PSU Employees get Pay Hike: Sixth Pay Commission

It's time for the government companies or PSU company employees to cheer for Diwali season. The reason - government has finally agreed to revise the pay scales of employees working in 69 public sector undertakings (PSUs) on the lines of the Sixth Pay Commission offered to central government staff.
However, there is a catch - The pay hike benefit will be given ONLY to the employees of those CPSUs that are NOT making losses, as reported in the news and also, these PSU's should be in a position to absorb the additional expenditure from their OWN resources without any budgetary support from the government.PSU Employees get Pay Hike Sixth Pay Commission


So, what's the message in a nut-shell - basiscally, this being the election year, the government has done its task by announcing the pay revision for the employees of the PSU's, but the government is not going to bear the cost of the expenditure for the raised pay hikes. The company or the PSU, which is running in profit will have to shell out the money from its own balance sheet to make adjustments for the Pay Hike or Salary hike of PSU company employees.

Where will this PSU Employees get Pay Hike have an effect?
This would mean that the balance sheet of the PSU will be hurt, and hence the stock prices will be hurt.

As per the news, The PSUs include Mahanagar Telecom Nigam (MTNL), Indian Tourism Development Corporation (ITDC), NHPC and North-Eastern Electric Power Corporation (Neepco) among others. These PSUs follow the central dearness allowance pattern and are governed by a separate high power pay committee.

“The pay scales of the employees will be revised with effect from January 2006. It will be now up to the board of directors of the respective public sector company to consider the pay revision, keeping in mind the affordability and capacity of the CPSU.

They’ll have to submit a proposal to their respective administrative ministry, which will approve the proposal with the concurrence of its financial advisor,” a department of public enterprise official said.

As per the recommendations, there will also be a revision in city compensatory allowance, house rent allowance and dearness allowance (DA). Already in April this year, the government had increased the DA for PSUs by 6% with effect from January this year.

“This will make a stronger case for the early implementation of the second pay revision committee report for the companies following the industrial dearness allowance pattern. However, not all companies following the CDA pattern will be able to adopt the new pay revisions as some of them are sick or loss-making units,” the official said.

Jaguar Land Rover Lay off Job Cut: Jaguar Land Rover Fires employees

Just some hours back it was General Motors GM which went for a massive lay off, followed by Schaeffler Germany Lay off Job Cut and now it is the turn of Jaguar Land Rover to fire employees or go for Jaguar Land Rover Job Cut or Jaguar Land Rover Lay offs.
Jaguar Land Rover Lay off Job Cut
The Jaguar Land Rover is now owned by India's Tata Motors and this deal was completed only a few months back.

How many employees will be fired from Jaguar Land Rover Lay off?
As per the reports arouond 200 employees will be fired

Which plants in UK will see the Jaguar Land Rover Lay off
The Jaguar Land Rover Job Cuts will happen at the plants in Birmingham, Solihull and on Merseyside.

There are around 15000 Jaguar Land Rover employees in Britain alone. Though the company said it would seek to shed the staff through voluntary redundancies.

As per the news from Telegraph, The credit crisis has seen new car sales in the UK tumble by more than a fifth compared to this time last year, but Jaguar insisted that its job losses were unrelated to the current economic gloom.

Jaguar Land Rover has announced a range of measures in recent weeks in an effort to limit over-production, including four-day weeks and temporary closures of some plants.
Official figures released this week showed that the total number of unemployed people in the UK has risen to 1.79 million, the highest since March 1998. Some analysts have predicted that 2 million people could be out of work by Christmas, with the jobless total expected to pass 2.5 million next year.
The Office for National Statistic figures also showed that a total of 147,000 people were made redundant in the three months to August.
The Government has made available an extra £100 million for re-training workers, in anticipation that the likely imminent recession will see a jump in job losses.
Glass-maker Waterford Crystal announced that 280 staff at its plant in Waterford in the Republic of Ireland are to be made redundant

Let's hope that alternative jobs are available to the affected employees of Jaguar Land Rover Lay off.

Schaeffler Germany Lay off Job Cut: Schaeffler Fires employees

Just some hours back it was General Motors GM which went for a massive lay off and now it is the turn of Germany based Schaeffler to fire employees.
Schaeffler Germany Lay off Job Cut
Yesterday Schaeffler (Official Site), which is the the second large company in the Germany automobile sector, decided to lay off temporary workers

The same reasons of industry slowdown, were cited by the Schaeffler Management. However, these developments have given sufficient pointers that the the labour market in Europe's biggest economy is having serious problems and may be on the verge of a decline.

As per the news reported, Car-parts maker Schaeffler said it felt "a marked slowdown in the deliveries to carmakers in recent months" and would therefore "significantly" reduce its temporary staff.

There are around 4,000 contract workers worldwide in Schaeffler. Apart from that, there are around 66,000 permanent employees world wide for Schaeffler. In a similar move, German truck and diesel engine group MAN said this week it would cut production and reduce its temporary workforce.

The slowdown at Schaeffler comes after the company took on €16.1bn ($21.6bn) in debt to finance a takeover of Continental.

Let's hope that alternative jobs are available to the affected employees of Schaeffler.

General Motors GM Lay off Job Cut: General Motors GM Fires 1200 employees

Its time now for General Motors GM to annouce General Motors GM Lay offs or General Motors GM Job Cuts. As per the news reported, General Motors Corp. will lay off around 1,600 hourly workers.
General Motors GM Lay off Job Cut
Which plant employees will be affected by General Motors GM Layoffs
The General Motors GM Lay offs will happen at assembly plants in Detroit, Pontiac and Wilmington, Del.,

What is the primary reason for General Motors GM Job Cuts, as mentioned by the company?
Market Conditions is the buzzword for all companies firing employees and GM is no exception to that. It is citing decreasing demand for trucks, large cars and luxury cars for the General Motors GM Job Cuts. GM spokeswoman Sherrie Childers Arb said the layoffs in Detroit and Pontiac are the result of planned line-speed reductions. The action at Wilmington, she said, is the result of plans to reduce production from two shifts to one.

How many employee will be laid off from General Motors GM, as per the plants?
The company will lay off 500 workers at its Detroit Hamtramck Assembly plant on December 23, 2008 due to reduced demand for the Buick Lucerne and Cadillac DTS.

GM Spokesman Tony Sapienza said the Detroit Hamtramck layoffs are effective January 12.

