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  • 8th Pay Commission approved for central govt employees; salary, DA hike expected

    Money rupee

    Reuters

    The Union Cabinet has given the green light for the implementation of the 8th Pay Commission, a move that will significantly impact millions of Central government employees and retirees. The announcement was made by Union Minister Ashwini Vaishnaw on January 16, 2025. This decision is expected to lead to a substantial increase in salaries, along with an adjustment in the Dearness Allowance (DA).

    The 8th Pay Commission, once established, will revise the pensions and allowances of Central government retirees. This move has been long anticipated by government employees and retirees who have been expecting a revision of their pay scales. The announcement comes just days ahead of the Budget 2025 announcements, adding to the significance of the decision.

    While the approval of the 8th Pay Commission has been confirmed, the exact date for its setup has not been announced yet. However, the Union Minister has indicated that the commission will likely be formed by 2026 and will come into force on January 1, 2026.

    Impact of the 8th Pay Commission

    To oversee the rollout of the 8th Pay Commission, a chairman and two members will be appointed soon. The decision to set up the 8th Pay Commission was taken at a meeting of the Cabinet chaired by Prime Minister Narendra Modi. The Minister stated, “For your awareness, our Prime Minister has approved the establishment of the 8th Central Pay Commission for all Central government employees.”

    PM Modi to inaugurate, lay foundation stones for multiple projects in Delhi

    IANS

    The 8th Pay Commission is expected to ensure that its recommendations are received well before the completion of the term of the seventh pay panel. Consultations will be held with central and state governments and other stakeholders to ensure a smooth transition.

    The 7th Pay Commission, set up in 2016, brought significant changes to the salary structure of government employees. Employee unions demanded a 3.68 fitment factor for salary revision, but the government decided on a fitment factor of 2.57.

    Anticipated Changes and Benefits

    This led to the minimum basic pay for government employees being raised to ₹18,000 per month, compared to the ₹7,000 in the 6th Pay Commission. The minimum pension also rose from ₹3,500 to ₹9,000. The maximum salary became ₹2,50,000 and the maximum pension became ₹1,25,000.

    The pay commission plays a crucial role in determining salary structures, allowances, and other benefits for government employees. Its recommendations significantly impact millions of workers and pensioners across the country. There are over 49 lakh central government employees and nearly 65 lakh pensioners.

    The formation of the 8th Central Pay Commission marks a crucial step towards revising pay, pensions, and allowances for central government employees. This proactive measure ensures that the recommendations will be reviewed and implemented in time, well before the 7th Pay Commission tenure concludes in 2026.

  • RBI eases FEMA rules to boost rupee payments in cross-border deals

    Reserve Bank Of India

    IANS

    The Reserve Bank of India (RBI) on Thursday announced the issuing of revised Federal Emergency Management Agency (FEMA) regulations to permit more liberal use of INR accounts held by NRIs to make payments, in order to promote cross border transactions in the Indian rupee and national currencies of trading partner countries.

    According to new regulations, overseas branches of Authorised Dealer banks will be able to open INR accounts for a person resident outside India for settlement of all permissible current account and capital account transactions with a person resident in India.

    “Persons resident outside India will also be able to settle bona fide transactions with other persons resident outside India using the balances in their repatriable INR accounts such as Special Non-resident Rupee account and SRVA,” according to the statement.

    The new rules further allow persons resident outside India to be able to use their balances held in repatriable INR accounts for foreign investment, including FDI, in non-debt instruments.

    Reserve Bank of India (RBI)

    IANS

    Besides, Indian exporters will be able to open accounts in any foreign currency overseas for settlement of trade transactions, including receiving export proceeds and using these proceeds to pay for imports.

    The revised regulations and directions to effect these changes have been issued, the RBI statement said.

    According to the RBI statement, these changes have been made in the extant FEMA regulations after holding consultations with the Central Government.

    To encourage greater use of Indian Rupee (INR) for trade transactions, in July 2022, an additional arrangement in the form of Special Rupee Vostro Account (SRVA) was introduced. Several foreign banks have since opened SRVAs with banks in India.

    The Central Bank has also signed memorandum of understanding (MoU) with the central banks of the United Arab Emirates, Indonesia and Maldives, to encourage cross-border transactions in local currencies.

