08 billion in the first quarter of its new fiscal year.
The HP Oracle Database Machine is comprised of eight database servers with 64 processor cores by Santa Clara-based Intel Corp. (NASDAQ:INTC).

Databases are a kind of filing cabinet for corporate information, and serve as a foundation for building more specialized business software.

NYC Lay off Job Cut? New York City worker to be fired?

First it was the Wall Street which experienced the massive lay offs, and now there were rumors that due to the current financial turmoil, may be the New york City workers may be fired or NYC workers may be laid off. However, fortunately, the news from the Mayor has come as a respite for the NYC workers. Wikipedia on New York City
NYC Lay off Job Cut
Layoffs of New York City workers "were not in the cards," Mayor Michael Bloomberg said on Wednesday, a day after announcing another round of severe budget cuts to help close next year's $2.3 billion deficit.

The main reasons why the rumors were going round was because of the severe budget cuts that the NYC had. Also, the collapse of New Work based Wall street giants which has seen almot 50,000 lay offs in the first 8-9 months, has sparked the rumors. The profits are on the dip and banks and investment firms have gone bankrupt. This has costed the city and the state loss of billions of dollars in tax revenues. Then comes the sub-prime mortgage has led to a major slide in the roperty tax collections - the mayor has already said that a 7 percent property tax cut put in place last fiscal year and added again this year may be eliminated in January.

Property taxes are the only taxes the city directly controls, without the need for state government approval.

Bloomberg told reporters addressing any other tax hikes will have to wait until after November because the state legislature would have to approve them.

As per the news from Reuters, "It's an election year in Albany; nobody's even going to consider raising taxes up there," Bloomberg said.

Democratic Gov. David Patterson on Wednesday recalled the legislature to make additional cuts in the state budget.

But the city's fiscal problems are not as severe as in 2002 and 2003, when it was coping with the aftermath of the September 11, 2001 air attacks that steepened an existing downturn, Bloomberg said. That is because the city has already made big budget cuts, putting it ahead of the curve. City commissioners are also much more experienced, he added.

The mayor, an independent who took office in January 2002, inherited a multibillion deficit from his Republican predecessor, Rudolph Giuliani.

Travel Allowance- First Class International Flight for Govt officers: Sixth Pay Commission

More and more good news is pouring in for the government workers. Seems like the facilities and perks the Central Government officers are going to get after the Sixth Central Pay Commission recommendation will make the corporate employees feel the envy. Now, the central government employees can enjoy First class travel on international airlines if they are the top officials.
The government has issued orders to substantially improve all travel rules in line with the Sixth Pay Commission's recommendations. Wikipedia on Sixth Pay Commission.Travel Allowance & Accomodation Class Sixth Pay Commission

The high-end journeys can be undertaken by cabinet secretary and secretaries while officials a notch below can enjoy business class and all others can travel economy class.

Now those babus travelling within India dont need to feel unhappy or jealous. For domestic official tours, all officers with a grade pay of Rs 10,000 or above can travel in business class or by AC first in trains. The entitlements of other officials have been revised from September 1 with the minimum being AC-III for those drawing Rs 4,200 or less as grade pay. The government has taken a strong view on personal use of "mileage points" of frequent-flier officials and ordered that these points would accrue to the department concerned for concessional travel by others on official tours.

"Any usage of these mileage points for purposes of private travel by an officer will attract departmental action. This is to ensure that the benefits out of official travel, which is funded by the government, should accrue to the government," the order says. To ensure that tours are taken judiciously, the government has clarified that no additional funds would be provided on account of revision in entitlements. The departments are expected to restrict official tours only to "absolutely essential" requirement.

Journeys undertaken in buses and taxis, including air-conditioned ones, will be reimbursed on the basis of actual expenses for officers in grade pay up to Rs 4,200.

Official tours in own cars or taxis can be reimbursed at the rate of Rs 16 per km. It would be Rs 8 per km for auto-rickshaws and scooters. The highest daily expense for hotel stay would be Rs 5,000 now with additional food bills up to Rs 500. The limit goes down as per grade pay to a minimum daily entitlement of Rs 300.

A composite transfer grant equal to one month's basic pay can be taken for change of stations beyond 20 km. The weight limit for shifting household goods has been revised upwards.

If an officer's spouse is working, he or she can claim 50% of the transfer grant if moving between same stations within six months but after 60 days of the spouse's transfer.

Education Allowance for disabled children: Sixth Pay Commission

Some more updates on the recommendation by Sixth Central Pay Commission. There are recommendations for Education Allowance for disabled children and the Government has come out with the notification on the same. Below is the text that appears on the office Memorandum of the Government of India. Wikipedia on Sixth Pay Commission.Education Allowance for disabled children Sixth Pay Commission

Recommendations of the Sixth Central Pay Commission implementation of decisions relating to Education Allowance for disabled children of Government employees.