It will lay off 700 workers at GM’s Pontiac truck assembly, where it assembles the Chevrolet Silverado and GMC Sierra pickups beginning February 1.

Then, there will be another 400 workers laid off at its Wilmington, Del. assembly plant beginning December 8. The Wilmington plant assembles the Saturn Sky, Pontiac Solstice and Opel GT roadsters.

Other developments for GM showing bad business prospects are that it plans to close its Janesville plant on December 23 — more than a year before originally scheduled — and new plans to close its Grand Rapids stamping plant by December of next year. Earlier this month, the company announced plans to accelerate the closure of its Moraine, Ohio, assembly plant by more than a year. That plant will also close on December 23.

Let's hope that alternative jobs are available to the affected employees of GM.

Sixth Pay Commission: Central Police Forces Against Armed Forces Demands For Lt Col Rank

The circus after the Sixth pay Commission Recommendations and its implementation is not coming to and end, it seems. The Latest News on Sixth Pay Commission is that there are complexions and comparisons between various departments on the government itself, especially the Armed Defence Forces and the Police Force. This may further delay the implementation of the Sixth Pay Commission recommendations.Wikipedia on Sixth Pay Commission News. Central Police Forces Against Armed Forces Demands Sixth Pay Commission

As per the news reported on Indian Express, the tug-of-war seems to continue between the central police organisations (CPO) have strongly opposed some of the demands being made by the Armed Forces, including a proposal to elevate the rank of a Lieutenant Colonel above that of a commandant in central paramilitary forces (CPMF). All these oppositions refer to the recommendations of the Sixth Pay Commission report.

It is learnt that the CPO's have submitted an memorandum submitted to the Minister of External Affairs Pranab Mukherjee, who heads the committee to look into the grievances of the Armed Forces on the pay commission recommendations. It has been claimed in the memorandum that the demands & justification of the Armed Forces was entirely unjustified and would result in operational difficulties if accepted.

A delegation comprising officials from BSF, CRPF, ITBP and CISF met Mukherjee on Wednesday and explained why they were opposed to certain proposals, sources said. The delegation told the minister that the Armed Forces were using pressure tactics to get their demands met.

The Armed Forces have openly expressed their dissatisfaction with the pay commission recommendations and one of their demands has been to elevate the rank of a Lt Colonel above that of a commandant in a central police force. Both Lt Colonel and a commandant are placed as the commanding officer of a battalion but during times of joint operations, the Armed Forces commander takes precedence. The Armed Forces have used this to argue that a Lt Colonel should be treated as a higher rank.

We can only expect that these issues should be resolved as soon as possible. Sixth pay Commission Recommendation has brought cheers to millions of employees all over India, but such conflicting issues among the various departments of the government are making it a fruitless effort.

Air India Leave Without Pay offer to 1500 employees: Lay off Job Cut Indirectly?

Another bad news for the Aviation sector employees. Yesterday, it was the Jet Airways which went for lay off 1900 employees, before that, it was Kingfisher Airlines which has declared Kingfisher Lay off and now, the government owned Air india has decided to offer Leave Without Pay for more than 15000 employees for a period of 3 to 5 years. Isn't this an indirect Lay off or Job Cut by Air India?.
Air India Leave Without Pay
This news has sent ripples of fear among the employees of the state owned aviation company. On one hand, employees were expecting good salary since their government sector jobs made them happy about the implementations of the Sixth Pay Commission. And now, since there will be Leave Without Pay, so no pay, so no increased salary. Indeed, Bad, Bad and Bad times.

As per CMD of AIr India, Mr. Raghu Menon - "We are planning to offer leave without pay for three to five years. We can consider it for about 15,000 employees".

He, however, said those who take up the offer to go on leave would be taken back if they desire so at the same seniority and last drawn pay.
Though this is only a proposal and has to be presented to the company board for its approval before it is implemented, but the happenings in the world financial markets and the latest one being the Jet Airways Lay offs in India, has sent worrying ripples among the Air India Employees.

The government yesterday had, however, ruled out any job cuts in Air India with the civil aviation minister Praful Patel assuring employees that there were no plans to prune staff strength immediately.

As per the news, The 77-year-old state carrier, which initiated a fleet renewal programme three years ago and merged with its sister airline Indian last year, has proposed infusion of Rs 1,000-1,500 crore of equity capital. It is also looking at soft loans of Rs 1,000 crore from government that can be repaid over a period of time. According to industry experts the coming together of Jet and Kingfisher could further mount the problems for Air India.
Lets hope that all goes well for the affected Air India Employees and alternative jobs may be available to them during these times of crisis.

Reliance Retail Lay off Job Cut: Reliance Retail fires 1200 employees

Yesterday, it was Jet Airways which made headlines for its Jet Airways layoff Job Cut and today, it is another biggie called Reliance Retail, which has decided to go for a Reliance Retail Lay off or Reliance Retail Job Cut.
Reliance Retail Lay off Job Cut
This lay off from Reliance Retail comes with a differnt mode of operation. As per the news, Reliance Retail has backed off from renewing the job contracts of 1200 employees of Reliance Retail, which implies these employees will have to loose their job. Though the company on its part has denied any job cuts or layoffs. So what is happening?

Which department of Reliance Retail are going to see the Lay offs or Job Cuts?
Majority of them are from Direct sales department and it includes those who are not on Reliance Retail Payroll, i.e. outsourced from a third party contract.

Is there any relief for the affected Reliance Retail employees?
Some hopes are alive for the permanent employees, who are on payroll of Reliance Retail. The company is trying to relocate the permanent employees within company or the group and the Human Resource Department is also trying to find alternative jobs for some outside the group, as the news reported.

Sixth Pay Commission: Gujarat employees to Strike on Nov 5

There seems to be a wide-spread anger in the government employee committee in Gujarat state regarding the implementation of the Sixth Pay Commission recommendations. The Gujarat government employees are planning mass strike on November 5, 2008 or better to say take a Mass Casual leave. This strike is against the delay by the government in implementation of the Sixth Pay Commission recommendations.Wikipedia on Sixth Pay Commission. Gujarat employees Strike Sixth Pay Commission

It is expected that around 8 lakh employees will be taking part in the mass strike across entire Gujarat. The protest is because the salary hike of Sixth Pay Commission recommendation is not yet implemented. The employee organization, called Gujarat Rajya Karmachari Mahamandal convened by Girish Raval has also threatened that if the implementation is not made till Diwali, the protest will be intensified.

