Good News about 7th Pay Commission Report Implementation Notification Soon.

Good News about 7th Pay Commission Report Implementation Notification Soon. 

1. Is there any Good News about 7th Pay Commission Report Implementation Notification ?

2. Has PMO ordered to speed up review process and to issue notification soon?

A report has been published recently in Media that PMO has ordered to speed up review process and to issue 7th Pay Commission Notification soon. If this report is true, it will certainly boost up the level of Central Government Employees who are waiting for monetary benefit after 7th Pay Commission Implementation.

Media Report is as below:

7th Pay Commission: Good News! PMO orders to speed up review process; notification soon

New Delhi, Feb 6: This will definitely cheer up all the central government employees who are disappointed at the moment as government is delaying the implementation of Seventh Pay Commission. Sources say that after One Rank One Pension, notification for 7th CPC could be released in coming months.

Reportedly, Prime Minister Narendra Modi has ordered officials to speed up review process so that it could be implemented soon. Modi has asked Committee of Secretaries to provide maximum benefits to central staff.

Cabinet Secretary P K Sinha headed empowered committee which was appointed to overview whole process has been told to accept pay commission's recommendations without diluting them. PMO wants committee to review all the recommendations as soon as possible, so that Cabinet could take final decision over the same.

Ministries may raise fresh salary hike demand One of the officials was quoted by the Express News as saying, "The committee has been told to address the genuine concerns raised by stakeholders and accommodate their demands as much as possible. Although, there is indication that the committee may suggest some changes keeping in mind representations from middle and junior level, the decision will be taken after consultations with all the stakeholders. The entire process will take a couple of months".

Meanwhile, reports also say that in coming months, notification for 7th pay commission could be issue. A Finance Ministry source was quoted by news reports as saying, "One Rank One Pension (OROP) is now going to be implemented after notification. Hence Finance Ministry will issue the notification of ‘Pay Commission award' in forthcoming months".

Source: OneIndia News

7th Pay Commission: Ministries may raise fresh salary hike demand : Media Reports

7th Pay Commission: Ministries may raise fresh salary hike demand : Media Reports

New Delhi, Feb 5: If the suggestions made by the staff associations were not accepted by the 7th Central Pay Commission, then Ministries and departments can raise afresh the demand for pay revision. Such demands could be submitted to the Implementation Cell (IC), created in the Finance Ministry, to work as Secretariat for the Empowered Committee of Secretaries headed by Cabinet Secretary P K Sinha.

The CoS will screen the recommendations of the Commission and firm up the conclusions for approval of the Cabinet. "If a representation was made by a Staff Association before the 7th Central Pay Commission and the Commission after due diligence has not accepted the demand made there in, the same matter normally not be considered at the stage.

"However, if departments consider that the issues are of such nature that they require consideration at this stage also, then they may give their comments with full justifications to the IC," said the minutes of the of first meeting of the IC. While a number of ministries/departments have sent their comments and nominated their Nodal Officers, the comments received from some ministries are "simply in the nature of forwarding" the representations of the staff associations without their comments. The recommendations when implemented would have bearing on remuneration of 47 lakh central government employees and 52 lakh pensioners. Subject to acceptance by the government, the recommendations will take effect from January 1, 2016. Minutes of the meeting, held on February 2, also said it was also impressed upon the Nodal Officers of ministries and departments that "in case, there is any need" consultation with the Staff Association at the level of department, "the same may be done as per the assessment of the department". Further, if a department is of the view that any recommendation needs modification, adequate justification should be brought out while sending the comments to the IC. The meeting was held to formulate the action points on processing of Commission.

Source : OneIndia News

RBI on wait and watch mode on 7th Pay Commission : Media Reports

RBI on wait and watch mode on 7th Pay Commission : Media Reports

RBI Governor Raghuram Rajan on Tuesday announced its monetary policy review and left the key policy rate unchanged. However, it indicated at a accommodative stance on inflation and further rate cut. Rajan said with “inflation moving closer to the target” there would be more room for rate cut to support growth.

However, the RBI also mentioned about Seventh Central Pay Commission risks to the fiscal deficit, which was not factored in the central bank’s inflation trajectory. Therefore, the RBI is in ‘wait n watch’ mode as to what government does in the Union Budget and what big states are doing with their own state pay commissions (Punjab, UP, WB, Kerala and Tamil Nadu – all election bound – and HP have already announced setting up of their respective Pay Commissions, and likely to be followed by the remaining).

“Inflation has evolved closely along the trajectory set by the monetary policy stance. With unfavourable base effects on the ebb and benign prices of fruits and vegetables and crude oil, the January 2016 target of 6 per cent should be met,” Rajan said but added a caveat on the impact of the seventh pay commission implementation on the price index.

“Going forward, under the assumption of a normal monsoon and the current level of international crude oil prices and exchange rates, inflation is expected to be inertial and be around 5 per cent by the end of fiscal 2017, ” RBI said.

“However, the implementation of the Seventh Central Pay Commission award, which has not been factored into these projections, will impart upward momentum to this trajectory for a period of one to two years. The Reserve Bank will adjust the forecast path as and when more clarity emerges on the timing of implementation,” Rajan said.

“As per our estimate, the Pay Commission implementation by the Centre and state governments would lead to a $50 bn fiscal stimulus over the next two years. The downside risks emanate from softer global commodity prices and a normal monsoon. However, the RBI would like to wait and watch as these factors play out over the next few months before being in a position to recalibrate the glide path of inflation and respond accordingly. We believe that the upside risks are marginally higher than the downside risks as of now, and hence we do not see any policy rate cuts in FY17,” said Jay Shankar, chief India economist & director, Religare Capital Markets.

Source : http://www.financialexpress.com/

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