7th CPC Final Meeting with JCM on 9th June, 2015 - Revised Pay Structure likely from 1st Jan, 2016 - 7th CPC will submit its report by end of Aug, 2015
Responding to the invitation received from the Vllth CPC, the JCM (Staff Side) delegation met the Pay Commission this day 09th June 2015 and deliberated again in detail on the following issues:-
(a) Minimum wage (15th ILC norms/Dr. Achroyed Formula for determining minimum wage as proposed in the JCM Staff Side Memorandum),
(b) Rate of increment.
(c) Fitmen Formula,
(d) Qualification related Pay Scales,
(e) Pay parity for common categories.
(I) Date of effect of revised Pay Structure and allowances etc.
,(g) Upward revision of Ex-gratia to the families of employees killed in the course of performing duties,
(h) Parity in pension for eliminating the discrimination,
(i) Rectification of MACPS aberrations,
(j) Grant of increment to those retiring on 30th June and 31st December of the year.
Various other issues were also discussed with the VII CPC today. While the response of the Pay Commission by and large has been satisfactory on many points mentioned above, the revised pay structure/allowances is likely to be recommended to be given effect from January 1st, 2016. With today’s discussions in the final meeting with VII CPC, the deliberations by the JCM Staff Side got concluded.
It is expected that the VIIth CPC would submit its report to the Government by the end of August 2015
PREMATURE PROVIDENT FUND WITHDRAWAL – INCOME TAX WILL BE IMPOSED
Income Tax for Premature Provident Fund withdrawal of more than Rs.30,000
The Government has announced that income tax will be imposed if, at the time of premature withdrawal, the Provident Fund amount is in excess of Rs.30,000.
Finance Minister brought a new provision in his budget that allows for TDS on Provident Fund withdrawal before five years of continuous service. When calculating the period of continuous service of five years, the previous employment can also be included. The intention of this at promoting long-term savings. The amendment will come into force from June 2015.
“Taxes will be imposed if, at the time of closing or transferring the PF account, the amount is in excess of Rs.30,000, and, if the employee has been employed in the current job for less than five years. Tax rebates are applicable. In order to claim tax exemption, the person has to submit a copy of his/her PAN card and Forms 15G and 15H, accompanied by a signed and filled up Form 19.
“Failing to do so will attract maximum taxes of up to 34.61%. If the forms are submitted, only 10% taxes will be deducted. Taxes will not be imposed if an old PF account is being converted to a new PF account. If the employee has served for more than five years, then, at the time of closing his account, no taxes will be imposed.
“The PF amount will also not be taxed if the employee is unwell, if the company has closed down, if the employment contract comes to an end, or if the employee loses employment for reasons that cannot be attributed to him/her.”
JAMMU AND KASHMIR (RELAXATION OF UPPER AGE LIMIT FOR RECRUITMENT TO CENTRAL CIVIL SERVICES AND POSTS) AMENDMENT RULES, 2014. (Click the link below for details)