As per the news, a 5-member Cabinet sub-committee, set up to study the implications of the Commission’s recommendations, had on Monday last, submitted its report to the government, suggesting that it could be implemented in the state.
Despite the "positive" report submitted by a sub-committee headed by Finance Minister Vajubhai Vala, the Modi government was dilly-dallying in announcing the implementation of the Commission’s recommendations, he said.

The Mahamandal leader said that apart from the Central government, six other state governments had announced that they will implement the recommendations in toto. But, the Gujarat government continues to keep its employees on tenterhooks, he said.

What is the stand of the Gujarat Government in implementing the Sixth Pay Commission Recommendations?
The state Finance Department official are putting the blame on the additional burden of about Rs 3,000 crore in the first year when it decides to implement the Commission’s recommendations for its employees with retrospective effect from January 2006.

Later, the government would have to shoulder an additional burden of Rs 1,000 crore annually if the recommendations hiking the employees’ salaries were implemented in toto, at par with the Central government employees.

There are over eight lakh government employees, including those serving in the state-owned Public Sector Undertakings (PSUs) in Gujarat. Besides, there are over two lakh pensioners in the state, who will also benefit from the Sixth Pay Commission’s recommendations.

Sixth Pay Commission CPO CPMF: Central Police Organisations Paramilitary Forces Second-in-Command

First it was the three armed forces, who raised there concerns about the implementation of the Sixth Pay Commission recommendations. It then went onto the UGC teaching staff. And now, the matter has propogated to the central police organisations (CPO) and paramilitary forces (CPMF) to raise their voice seeking demand or "parity" in pay scales comparable to their military counterparts. Wikipedia on Sixth Pay Commission. CPO CPMF Central Police Organisations Paramilitary Forces Sixth Pay Commission

The protest by the armed forces have promised some fruits as the the government had set up a 3-member ministerial committee led by External Affairs Minister Pranab Mukherjee to consider the armed forces' plea. Hence, looking at the developments, the officers of CPOs and paramilitary forces also have taken their turn to seek a political intervention to resolve issues concerning the pay scales of paramilitary forces & central police organisations.

It is decided that the heads or cheifs of ITBP, BSF, CRPF and SSB will meet Home Secretary Madhukar Gupta to submit a memorandum seeking a political decision on the lines of Mukherjee committee for inclusion of their "second-in-command" rank officers in Pay Band-4, if the tri-services Lieutenant Colonels and equivalents are included in this pay bracket.

The Pay Band-4 for Lt Cols is among the four "core issues" raised by the Army, Navy and Air Force in the 6th Central Pay Commission (CPC) and that led to Services refusing to implement the CPC, a decision taken by the Cabinet in August this year.

"The Director Generals (DGs) of all the CPOs and CPMFs will present a memorandum to the Home Secretary this week. We will urge Home Minister Shivraj Patil to request his cabinet colleague, Pranab Mukherjee, to include 'Second-in-Command' ranks also in Pay Band-4," Home Ministry sources said.
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

Sixth Pay Commission: Defence Forces Armed Forces Latest News: Pranab Mukherjee meets FM Chidambaram

The latest news on Sixth Pay Commission- there are efforts put in at various leveles to to resolve the so called "irregularities" in the new pay scales for armed forces or Defence Forces following the recommendations and implementations of the Sixth Pay Commission. The efforts are said to gain momentum with External Affairs Minister Pranab Mukherjee meeting with Finance Minister P. Chidambaram. Wikipedia on Sixth Pay Commission. Defence Forces Armed Forces Sixth Pay Commission

Why is Pranab Mukherjee so important - because he is heading a three-member ministerial committee looking into the issue of pay hike of armed forces or Defence Forces.

As per the news reported by The Hindu, Mukherjee and Chidambaram were together for about an hour during which they are understood to have explored ways to address the issue to the satisfaction of the forces.

The Defence Services, led by their Chiefs, are up in arms over the 6th Pay Commission recommendations, alleging that it compromised their status and honour.

Emerging from the meeting at the External Affairs Minister's South Block office, Chidambaram refused to comment on the deliberations, saying it was his first meeting with Mukherjee on the issue.

Mukherjee on Monday said he had discussed the matter with the Prime Minister and that he hoped the issue would be settled shortly.

The committee, which also includes Antony and Chidambaram, was set up by the Prime Minister on September 25 in the wake of deep resentment in the armed forces, who complained that there were "anomalies" in the Sixth Pay Commission recommendations and that it had lowered the status of their officers.

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

Jet Airways Lay off Job Cut: Jet Airways fires 600 employees

Another bad news for the Aviation sector employees. A few days back it was Kingfisher Airlines which has declared Kingfisher Lay off and now after the news of a possible merger or sharing with Jet Airways, the Jet Airways has decided to go for Jet Aiways lay off or Jet AIrways Job Cut.
Jet Airways Lay off Job Cut
This news about Jet Airways lay off is significant, as it comes within a day after the news of a possible alliance with Kingfisher Airlines.

How Many employees will be fired in Jet Aiways Lay off Job Cut?
As per the news, Jet Airways has decided to lay off 600 of Jet Airways employees.

Which department empoyees will be fired in Jet Aiways Lay off Job Cut?
The Jet Airways would lay off employees from the cabin crew, pilots, ground staff, airport services and management departments. It is reported that these all are relatively new employees as many of them have been in the company for less than six months.

What all are the possible points of joint alliance of Jet Aiways & Kingfisher Airlines?
After the alliance, Jet Airways and Kingfisher Airlines have decided to code-share on domestic and international flights, undertake joint fuel management and common ground-handling services and cross-sell flights through the global ticketing system.

This is the third time that the airline is cutting its workforce. After acquiring Air Sahara in 2007, the carrier had cut staff by 1,200 and in August 2008 JetLite offered a voluntary separation scheme to over 700 employees.

Kingfisher Airlines and jet Airways have a combined strength of around 19,000 employees with 189 aircraft for 927 domestic and 82 international flights.

