7th CPC notification

7th CPC notification and struggles

Comrades,

            The Central Government Employees are waiting for the implementation of Seventh Pay Commission. As per the reports received, the 7th Pay Commission Pay recommendations may be notified in June after the model code of conduct of states polls which in place is in place till 21^st May 2016, which is being considered as cut off point for the notification of pay commission. To be on safer side, Government most likely will release notification regarding the latest pay commission only after 21^st May 2016.

 Implementation cell of the Empowered Committee of Secretaries is examining the grievances of employees. After giving final touch to report, Empowered Committee will send recommendations to PMO for its nod. Once PMO will through the report, it will be placed before the Cabinet for final approval. The whole process will take another three months.

But the larger question remains in the minds of the Central Government Employees, whether the Empowered Committee of Secretaries will consider the demands raised by the Staff side JCM. The Empowered Committee of Secretaries under the chairmanship of the Cabinet Secretary had one round of discussion with the staff side JCM. The Staff side JCM has clearly informed the Empowered Committee of Secretaries that the Central Government Employees are not satisfied with 7^th CPC report and wants major changes before implementation of the 7^th CPC report by the Central Government. Especially on the minimum wage, fitment formula, pay matrix and allowances.

The Empowered Committee of Secretaries was also informed that the Central Government Employees are ready for strike action,  if the demands of the Central Government Employees are not met by the Empowered Committee of Secretaries and the Central Government.

The Empowered Committee of Secretaries may call the staff side JCM for more discussions, if the talks fail then the Central Government Employees should prepare for the indefinite strike from July 11^th for which the staff side JCM has given the call.

Comrades, these three months are very crucial to the Central Government Employees, we should not relax waiting for the talks with the Central Government, instead prepare for the action for achieving a better wage hike.

Comrades during the 5^th CPC we had similar situations,  we had got better wage hike after struggles, similarly this time also the similar situation has arisen due to the lowest pay hike recommended by the 7^thCPC and also reduction of the number of allowances.     

Hence Comrades it is high time we educate each and every employee of the Central Government about the 7^th CPC wage hike and our demands , this is help us to prepare for struggle and get better wage hike.

                                                 Comradely yours

                                                 (P.S.Prasad)

                                               General Secretary

5points to save tax investment

5 points to keep in mind before you make a tax saving investment

Ready to make a tax saving investment? Here are the points that you should keep in mind:

Do I need the product?
A lot of times, our decision is based on a family history of investing in an instrument, or because a friend or colleague purchased the same product, or because the salesperson provided a fantastic pitch. You need to evaluate whether you really need the product, because most of the tax saving investment options will lock up your funds for a couple of years. If you choose a product that you do not require, you are stuck with it whether you like it or not – in some cases you will also be required to keep making payments if you want to keep your investment from lapsing. Keep in mind your financial needs, your age and your investment horizon before you decide to buy a product.

Have I researched enough? 
Before you purchase, evaluate whether you are completely sure you are choosing the best product. Check:

• Do I know how the product works and the risks involved?
• Have I got a good deal?
• Are charges transparent?
• Do I have an exit option?
• Have I read the disclosures clearly?

Do I have money left for emergency needs?
Because your money is going to be locked up for a while, remember to maintain sufficient reserves with you for an emergency requirement. A good rule of thumb is to have at least four to six times your monthly income in savings which can be withdrawn immediately as required.

Do I know my risk tolerance?
Every product that delivers a good return comes with the downside of risk. You need to evaluate if you have the capacity to withstand the risk of capital loss on your investments. Your bank / financial institution will be able to help you with a risk profiling before it recommends products for you. Your risk tolerance is determined based on various factors like your age, your dependence on your investments for withdrawing cash, your knowledge of various products and the degree to which you can accept a loss on your investment value

Have I spread my investments across different products?
Remember the golden rule of investments – diversify! The idea is to spread your investment pool across different classes of products so that you are not hit hard in case some products underperform and you also get the benefit of high returns when they perform well. If you park all your tax saving investments in secure and low risk products, you won’t be able to get the benefit of high returns. Again, if you concentrate your investments entirely around market linked products, you stand to risk a significant loss of capital when the markets turn bad.

To know more about Investment Services offered by Standard Chartered Bank, click here. For Insurance services, click here. You can also SMS ‘SAVETAX’ to 57575.

Tax Benefits will be as per applicable tax laws. The user/investor needs to verify all the facts and circumstances with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. Tax laws are subject to amendments from time to time.
Standard Chartered Bank, India is a distributor or referrer of the relevant third party investment products. In its capacity of a distributor or referrer of relevant third party investment product, Standard Chartered Bank, India may offer advice which is incidental to its activity of distribution/referral. Nothing in this document should be construed as ‘Investment Advice’ as defined under the Securities and Exchange Board of India (Investment Advisors) Regulations, 2013 or otherwise.
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