    Further, in December 2023 the Foreign Exchange Management (Manner of Receipt and Payment) Regulations were revised to enable cross border transactions in all foreign currencies (including local currencies of trading partner countries) and INR.

    (With inputs from IANS)

  • Good News for central government employees, now LTC facility will be available in Tejas and Vande Bharat

    Good News for central government employees, now LTC facility will be available in Tejas and Vande Bharat
    Good News for central government employees, now LTC facility will be available in Tejas and Vande Bharat

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    The government has made it more convenient by allowing travel in Tejas Express, Vande Bharat Express, and Humsafar Express trains under LTC. LTC (Leave Travel Concession) is an important scheme for central government employees, under which they get the facility of concessional travel to their hometown or any part of India once in four years.

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    The Centre has allowed its employees to travel by Tejas, Vande Bharat and Humsafar trains under Leave Travel Concession (LTC). The move comes after the Department of Personnel and Training (DoPT) received several suggestions from various offices/individuals regarding the admissibility of various premium trains under LTC.

    The Department has looked into the matter in consultation with the Department of Expenditure and it has been decided that in addition to the existing Rajdhani, Shatabdi and Duronto trains, travel in Tejas Express, Vande Bharat Express and Humsafar Express trains will now be allowed under LTC as per the eligibility of government employees, the DoPT said in an order issued on Tuesday.

    Eligible central government employees availing LTC get back the expenses incurred by them on tickets for other journeys in addition to paid leave.

    What is LTC service and how are the facilities

    LTC (Leave Travel Concession) is an important scheme for the Central Government employees, under which they get the facility of concessional travel to their hometown or any part of India once in four years. This scheme provides an opportunity to the employees to spend time with their family through travel and enjoy the beauty of different parts of the country.

    Recently, the government has made it more convenient by allowing travel in Tejas Express, Vande Bharat Express, and Humsafar Express trains under LTC. Along with this, taking a big decision in 2024, the special scheme for travel to Jammu and Kashmir, Ladakh, Andaman and Nicobar Islands, and Northeast region has been extended till 25 September 2026.

    This initiative is not only beneficial for the employees but is also helpful in promoting tourism in the country. This scheme gives the employees an affordable and comfortable travel experience and improves their quality of life.

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  • Indian stock market ends higher, realty sector shines

    Sensex trades higher on strong global cues

    IANS

    India’s domestic benchmark indices ended higher on Wednesday as the realty sector closed in green after a gain of 1.39 per cent.

    Sensex ended at 76,724.08, up by 224.45 points, or 0.29 per cent, and Nifty settled at 23,213.20, up by 37.15 points, or 0.16 per cent.

    Nifty Bank ended at 48,751.70, up by 22.55 points, or 0.05 per cent. The Nifty Midcap 100 index closed at 53,899 after climbing 222.50 points, or 0.41 per cent, while the Nifty Smallcap 100 index closed at 17,353.95 after adding 96.15 points, or 0.56 per cent.

    According to experts, the domestic market continues to be volatile on account of elevated US bond yields, strengthening dollar, and increasing foreign institutional investors (FIIs) outflows.

    Market Outlook: Q3 results, FII and economic data key triggers for next week

    IANS

    “Global markets are cautious ahead of the US December CPI inflation data, which is anticipated to be in the elevated range in the short-term, limiting Federal Reserve’s ability to cut rates. Also, a rise in oil prices & dollar appreciation is likely to affect domestic inflation in the near future,” they said.

    On the Bombay Stock Exchange (BSE), 2,152 shares ended in the green and 1,802 shares in the red, whereas there was no change in 110 shares.

    In the Sensex pack, Zomato, NTPC, Power Grid, Kotak Mahindra Bank, Maruti Suzuki, Tech Mahindra, L&T, Adani Ports, SBI, HCL Tech, UltraTech Cement, Infosys, Bharti Airtel and Hindustan Unilever Limited were the top gainers. Whereas, M&M, Axis Bank, Bajaj Finserv, Bajaj Finance, Tata Motors, Nestle India, Sun Pharma and Asian Paints were the top losers.

    “Another day of choppy trades was witnessed as the market lacked direction. However, sentiment is likely to favour a recovery in the short term, with the potential to reach 23,400 on the higher end,” said Rupak De from LKP Securities.