King County Lay off Job Cut: King County fires 255 employees

Another bad news for the employees. The County with the tagline Always at Your Service, is not really at the service for the employees. Seems like the financial troubles have taken a toll on the financially deceased King County and it has decided to go for a King County Lay off or King County Job Cut. Official site of King County. News.
King County Lay off Job Cut
As per the news reports, King County will dispatch layoff orders to around 255 employees. This job cut by King County is additional to the 150 job cuts already announced.

And the buck is not going to stop there. It is possible that more and more workers may lose their jobs next June if some of County Executive Ron Sims' other strategies for balancing the budget don't work. Sims, who announced the downsizing Monday in his annual budget address to the Metropolitan King County Council, said he didn't know exactly how many workers would receive pink slips today.

What is the financial condition of King County?

As per the news, Paring next year's general fund to $644 million, Sims said, meant cutting $93 million from what would have been needed to maintain current levels of government service.

As a result, fewer sheriff's deputies will be on the streets, courts will operate with smaller staffs, and Public Health — Seattle & King County will spend less on oral health, family planning and food safety.

The county budget office projects shortfalls of $40 million in 2010 and $62 million in 2011. Moments after his speech, Sims came under fire from the County Council's budget chairman and other elected officials who suggested his proposed budget doesn't balance spending and revenues. The council will adopt a 2009 budget next month.

Sims, calling the 2009 budget the most difficult he has ever prepared, said "critical county services are on life support" and may have to be curtailed in the middle of the year.

But his proposed budget would put off for at least six months what he called "unconscionable cuts to public health or immoral cuts to health services" — and elimination of the county's acclaimed drug and mental-health courts — through a combination of stopgap funding and a plea for outside help.

Cadbury Lay off Job Cut: Cadbury Fires 580 employees

Cadbury which is listed on the NYSE or NewYork Stock Exchange, came out with the results today and also brought bad news for its employees. It mentioned that it will go for Cadbury Lay off or Cadbury job Cut and will fire a total of 580 employees in different offices across the globe. Official Site of Cadbury.
Cadbury Lay off Job Cut
Though the Third-quarter sales slowed from a 7pc rise in the first half, but beat analysts' forecasts for a 5pc gain.

As like any other company firing employees, Cadbury has attempted to justify the job cuts as a part of a plan announced in 2007 to reduce staff levels by 15pc in order to boost profit margins to the "mid-teens" by 2011.

As per the news, there will be around 250 job cuts by Cadbury . It appears that nobody at any level will be spared. The Cadbury Lay off will include senior managers, because Cadbury is getting rid of its regional structure. Cadbury will have seven business units which report directly to chief executive Todd Stitzer, instead of reporting to regional heads for Europe, the Americas, Asia Pacific and 'BIMA', or Britain, Ireland, Middle East and Africa.
Then there are other 330 job cuts which will be done by Cadbury in the Australian Units, where Cadbury plans to reduce the range of products it makes and reorganise its supply chain. They are still wondering whether to keep or sell its drinks business in the country, after getting rid of its US and European soft-drinks units.
Let's hope that alternative jobs are available to the affected employees of Cadbury.

TCS Salary Cut Pay Cut: TCS may again cut variable pay for 2008-2009

The news is not so good for the TCS employees. TCS or Tata Consultancy Services, India's largest software IT company may cut the variable pay or Variable Salary for the second quarter of 2008-09. The rumors has been going on for a while now and some news agencies like indiatimes.com has reported it on their website. TCS Salary Cut Variable Pay Cut

Obviously, no one would be happy to hear such a news of pay cut or salary cut. But from the point of view of company management, the problems are aplenty. The IT industry of India has a significant dependency on the foreign market. These markets are witnessing big turmoil so no IT company will be shielded from the effect. Then comes the Dollar Dependency - In last 1 year, we have seen Dollar to Rupee Exchange rate moving from 45 to 39 and now to 48-49. This has affected the balance sheets of the company.

Last year also, TCS went for a pay cut or salary cut in the variable pay. (News)
This year also, There is a fear that TCS may not pay employees upwards of trainees a portion of their variable pay for the second quarter of 2008-09 as part of an austerity measure forced by the global financial meltdown.

The fear is that employees, otehr than trainees, may NOT be given the non-fixed portion of their variable pay for July-September 2008. Provided the fears come true, about 70 per cent TCS employees or nearly 70,000 staff would be impacted by such a step.

As per the news reported on IndiaTimes, a TCS spokesperson said: "We are now in a silent period and will be able to offer clarity on this only after our Q2 results are announced."

Variable pay at TCS is divided into two components -- a fixed portion which an employee is assured of at all times, and a changeable proportion which alters depending on the performances of the employee and the company. For instance, if the variable pay of an employee is Rs 100, he is guaranteed the fixed part or Rs 70 under any circumstances.
One can only hope that this step is not implemented by TCS management, else it would pave the way for other IT companies to cut their salaries too. Biggies like Satyam, Wipro, Infosys, Patni, HCL, etc. all appear to work in unison when it comes to cut back on costs.

Sixth Pay Commission: Hyundai & GM cars offer discount to Government Employees

It's raining offers for the government sector employees. Since the Markets are Efficient, any profitable opportunity is not missed by the market participants. Same is true for the money that is going to flow from the Sixth Pay Commission Arrears Payment and raised salaries or raised pays after the implementation of the Sixth Pay Commission Recommendations.
The Indian Automobile Companies are attempting to cash-in the anormous amounts of money that is now available to the government employees, after the implementation of the Sixth Pay Commission Recommendations. Wikipedia on Sixth Pay Commission. Hyundai Car GM Car Discount Sixth Pay Commission

First, it was the Asset Management Companies and Mutual Fund houses who lined up chasing the government employees suggesting them to invest in so and so investment scheme or mutual fund. However, the recent credit crunch and financial turmoil has shaken the trust of the investors. Now, its the turn of other sectors to work on and cash in on the salary revision by Sixth Pay Commission recently.

As per the latest news, car-maker General Motors GM India on Monday announced a limited period discounts of up to Rs 62,000 on various models during the festive season exclusively for the central and state government employees.

"As a part of our ongoing centenary celebrations, we are pleased to bring this special offer to all central and state government employees to make the vehicles affordable to them," GM India Vice-President (Marketing, Sales and After-Sales) Ankush Arora said.

As per the scheme offered by car company General motors or GM India, government employees will be eligible to get a discount of Rs 31,000 on Chevrolet U-VA and Rs 62,000 on Chevrolet Spark. This is inclusive of all discounts and special offers that already exist.