Consequent upon the decision taken by the Government on the recommendations made by the Sixth Central Pay Commission for providing extra benefits to women employees with disabilities especially when they have young children and children with disability, the President is pleased to issue the following instructions:-

(i) Women with disabilities shall be paid Rs.lOOO/-per month as Special Allowance for Child care. The allowance shall be payable from the time of the child's birth till the child is two years old.

(ii) It shall be payable for a maximum of two children.

(iii) Disability means a person having a minimum Disability of 40% as elaborated in Ministry of Welfare's Notification No. 16-18/97-NI.I dated 1.6.2001. (Annexure)

(iv) The above limit would be automatically raised by 25% every time the Dearness Allowance on the revised pay structure goes up by 50%.

Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

Link To:Special Allowance for child care for women with Disabilities

2. Reimbursement of Education Allowance for disabled children of Government employees shall be payable at double the normal rates prescribed. The annual ceiling fixed for reimbursement of Children Education Allowance for disabled children of Government Employees is Rs.24000. The rest of the conditions will be the same as stipulated vide OM No.l201l/03/2008-Estt. (Allowance) dated 2nd September, 2008 on the subject. OM No.12011/03/2008-Estt. (Allowance) dated 2nd September 2008 on the subject.

3. Disability means a person having a minimum Disability of 40% as elaborated in Ministry of Welfare's Notification No.16-18/97-NI.I dated 1.6.2001. (Annexure).

4. These orders shall be effective from 1st September, 2008.

5. Insofar as persons serving in the Indian Audit and Accounts Department are concerned, these orders issue in consultation with the Comptroller and Audit General of India.

Special Allowance for child care for women with Disabilities: Sixth Pay Commission

Some more updates on the recommendation by Sixth Central Pay Commission. There are recommendations for Special Allowance for child care for women with Disabilities and the Government has come out with the notification on the same. Below is the text that appears on the office Memorandum of the Government of India. Wikipedia on Sixth Pay Commission.Special Allowance child care women with Disabilities Sixth Pay Commission

Recommendations of the Sixth Central Pay Commission implementation of decisions relating to Special Allowance for child care for women with disabilities and Education Allowance for disabled children of Government employees.

Consequent upon the decision taken by the Government on the recommendations made by the Sixth Central Pay Commission for providing extra benefits to women employees with disabilities especially when they have young children and children with disability, the President is pleased to issue the following instructions:-

(i) Women with disabilities shall be paid Rs.lOOO/-per month as Special Allowance for Child care. The allowance shall be payable from the time of the child's birth till the child is two years old.

(ii) It shall be payable for a maximum of two children.

(iii) Disability means a person having a minimum Disability of 40% as elaborated in Ministry of Welfare's Notification No. 16-18/97-NI.I dated 1.6.2001. (Annexure)

(iv) The above limit would be automatically raised by 25% every time the Dearness Allowance on the revised pay structure goes up by 50%.

Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

2. Reimbursement of Education Allowance for disabled children of Government employees shall be payable at double the normal rates prescribed. The annual ceiling fixed for reimbursement of Children Education Allowance for disabled children of Government Employees is Rs.24000. The rest of the conditions will be the same as stipulated vide OM No.l201l/03/2008-Estt. (Allowance) dated 2nd September, 2008 on the subject. OM No.12011/03/2008-Estt. (Allowance) dated 2nd September 2008 on the subject.

3. Disability means a person having a minimum Disability of 40% as elaborated in Ministry of Welfare's Notification No.16-18/97-NI.I dated 1.6.2001. (Annexure).

4. These orders shall be effective from 1st September, 2008.

5. Insofar as persons serving in the Indian Audit and Accounts Department are concerned, these orders issue in consultation with the Comptroller and Audit General of India.

Maternity Leave, Child Care Leave: Sixth Pay Commission

Some more good news for the central government employees, especially the female employees. The Central Government has decided to increase the period of Maternity leave for women employees and also intriduce the concept of Child Care Leave. Though this recommendation by Sixth Central Pay Commission will be beneficial for female employees, it will equally be beneficial for male employees as the entire family life would benefit. Below we present the text as it appears on the Office Memorandum concerning the subject. Wikipedia on Sixth Pay Commission.

Consequent upon the decisions taken by the Government on the recommendations of the Sixth Central Pay Commission relating to Maternity Leave and Child Care Leave, the President is pleased to decide that the existing provisions of the Central Civil Services (Leave) Rules, 1972 will be treated as modified as follows in respect of civilian employees of the Central Govemment:-Maternity Leave Child Care Leave Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

(a) The existing ceiling of 135 days Maternity Leave provided in Rule 43(1) of Central Civil Services (Leave) Rules, 1972 shall be enhanced to 180 days.