    In the meantime, FIIs sold equities worth Rs 8,132.26 crore on January 14, on the other hand domestic institutional bought equities worth Rs 7,901.06 crore on the same day.

    (With inputs from IANS)

  • EPFO Pension : Even if you work for 10 years, you will get a pension of this amount, know the rules

    EPFO Pension : Even if you work for 10 years, you will get a pension of this amount, know the rules
    EPFO Pension : Even if you work for 10 years, you will get a pension of this amount, know the rules

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    EPFO Pension: Did you know that if you have worked in a company for 10 years, you will get pension after retirement. Under EPFO’s EPS pension, a fixed amount will be sent directly to your account every month. Let’s understand its calculation.

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    If you are worried about the cost of pension after retirement, if you are also worried about how you will meet your expenses at the age of 60, then this news is for you. Did you know that if you have worked in a company for even 10 years, you will get pension from there after retirement. Here we are talking about EPS pension run by EPFO, under which you will get monthly pension. Let’s know the complete information about this scheme. Let’s understand all the things when you will get pension, how much you will get and what is its eligibility.

    Employees’ Pension Scheme (EPS)

    The Employees’ Pension Scheme was issued by EPFO ​​on 16 November 1995. Under which a scheme was prepared to provide monthly pension to employees working in the organizational sector. Under this scheme, the pension is determined according to the number of days the employee works. If you have worked in a company for 10 years and your PF is deposited there, then let’s understand how much monthly pension you will get.

    Eligibility for EPS

    You will get the benefit of EPS i.e. Employees Pension Scheme only if you have worked in at least some organized sector and under this scheme you will get a minimum monthly pension of Rs 1000. However, there has been a demand for increasing the minimum pension amount to Rs 7,500 per month for many days. Apart from this, the benefit of this scheme will be available only after the age of 58 years and the most important thing is that the employee should have a PF account in which he has deposited money during his employment.

    EPF members contribute 12% of their basic salary to PF through EPFO. The same amount is also deposited by the company. At the same time, the amount deposited by the company is divided into two parts, in which 8.33 percent goes to EPS and 3.67 percent goes to PF.

    You will get this much pension.

    Under EPS, the pension of employees is determined based on their working hours and their salary. Here we are going to tell you the calculation of pension for an employee who has worked for 10 years and whose monthly salary is Rs 15 thousand.

    Monthly Pension = (Pensionable SalaryX Pensionable Service)/ 70

    Pensionable Salary = Average of your last 60 months of salary

    The pension of employees is determined by this formula. Let us now understand this through an example.

    If you have worked in the company for 10 years and your pensionable salary is Rs 15,000, you will receive a monthly salary of Rs 2,143 from the age of 58.

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  • 1.59 lakh startups, 16.6 lakh jobs make India world’s 3rd largest ecosystem: Centre

    Startup

    IANS

    With more than 1.59 lakh startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as of January 15, India has firmly established itself as the third-largest startup ecosystem in the world, the government said on Wednesday.

    From 2016 to October 31, 2024, recognised startups have reportedly created over 16.6 lakh direct jobs, significantly contributing to employment generation.

    The IT services industry leads with 2.04 lakh jobs, followed by healthcare and lifesciences with 1.47 lakh jobs, and professional and commercial services with around 94,000 jobs, the Ministry of Commerce and Industry said in a statement.

    On January 16, India marks nine years of ‘Startup India’, a transformative journey that began in 2016.

    Designated as ‘National Startup Day’, this occasion celebrates the nation’s strides in fostering a robust and inclusive entrepreneurial ecosystem.

    Major hubs like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR have led this transformation, while smaller cities have increasingly contributed to the nation’s entrepreneurial momentum.

    Startups in fintech, edtech, health-tech, and e-commerce have tackled local challenges and gained global recognition.

    Centre joins HCLSoftware to boost startup manufacturing ecosystem

    Centre joins HCLSoftware to boost startup manufacturing ecosystemIANS

    “The number of DPIIT-recognised startups has grown from around 500 in 2016 to 1,59,157 as of January 15, 2025. As of October 31, 2024, a total of 73,151 recognised startups include at least one woman director, showcasing the rise of women entrepreneurs in India,” according to the government data.

    The DPIIT launched the Bharat Startup Knowledge Access Registry (BHASKAR) platform in September last year.