Not only that, if anyone is willing to go for high-end models, similar special discounts would also be available on Chevrolet Aveo and Chevrolet Optra.

Then, when GM is cashing in, how can other car companies keep quite. Hyundai Motors India Ltd, India's largest passenger car exporter and the second largest car manufacturer, also declared a similar scheme for the state and central government employees. Though no concrete discount pricing details or other details are available, but it is learnt that there will be special pricing, attractive finance options etc to enable the government employees to own a Hyundai car.

The car companies are waiting for the employees to receive the arrears of Sixth Pay Commission Recommendations and their new increased salaries. The attempt is that arrears can be utilised as the down payment for purchase of the car and the revised salary increment will help them to accommodate their monthly EMI's. So in a nutsheel, its all a secure and safe loan game for both the car companies and the banks offering loans. The Hyundai scheme will be run through October and November, 2008.
Let's hope that employees dont get carried away with their belongings and make a right and informed decision about their loan liabilities before jumping on the bandwagon.
Hyundai has tied up with State Bank of India, Axis Bank and HDFC Bank to provide with attractive finance schemes for the government employees for their vehicle purchase.

ICICI Bank Bankrupt Rumors Credit Crisis

Regarding the rumors that are going around about the Bankruptcy Problems & Rumors of ICICI bank, ICICI bank has come out strongly with explainations and clarifications regarding the same. They have used technology to inform the ICICI Bank customers about their part that there are no issues with the ICICI Bank liquidity and all the depositors money is safe with ICICI Bank and the Rumors regarding ICICI Bank Bankruptcy are baseless. 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 customers have been sent mass SMS mentioning the same and today there were certain emails received by ICICI Bank customers from the ICICI Bank Director V. Vaidyanathan, mentioning their point. Below, we present the text as it appears in the ICICI Bank email from V. Vaidyanathan.

Dear Customer,

We are aware that you are being misled by numerous malicious and baseless rumors. Many of these are via SMSes. Many of our customers have written in to us expressing solidarity and confidence in our relationship, and have mentioned they have dismissed these rumors, for which we are grateful. Still we know that these rumors may cause you distress and doubts. You are our valued customer and we would not like you to have any of these feelings. So we have now chosen to write to you directly to allay your concerns if any.

You would have seen the categorical endorsement of the soundness of Indian banking as well as ICICI Bank's sound financial health from the RBI and the Finance Minister. You would have also read about the unequivocal certificate of confidence reposed on us by S&P an independent rating agency of repute. We have categorically and in a transparent manner disclosed that

We have ZERO exposure, directly or indirectly, to US sub-prime
We have 150% more capital than what Banks are required to have, and we are one of the highest capitalized banks in the country
We have a AAA rating
We have sound liquidity to meet your needs whenever you need and in what ever amounts you may need
Your bank has grown and achieved its status of pre-eminence due to the patronage and trust you have reposed thus far in us. We have made many an Indian smile with a house, car and every banking need dreamed of by Indians. I am sure nothing factually or otherwise has changed in our relationship that we should let baseless rumors cast doubts in your mind. We once again want to reaffirm to you that the bank you have built and assisted to grow to pre-eminence will be with you day and night. We take pride in serving you and being the bank of your first choice.

We desire and request the continuance of your unwavering trust and relationship. We promise to you that not only your deposits but all your interests are safe and secure with us. In case you need to reach us, kindly write to us at customer.care@icicibank.com.

Sincerely

V. Vaidyanathan
Executive Director
ICICI Bank Ltd

Let's hope that there is nothing wrong with ICICI Bank and the rumors come to a halt.

Volvo Lay off Job Cut: Volvo Cars Fires 3300 employees Sweden

As per the latest news, the Sweden based Auto giant Volvo Cars has decided to go for a massive Volvo Car lay off or Volvo Job Cut. The news came in on Wednesday and the official news said that Volvo will lay off 3300 employees. This figure of 3300 job cuts will include around 2700 in Sweden. The Volvo Job Cut is being justified citing the reasons to "meet the rapidly deteriorating market situation in the global car industry."
Volvo Lay off Job Cut
Apart from that, around 700 different contracts of so called Volvo consultants will also be terminated by Volvo.

In the past also, Volvo has announced job cuts this year in June. That time, it had asked around 1500 workers and 500 consultants to be fired. Including this lay off, Volvo will lay off 4,800 employees worldwide and 1,200 consultants.

Volvo Cars at the start of the year had about 24,500 employees worldwide, including 17,000 in Sweden. Most of the Swedish employees - 13,000 - are in Gothenburg, which will see a significant part of the layoffs.

There is no information available about how much savings will be achieved by Volvo due to these job cuts or lay offs. However, some analysts believe that it is not sure whether these lay offs by Volvo will be sufficient to put an end to Volvo's financial troubles. With the world going into deep financial crisis, a global car giant like Volvo is bound to be impacted.

Volvo posted a first-half loss of $247 million.
Let's hope that alternative jobs are available to the affected employees of Volvo.

Whirlpool Lay off Job Cut: Whirlpool Fires 440 employees

As per the latest news, the American no. 1 Refrigration company Whirlpool has decided to go for a massive Whirlpool Lay off or Whirlpool Job Cut.
Whirlpool Lay off Job Cut
It is learnt that Whirlpool will lay off 440 employees at an Amana refrigerator plant. The Whirlpool Job Cuts are said to be justified due to a reduction in demand.

The Whirlpool Company has offered a combination of voluntary and involuntary layoffs which will mean that 60 people will loose their jobs by Monday. The rest of the layoffs will take effect before October 20, 2008.

"Like any manufacturing facility, we do have to flex and adjust to market demands and market conditions," Whirlpool spokeswoman Jill Saletta said. "It’s just general market conditions."

The announcement comes slightly more than two years after Whirlpool recived a $5 million forgiveable loan as part of an $11.2 million expansion of the Amana plant. Company officials announced thaen that they planned to add more than 400 jobs at the Amana plant and boost employment to roughly 2,900 by the end of 2008.

It was not immediately clear whether Whirlpool will have to payback any money as a result of the cuts.
Hope to see some alternative jobs being available to the affected employees of Whirlpool.