(b) Leave of the kind due and admissible (including commuted leave for a period not exceeding 60 days and leave not due) that can be granted in continuation with Maternity Leave provided in Rule 43(4)(b) shall be increased to 2 years.

(c) Women employees having minor children may be granted Child Care Leave by an authority competent to grant leave, for a maximum period of two years (i.e. 730 days) during their entire service for taking care of upto two children whether for rearing or to look after any of their needs like examination, sickness etc. Child Care Leave shall not be admissible if the child is eighteen years of age or older. During the period of such leave, the women employees shall be paid leave salary equal to the pay drawn immediately before proceeding on leave. It may be availed of in more than one spell. Child Care Leave shall not be debited against the leave account. Child Care Leave may also be allowed for the third year as leave not due (without production of medical certificate). It may be combined with leave of the kind due and admissible.

2. These orders shall take effect from 1st September, 2008.

3. In view of paragraph 2 above, a women employee in whose case the period of 135 days of maternity leave has not expired on the said date shall also be entitled to the maternity leave of 180 days.

4. Formal amendments to the Central Civil Services (Leave) Rules, 1972 are being issued separately.

5. In so -far as persons serving in the Indian Audit & Accounts Departments are concerned, these orders are issue in consultation with the Comptroller & Auditor General of India.

LTC Leave Travel Concession Recommendations: Sixth Pay Commission-I

Some more update on the Sixth Central Pay Commission, this time the update has come for the LTC or Leave Travel Concession. The Ministry of Personnel, Public Grievance & Pension Department of Personnel Training has issued office memorandum related to the acceptance of sixth pay commission recommendations on LTC. Below we present the text as it appears in the office Memorandum.
LTC Leave Travel Concession Recommendations Sixth Pay Commission
The highlights for LTC Leave Travel Concession Recommendations are:

* Parents dependent on the Govt. employees are eligible for LTC irrespective of whether they are staying with Government employee or not.
* Fresh employees can avail 3 home town travel and one to any place in India during the first two block of for years.
* Travel entitlements for LTC will be same as that of official tour with no daily allowance.

The parents (stepmother and stepfather)who are wholly dependent on the Government employees shall be included in the definition of family for the purpose of LTC, irrespective of whether they are residing with the Government employee or not. The definition of dependency will be linked to the minimum family pension prescribed in Central Government and dearness relief thereon. The extant conditions in respect of other relations included in the family including married/divorced/abandoned/separated/widowed daughters shall continue without any change.
Continue to Entitlement and Types of LTC

LTC Leave Travel Concession Recommendations: Sixth Pay Commission-2

This is part II of the article LTC Leave Travel Concession Recommendations: Sixth Pay Commission. Please read the article from Part I before reading this part.

Types of LTC:
Fresh recruits to Central Government may be are allowed to travel to their home town along with their families on three occasions in a block of four years and to any place in India on the fourth occasion. LTC Leave Travel Concession Recommendations Sixth Pay CommissionThis facility shall be available to the Government officers only for the first two blocks of four years applicable after joining the Government for the first time. The blocks of 4 years shall apply with reference to the initial date of joining the Government even though the employee changes the job within Government subsequently. The existing blocks will remain the same but the entitlements of the new recruit will be different in the first eight years of service. All other provisions concerning frequency of travel under LTC are retained.

Entitlement for LTC:

Travel entitlements, for the purpose of official tour/transfer or LTC, will be the same but no daily allowance shall be admissible for travel on LTC. Further, the facility shall be admissible only in respect of journeys performed in vehicles operated by the Government or any Corporation in the public sector run by the Central or State Government or a local body. Air Journey by Private Airlines will however, continue to be admissible as per Ministry of Finance O.M. No. 19024/1/E-IV/2005 dated the 24th March, 2006 and in terms of the orders of DOPT in this regard..

Encashment of earned leave along with LTC

Government officers are allowed to encash ten days earned leave at the time of availing of LTC to the extent of sixty days during the entire career. The leave encashed at the time of LTC will not be deducted from the maximum amount of earned leave encashable at the time of retirement. It is further clarified that where both husband and wife are Government servants, the present entitlement for availing LTC shall remain unchanged, and encashment of leave equal to 10 days at the time of availing of LTC will continue to be available to both, subject to a maximum of sixty days each during the career.

Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

Link To:Special Allowance for child care for women with Disabilities

2. Changes are effective from September 1st, 2008

3. The LTC claim pertaining to the period prior to 318t August, 2008 shall be regulated as per rules applicable on the date of journey and LTC claims already settled will not be reopened.

4. In so far as persons working in the Indian Audit & Accounts Department are concerned, these orders are being issued in consultation with C & A.G. of India.

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