1. Government staffers get 40-60% pay hike as per the Sixth Pay Commission’s Recommendations submitted to the government of India on Monday. This is a populist move in view of the forthcoming general elections. The hike will cost 12,561 crores in 2008-09 and the additional one-time burden will be Rs.18,060 crores by way of payment of arrears. The recommendations are to be implemented retrospectively with effect from 01/01/2006. The minimum basic pay would be Rs.6,660, besides HRA and other allowances and the highest pay is pegged at Rs.90,000 for a Cabinet Secretary and the Service Chiefs.
The applicable DA for this would be the percentage declared after 01/01/06. Annual increment would be 2.5% of the basic for all employees. City compensatory allowance will be merged with transport allowance and increased four times. Monthly education allowance to be Rs.1,000 per child, up from Rs.50.
Working mothers can have staggered working hours, child care leave and enhanced maternity leave of 180 days.
The Commission also recommended raising the gratuity limit from Rs.3.5 lakh to 10 lakh. People who take retirement after 20 years of service will also entitled to full pension. There will be only 3 national holidays and 8 restricted holidays. Pay panel recommends ex-gratia for families of defense personnel has been considerable raised.
2. After a four-day break, the sensex rose by 294 points on Monday to close above the 15,000 mark in Bombay Stock Exchange. Banking stocks were in demand.
3. The buy-back scheme for its shares offered at Rs,1600 by the Reliance Energy will begin on Tuesday.
4. The state-run India Assurance company is planning to introduce a loyalty discount for customers aged over 50 years who intend to renew their mediclaim policy.
5. India is the 2nd largest cell user (after China), over 250 million users as on February, 2008.
6. The Green Ventures Carbon Fund has tied up with a few major European financial and are looking for Indian partners for carbon credits or to jointly set up environment friendly projects.
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