Maternity leave extended to 6 months: Rajasthan Sixth Pay Commission

The latest news on Sixth Pay Commission- A Dusshera or Diwali Gift from the Government for the female employees - The Maternity Leave has been increased from 135 days to 180 days. Not only that, the official communication on this said that the Government is allowing this new 6 months Maternity Leave for the women employees who are currently on Maternity leave - which means that female employees presently on maternity leave can now extend their Maternity leave to six months. Wikipedia on Sixth Pay Commission. Maternity leave extended to 6 months Sixth Pay Commission

However, this has been implemented only in Rajasthan by the Vasundhra Raje Government. It's election year, and the government will leave no stone unturned to showcase that they are working for the benefit of the people. Hopefully, other states are expected to follow soon.
Suitable amendments are also being made in the Rajasthan Service Act for incorporating the increased leave.

As per the news, the Rajasthan state government also accepted the demands of a section of workers and grant Assured Career Progression (ACP) to them at nine, 18 and 27 years of service if they have already availed of selection payscale at these years.

Earlier, the government on September 12, 2008, while announcing the implementation of the Sixth Pay Commission, had decided to follow the lines of the Centre and give ACP to its workers only after the com-pletion of 10, 20 and 30 years of service.

In yet another gift bonanza for its employees, the state government also changed its earlier stance of deducting the house rent for those employees staying at government quarters from September 1, 2008 instead of the earlier announced January 1, 2007.

A release from the state government clarified that the government on September 12, 2008, had announced that the deduction for those workers staying in government houses on a revised rate would be imple-mented from January 1, 2007 - the date from which the state has agreed to pay arrears to its employees.

However, now the decision stands revised and the employees will not have to pay the sum accruing between January 1, 2007 to August 31, 2008.

Rajasthan is the first state in the country to have notified the recommendation of the Sixth Pay Commission and has decided to implement it in the state for its employees from September 1, 2006.
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

Lehman Brothers Bonds Latest News: Effect of Lehman Brothers Bankruptcy

As reported in the article, Effect on Lehman Brothers Bonds: Lehman Brothers Bankruptcy, the biggest question that faces the investors of Lehman Brothers is about their Lehman Brothers stocks and Lehman Brothers bond holdings. The Lehman Brothers Stock Price is as available from the various exchanges on which the LEH stock is trading and it went down by more than 95%. The big questions that is haunting the investors is What is the status of Lehman Brothers Bonds, i.e. the Bonds issued by Lehman Brothers.
Lehman Brothers Bonds Bankruptcy
Here are some more interesting but disturbing news about the developments for the Lehman Brothers Bonds:
It was in HongKong, now a part of China, where angry investors of Lehman Brothers Bonds clashed with police outside Bank of China's Hong Kong headquarters Wednesday and demanded the repayment of investments linked to failed US bank Lehman Brothers.

Thousands of investors who have lost their earnings of life due to investments in the Lehman Brother Bonds due to the Lehman Brothers Bankruptcy have also stormed other major banks and demanding help from the law keepers to regain their money.

The biggest problem is that it was not the invetors who have directly selected to invest in the Lehman Borthers Bonds, but they had selecteed schemes like mutual funds, investment vehicles and other savings schemes which invested their money in the Lehman Borthers Bonds. The protestors, who complain that the banks which sold them the so-called "mini-bonds" had not fully explained the risks involved, held placards and shouted slogans to demand a full refund of their investments.
Lawmakers, grabbed by protesters as they were on their way to the first session of the new legislature, promised to do all they could to pressure the government to take more aggressive action against the banks.
People from all Walks of Life were complaining how they were "cheated" and "mis-lead" by the so called "investment advisors" and fund managers about how safe their investment is going to be. People are complaining that they had invested their lives earnings and now they are down to zero with their investments.

Political parties said they would meet with some of the banks Wednesday afternoon to discuss plans to resolve the crisis.
The government proposed on Monday that the banks buy back the products at their estimated value from investors, who bought an estimated 12.7 billion dollars (1.63 billion US) of the products.
But the proposal failed to pacify bond holders, who said the market value of the products is now much lower than their purchasing price.
Let's hope that there can be some way to redeem to investors hard earned money, with the help of the government and banks.

United Airlines Lay off Job Cut: United Airlines Fires 414 employees

The turmoil is spreading its wings to all the sectors it seems. United Airlines has recently informed that it is set to go for a major layoff, the second round of United Airlines layoff job cut. The United Airlines has told the mechanics union at San Francisco International Airport that it will lay off as many as 414 workers beginning December 7, 2008. The United Airlines Lay off is being said to be a part of its efforts to go for cost cutting measures.
United Airlines Lay off Job Cut
In the United Airlines Lay off workers will be asked to leave as a second round of layoffs announced this year. The first round ended Friday, during which time 137 workers were asked to leave.

As per the news, United Airlines said in a statement released Tuesday: "As we reduce the size of our fleet and take actions companywide to enable United to compete in this challenging economic environment, we must take the difficult but necessary step to reduce the number of people we have to run our business."

How will the employees of United Airlines be asked to leave after the United Airlines Lay off Job Cut?
A seniority system is in place and the United workers with the least time of service are the first to be laid off. Many of the workers had been assigned the Boeing 737, but United is grounding the older fleet and so that work is going away. They also need to honour the state law that 60 days' notice be given of layoffs, United said in a letter to an official of the California Employment Development Department dated Sept. 29 that 414 employees at the maintenance facility will be laid off Dec. 7 or within two weeks beginning that date. The letter, obtained by The Chronicle, said United cannot predict whether these layoffs will be temporary or permanent.

Ford Lay off Job Cut: Ford Fires 792 in USA & 204 in Germany

There comes another bad news for the employees in the automobile sector. The Automobile giant Ford has decided to go for a layoff. Ford Layoffs or Ford Job Cuts will happen both in Home Country of Germany as well as in USA.
Ford Lay off Job Cut
As per the news, Ford Motor Company's Germany unit reported that curtail some production and lay off 204 part-time workers at its Saarlouis plant in western Germany in light of the current financial turmoil. There are around 6,500 people working at the Saarlouis plant, where Ford produces the Focus, C-Max and Cougar models. No information is available about how much overall production will be cut and how many cars will be produced after the production cut.

There will be no effect on the Cologne plant in the northwest Germany & it will continue production without changes.