    This cutting-edge initiative, part of the Startup India programme, aims to centralize and streamline interactions within India’s entrepreneurial ecosystem.

    ‘Startup Mahakumbh 2024’ witnessed remarkable participation, with 48,000 attendees, 1,300 exhibitors, and global delegations from 14 countries, underscoring its growing prominence in shaping India’s entrepreneurial landscape.

    The fifth edition of Startup Mahakumbh is all set to take place on March 7-8, 2025, in New Delhi, said the Ministry.

    (With inputs from IANS)

  • IPO-bound seafood marketplace Captain Fresh posts Rs 229 crore loss in FY24

    IPO-bound seafood marketplace Captain Fresh posts Rs 229 crore loss in FY24IANS

     IPO-bound B2B seafood marketplace Captain Fresh suffered a massive loss of Rs 229 crore in FY24, over 340 per cent decline (or up 4.4 times) from Rs 52 crore in FY23.

    In last fiscal, the company’s total expenses also increased by 44.8 per cent year-on-year to Rs 1,648 crore. It was Rs 1,138 crore in FY23, as per its financials.

    Material cost contribution was 79.55 per cent in the company’s total expenses. It increased by 72.5 per cent to Rs 1,311 crore.

    The company’s employee expenses in FY24 declined by 32.45 per cent year-on-year to Rs 81.6 crore. Legal expenses increased by 30.56 per cent year-on-year to Rs 47 crore.

    The company’s transportation expenses in FY24 declined by 24 per cent year-on-year to Rs 38 crore. Other expenses remained stable at Rs 170.4 crore, according to its financials.

    Captain Fresh’s operating income in FY24 increased by 70.7 per cent year-on-year to Rs 1,395 crore, from Rs 817 crore in FY23.

    From this, 99.28 per cent or Rs 1,385 crore of income came from the sale of products. At the same time, Rs 1.3 crore were received from the sale of services and Rs 8.7 crore from other items.

    If the interest income of Rs 27 crore is also included, then the gross income of Captain Fresh in FY24 was Rs 1,422 crore.

    Captain Fresh’s operating income in FY24 increased by 70.7 per cent year-on-year to Rs 1,395 crore, from Rs 817 crore in FY23IANS

    Due to loss in FY24, the company’s ROCE and EBITDA margins remained at (-) 22.95 per cent and (-) 12.10 per cent. The company spent Rs 1.18 to earn one rupee in the last financial year.

    The company’s current assets in FY24 were Rs 1,804 crore and this also includes cash and bank balance of Rs 148 crore.

    According to reports, the company is preparing for IPO. Recently, Rs 100 crore were reportedly raised from Motilal Oswal Group under the pre-IPO funding. The company appointed Axis Capital and BofA as bankers for the IPO.

    Captain Fresh raised a total of $176 million in funding to date, with Matrix Partners, Tiger Global, Accel, Prosus and Ankur Capital as its lead investors.

    (With inputs from IANS)

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  • Mutual Fund Investments: Saving Rs 300 can make you a millionaire, know how?

    Best Mutual Funds :

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    Investment Tips: If you want to become a millionaire by saving just Rs 300, then today we are going to tell you about the mathematics of a very wonderful investment.

    In today’s time, the pace of inflation is increasing very fast. In such a situation, you should invest your savings money in a good place, from where you can get a good return. It is worth noting that mutual funds and stock market can give you good returns as compared to small savings schemes or FDs. However, these areas of investment are risky. Here your slightest mistake can cause you a big loss.

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    For this reason, you have to invest here thoughtfully and in a planned manner. According to many experts, mutual fund investments can give you good returns in the long term. If you also want to become a millionaire by saving only Rs 300, then today we are going to tell you about the mathematics of a very wonderful investment. Let’s know about it in detail –

    For this, first of all you have to make a SIP in a good mutual fund scheme. After making a SIP, you have to save Rs 300 daily and invest Rs 9,000 every month in it.

    You will have to invest this amount of 9 thousand rupees per month for a total of 25 years. While investing, you also have to expect that your investment will get an estimated return of 10 percent every year.

    If the returns are as per your expectations, then you will be able to collect around Rs 1,20,41,013 after 25 years. With the help of this money, you will be able to live your future life easily.