And that's not all. The Ford lay offs or Ford Job Cuts are not limited to Germany, but also USA is getting affected. There will be a Ford lay offs or Ford Job Cuts at the Ford Motor Co.'s assembly plant on Chicago's South Side. A total of 792 employees of Ford will be fired, according to a "mass-layoff" filing the auto maker made with Illinois authorities.

Ford announced in early September that it planned to eliminate one of two shifts it operates at the 2,200-worker plant, which is located at 130th Street and Torrence Ave.

At the time, the company said it expected about 600 part-time workers to lose their jobs in connection with the dropped shift, but couldn't be specific about how many additional jobs might be lost.

In a regularly published state report on companies that plan to reduce staffing which came out this week, however, Ford lists a total of 792 jobs that will be cut when the shift ends Nov. 3.

EBay Lay off Job Cut: EBay Fires 1000 employees

The information technology or the tech domain is always vulnerable to the fallout in other sectors. Seems like the turmoil in the financial markets have taken a toll in Technology sector as well. It is reported that Online Auction site EBay has decided to lay off around 1000 workers.EBay Lay off Job Cut EBay Fires

This Ebay Job cut of around 1000 employees, is equvivalent to 10% reduction in the workforce. At the same time, it is reported that the EBay is going to make 3 acquisitions of an online payment business and online classified sites. Hence, it appears that the cost saved by the reduction in workforce is being used to purchase 3 additional companies, to boost the technology.

As per the news it is reported that the EBay layoff, which affects 1,000 jobs, "will help improve our operations and strengthen our ability to continue investing in growth," John Donahue, eBay Inc.'s president and CEO, told Wired.com.

Meanwhile, Donahue said Bill Me Later was acquired for $820 million to work in conjunction with eBay's payment service Pay Pal. The acquisition of Danish sites dba.dk and bilbasen.dk for $390 million will expand eBay's market in Europe.

Sixth Pay Commission: Armed Defence Forces Pay hike should be discussed intenally: Kapil Dev

Kapil Dev, the Cricketing legend who has the honours of bringing the World Cup to India in 1983, has now been appointed as an honorary Lieutenant-Colonel in the TA and named him a brand ambassador to attract new talent to the defence forces. Now, he has created some news about the Sixth pay Commission Implementation by mentioning that "Their grievances about the Sixth Pay Commission for Armed Forces could have been sorted out internally and should not have come out in the open". Wikipedia on Sixth Pay Commission. Armed Defence Forces Pay hike Sixth Pay Commission

Still, controversy continues to loom over armed forces reluctance to implement pay commission report.

As reported by Press Trust of India (PTI) "If they (armed forces) have a demand, it is their internal matter and should not have come out before the common man," Dev told reporters after donating blood at a camp organised by Territorial Army (TA) here.

As per Kapil, "Everyone wants an increase in their pay. All of us want to lead better lives," he said to questions from reporters on what he thought about the defence personnel's objection to the pay commission implementation.

Soon after the 6th Central Pay Commission's report was approved by the government in late August, the chiefs of Army, Navy and Air Force had expressed their reservations over the "discriminatory" pay scales that lowered the personnel's status vis-a-vis their civilian counterparts.

The matter snowballed into a controversy after the Services' chiefs were reluctant to implement the Cabinet decision on the pay commission.

The government later set up a three-member ministerial committee under External Affairs Minister Pranab Mukherjee, Defence Minister A K Antony and Finance Minister P Chidambaram to sort out the issues pointed out by the Services chiefs.
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

Sixth Pay Commission: Under Secretary/ Deputy Secretary/ Director Group 'A' Services Salary Details

The Government of India, Ministry of Personnel, Public Grievances & Pensions, Department of Personnel & Training, has released an office memorandum for the Under Secretary/Deputy Secretary/Director in the Secretariat under the Central Staffing Scheme, the officers of the Organized Group 'A' Services will be entitled either to get their pay fixed in the applicable revised pay bands and grade pay attached to the post. Wikipedia on Sixth Pay Commission.  Under Secretary, Deputy Secretary, Director Sixth Pay Commission

Below we present the screenshot of text as it appears in the office Memorandum.
Consequent upon the acceptance of the Report of the Sixth Central Pay Commission by the Government, the President is pleased to decide that on their posting as Under Secretary/Deputy Secretary/Director in the Secretariat under the Central Staffing Scheme, the officers of the Organized Group 'A' Services will be entitled either to get their pay fixed in the applicable revised pay bands and grade pay attached to the post or to draw their basic pay plus CDTA on the following terms and conditions:-

(a) The officers of the Organized Group 'A' Services posted in the Central Secretariat under the Central Staffing Scheme as Under Secretary/Deputy Secretary/Director will be treated as on deputation outside their cadre i.e. to ex-cadre post;

(b) Their posting will be subject to a prescribed tenure on the expiry of which they will revert to their cadre post in their parent Departments;

(c) During their tenure as Under Secretary/Deputy Secretary/Director, the officers will be paid Central (Deputation on Tenure) Allowance at the rate of 10% of their basic pay, subject to a ceiling of Rs. 4000;

(d) The allowance will be paid to the officers for the period of deputation under the Central Staffing Scheme approved by the competent authority;

(e) No allowance will be admissible to officers of these services posted as Joint Secretaries and above in the Central Secretariat;

(f) No allowance will be admissible to officers of the Organized Group 'A' Services posted as Under Secretaries/Deputy Secretaries/Directors who are given extension or re-employment after superannuation; and

(g) In case where the deputation is to a post with a lower grade pay, the officer going on deputation will draw the grade pay attached to the deputation post without any change in the band pay that was being drawn in the post being held before the deputation. 'Basic pay' in the revised pay structure means the pay drawn in the prescribed pay band plus the applicable grade pay but does not include any other type of pay like special pay, etc.

2. The rates prescribed in these orders shall also be applicable in the case of Special Pay admissible to Organized Group 'A' Services officers on their posting in their headquarters.

3. These order will be effective from 1st September 2008

4. Insofar as application of these orders to the officers of the Indian Audit and Accounts Department is concerned, these orders issue in consultation with the Comptroller and Auditor General of India.