    Disclaimer: Money invested in mutual funds is subject to market risks. Before investing in it, definitely take advice from experts. If you invest in mutual funds without information, then in this case you may have to face a big loss. The return on investment made in mutual funds is determined by the behavior of the market.

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  • Home sales priced above Rs 1 crore up 80 pc in NCR, Rs 2-5 crore properties up 38 pc

    Housing sales stabilise in top Indian cities, festive quarter to see uptick in demand

    Home sales priced above Rs 1 crore up 80 pc in NCR, Rs 2-5 crore properties up 38 pcIANS

    Amid sustained demand for spacious homes with state-of-the-art amenities, the National Capital Region (NCR) saw properties priced Rs 1 crore and above accounting for 80 per cent of the total residential units sold in 2024, a report showed on Monday.

    Within this segment, the Rs 1 crore-Rs 2 crore and Rs 2 crore-Rs 5 crore bracket saw the most significant activity, driven by affluent homebuyers prioritising quality living spaces, as per the Knight Frank India report.

    In 2024, the NCR recorded the highest sales volume in the ticket size category of Rs 2 crore-Rs 5 crore across eight markets in the country.

    With sales of 18,997 units, NCR led the sales of this ticket size segment, contributing 38 per cent of the overall volume across eight markets in the country. The Rs 2 crore-Rs 5 crore segment in NCR witnessed a significant increase of 84 per cent from the residential sales of 10,311 units in 2023, according to the data.

    “Gurugram and key locations of Noida and Greater Noida continue to draw a substantial interest among homebuyers in the higher ticket size segment,” said Mudassir Zaidi, Executive Director–North, Knight Frank India.

    Indian housing sector to contribute 13 pc to national GDP by 2025: Report

    NCR recorded the highest sales volume in the ticket size category of Rs 2 crore-Rs 5 crore across eight marketsIANS

    The Rs 1 crore-Rs 2 crore ticket size segment recorded sales of 19,111 units, highest sales volume for any ticket size segment in NCR’s residential market. The segment has contributed over 33 per cent of the residential sales in NCR.

    The Rs 5 crore-Rs 10 crore segment saw a growth of 34.6 per cent, from 5,469 units in 2023 to 7,361 units in 2024.

    In the Rs 10 crore-Rs 20 crore segment, NCR witnessed an increase of 44 per cent in sales volume from 275 units in 2023 to 397 units in 2024.

    NCR witnessed a significant increase in the sales for the category above Rs 50 crore from six units in 2023 to 49 units in 2024, said the report.

    (With inputs from IANS)

  • WeWork India clocks nearly Rs 131 crore loss in FY24, expenses up by 19 pc

    WeWork India clocks nearly Rs 131 crore loss in FY24, expenses up by 19 pc

    IANS

    Flexible co-working space provider WeWork India suffered a loss of about Rs 130.8 crore in FY24, down from Rs 144.5 crore in FY23.

    WeWork India’s total expenses last fiscal also increased by 19 per cent to Rs 1,864.3 crore. The expenses were Rs 1,566.7 crore in FY23.

    The Bengaluru-based company’s non-cash components such as depreciation and amortisation accounted for 40 per cent of the company’s total cost. It increased by 16.9 per cent to Rs 742.8 crore, according to data accessed by business intelligence platform Tofler.

    Employee costs were another major part of the company’s expenses, surged by 11.9 per cent to Rs 132 crore in FY24.

    The company’s operating income grew 26 per cent year-on-year to Rs 1,661.6 crore in FY24 from Rs 1,314 crore in FY23.

    Membership fees accounted for 84 per cent of the company’s total income. IT grew 48.9 per cent year-on-year to Rs 1,402.5 crore.

    WeWork India

    IANS

    Apart from this, the company received Rs 71.9 crore as other income in FY24, taking the company’s gross income to Rs 1,733.5 crore.

    Meanwhile, WeWork India has just raised Rs 500 crore through a rights issue, with an objective to reduce debt and increase growth.

    At the end of FY24, the company had a debt of Rs 616.5 crore, and its total assets were worth Rs 4,485.3 crore, according to data.

    Realty firm Embassy Group holds a 73 per cent stake in WeWork India, while WeWork Global holds a 27 per cent stake in the company.

    WeWork India currently has over 100,000 desks across eight cities.

    The co-working space provider has expanded to 63 operational centres in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad since its inception in India in 2016.

    (With inputs from IANS)