SEBI changes P-notes norms: Removes ODI restriction

The news can come as a surprise bounce back to the markets tomorrow morning in India. SEBI officials met today evening in the hi firing turbulance in the global markets to decide the further course of action on the P notes or Participatory notes.
SEBI changes P-notes norms Removes ODI restriction
The outcome of the meeting appears to be fruitful, as the SEBI officials headed by Mr. Bhave said: CB Bhave, Chairman, Securities and Exchange Board of India (SEBI), said norms on participatory notes have been revised and the limit on overseas-derivative instruments (ODIs) in both cash and derivates will be removed. "The 40% cap on assets under custody in cash market will be removed".

As per the news, Around 1 year back, in October 2007, the Sebi had banned fresh issue of P-Notes by FIIs. This was done to check the significant flow of foreign funds into the Indian stock markets. The excess liquidity was difficult for the financial market regulators to handle.

What implications can this relaxation of P-notes norms and Removal of ODI restriction have of the markets?
Most probably, the markets should go up in the short term. Experts are of the view that this revision or relaxation can work wonders for the ailing stock markets, atleast in India.
No body knows what will happen tomorrow, but this would definitely send positive signal to the stock markets.

Bank of America BofA $8.6 billion Countrywide loans deal details

It is reported in the news that Bank of America or BofA has agreed to settle claims brought by state attorneys general regarding certain risky loans originated by Countrywide Financial Corporation in a deal that could be worth more than $8.6 billion, as reported in the Wall Street Journal.
Bank of America BofA Countrywide loans deal
How many borrowers will be covered in the Bank of America BofA Countrywide Financial deal?
It is estimated that around 390,000 borrowers will be covered in the Bank of America BofA Countrywide Financial deal.

To whom would the Bank of America BofA Countrywide Financial deal be applied?
The deal would apply to borrowers who took out subprime loans with adjustable or fixed interest rates as well as those with option adjustable-rate mortgages that are serviced by Countrywide.
The cost of the program will be split between the bank and investors who own securities that have mortgages originated by Countrywide or by third parties who sold those loans to Countrywide.

What are the terms of the Bank of America BofA Countrywide Financial deal?
Under the terms of the deal, Bank of America has agreed to, if possible, modify the terms of the loans and will first try to refinance borrowers into government-backed loans under the federal Hope for Homeowners program, which will require a cut in the principal

Are there any options available in the Bank of America BofA Countrywide Financial deal?
YES. Another option would be to lower the interest rate -- in some cases to as low as 2.5 percent -- and then raise it over time.
For borrowers with option adjustable-rate mortgages, the bank will lower loan amounts so that borrowers have as much equity, if not more, than when they took out the option ARM.
The modification program is valued at as much as $8.4 billion and the costs of the program "have already been estimated and accounted for" by Bank of America as part of its acquisition of Countrywide.
California, Florida and Illinois, where Countrywide has faced civil lawsuits, played a key role in negotiating the settlement.

UGC Pay Review: Teachers Professors get 70% Pay Hike: Sixth Pay Commission

After the news few weeks back about How much Salary Hike Teachers Professors can expect, there is a real good news for the teaching department.
As per the news, the Teaching bodies have welcomed the 70% pay hike as suggested by UGC Pay Review Committee. The University Grants Commission (UGC) that had formed a committee to look into the university teachers and staff's pay had submitted its report two days ago recommending across the board pay hike of approximately 75 percent. Wikipedia on Sixth Pay Commission. UGC Pay Review Teachers Professors get 70% Pay HikeSixth Pay Commission

Previously there were some resistance for the Chaddha Committee recommendations The main reason was due to the delay in the submission of the report by the Chaddha Committe which might lead to implementation delays.
However, since the submission of the report has already happened, that's why teachers community is feeling happy. They had expected the same pay hike as recommended by Sixth Pay Commission.

Sixth Pay Commission had recommended almost 30 percent pay hike for the Central government employees. The almost 70 percent pay hike makes a professor’s salary at par with that of IAS officers. Interestingly, in some cases, the joining teaching staff salary who will start afresh might get more salary than the fresh IAS officers.

Another good news for the teaching staff is that the UGC has tried to give new nomenclature to lecturer and readers and that has made a lecturers very happy. Definitely an assistant professor looks better that simply a lecturer.

H.C. Narang a member of the committee says, "Another additional new post is that of professor of eminence. This title may be conferred on not more than 10 per cent of the total strength of professors in a university. This position will be bestowed on someone who has acquired national and international stature. The criteria for choosing them will be tough. In terms of pay package, professors of eminence and Vice-Chancellors will be at par (Rs. 80,000)".

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 National Minimum Wage Rise UK

Great news for UK residents and workers. The government has effected the New Minimum Wages for UK from Today onwards. What this means is that the minimum amouont of money that can be earned b y an individual has gone up considerably. BBC News
New National Minimum Wage Rise UK
For Adult workers, there is an increase in the national minimum wage from £5.52 to £5.73 per hour for adult workers. This has come into force.

For the other age groups also, there has been good raise. The hourly rate for 18 to 22-year-olds has also risen from £4.60 to £4.77, and for 16 and 17-year-olds, the new minimum wage would be increased from £3.40 to £3.53.

And that's not all - Governmetn has also given a strict order that it will penalize heavily those bosses who do not meet the requirement to pay the minimum national wages. However, the workers Union like Unite had requested for much higher rise in the minimum wages as the cost of living in UK has gone up substantially.

As per the news, Prime Minister Gordon Brown announced in March that the minimum wage would increase.
The rise comes shortly after the 10-year anniversary of the introduction of the minimum wage, which was first set at £3.60 an hour.
"The minimum wage has made a lasting and significant difference to the low paid, with around a million workers benefiting from the increase each year," said Employment Relations Minister Pat McFadden.
"It is vital that we safeguard this right with effective enforcement, which is why we're bringing in tough new penalties for those who flout the law."

The government is planning to introduce new regulations in April that will impose a £5,000 automatic fine on any employer failing to pay the minimum rate.
Serious cases could lead to a prosecution in a Crown Court where there is no limit to the fine that could be set.
Even a helpline was recently set up for people to report the mistreatment of workers and illegal pay rates.
"With rogue employers constantly seeking new ways to evade paying the minimum wage, the government must be vigilant in enforcing it," said Dave Prentis, general secretary of public sector union Unison.
"The rise to £5.73 is a welcome cushion, however, with the price of everyday essentials such as food, gas and electricity going up massively, it won't lift enough working people out of the poverty trap.
"A more realistic figure would be £6.75 an hour - a fair day's pay for a fair day's work, regardless of age."

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