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  • Pensionable Age Cut: Will the age for additional pension for retired employees be reduced? know latest update


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    Pensionable Age Cut: The government has assured that the payment of additional pension is made automatically through banks and pension distribution agencies. Instructions are also issued from time to time to avoid any delay or disturbance in this.

    There has been a long standing demand to reduce the existing age limit for additional pension to retired central employees. However, the government has once again clarified its stand on this matter. The central government said that there is no plan to reduce the minimum age eligibility for additional pension to retired central employees.

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    There is no approval for reducing the minimum age limit for additional pension
    The central government has made it clear that the minimum age for additional pension will remain 80 years. In response to a question asked in the Lok Sabha, the government said that there was a proposal to increase this limit to 65 years, but it has not been approved.

    An MP asked whether the government was considering reducing the age limit to 65 years as recommended by the Parliamentary Standing Committee on Pensioners’ Grievances and, if so, sought details about it.

    In response to this question, Union Minister of State for Personnel Jitendra Singh said in the Lok Sabha that on the recommendation of the Sixth Pay Commission, the government has approved 20% additional pension at the age of 80 years, 30% at the age of 85 years, 40% at the age of 90 years, 50% at the age of 95 years and 100% at the age of 100 years.

    He said that as age increases, especially health-related needs also increase, so provision for additional pension has been made. But there is no plan to reduce the minimum age eligibility for additional pension.

    Will the rules on additional pension age change for central government employees?
    The Parliamentary Standing Committee had recommended giving additional pension from the age of 65 in 2021. The government considered it and also submitted its report in 2022. After this, the committee decided not to pursue the issue further. That is, at present the government has no plans to reduce the minimum age eligibility.

    How are central government pensioners paid?

    The government has assured that the payment of additional pension is done automatically through banks and pension distribution agencies. Instructions are also issued from time to time to avoid any delay or disturbance in this.

    How will the impact of rising inflation on pension be reduced?

    Dearness Relief (DR) is given to pensioners, which applies to both their basic pension and additional pension. Its rate is the same as that of Dearness Allowance (DA).

    Possibility of change in pensionable age in future?

    At present, the government does not intend to make any changes in this rule. But in view of the rising inflation and cost of living, the government will keep an eye on this issue. It is clear from this decision of the government that one should not expect to get additional pension before the age of 80 years. At present, Dearness Allowance is the only support for retired central employees, through which they can get some relief.

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  • Trump to sign executive order to shut down US Education Department

    US President Donald Trump is planning to sign an executive order on Thursday, March 20, calling for the shutdown of the US Education Department, according to a White House official, advancing a campaign promise to eliminate an agency that’s been a longtime target of conservatives, according to sources.

    US President Donald Trump. Photo courtesy: x.com/WhiteHouse
    US President Donald Trump. Photo courtesy: x.com/WhiteHouse

    The official spoke on the condition of anonymity before an announcement.

    Trump has derided the Department of Education as wasteful and polluted by liberal ideology. However, finalising its dismantling is likely impossible without an act of Congress, which created the department in 1979.

    A White House fact sheet said the order would direct Secretary Linda McMahon “to take all necessary steps to facilitate the closure (of) the Department of Education and return education authority to the States, while continuing to ensure the effective and uninterrupted delivery of services, programs, and benefits on which Americans rely”.

    The Trump administration has already been gutting the agency. Its workforce is being slashed in half and there have been deep cuts to the Office for Civil Rights and the Institute of Education Sciences, which gathers data on the nation’s academic progress.

    Advocates for public schools said eliminating the department would leave children behind in an American education system that is fundamentally unequal.

    “This isn’t fixing education. It’s making sure millions of children never get a fair shot. And we’re not about to let that happen without a fight,” the National Parents Union said in a statement.

    The White House has not spelled out formally which department functions could be handed off to other departments, or eliminated altogether. At her confirmation hearing, McMahon said she would preserve core initiatives, including Title I money for low-income schools and Pell grants for low-income college students. The goal of the administration, she said, would be “a better functioning Department of Education”.

    The department sends billions of dollars a year to schools and oversees $1.6 trillion in federal student loans.

    Currently, much of the agency’s work revolves around managing money — both its extensive student loan portfolio and a range of aid programs for colleges and school districts, from school meals to support for homeless students. The agency also plays a significant role in overseeing civil rights enforcement.

    Federal funding makes up a relatively small portion of public school budgets — roughly 14%. The money often supports supplemental programs for vulnerable students, such as the McKinney-Vento programme for homeless students or Title I for low-income schools.

    Colleges and universities are more reliant on money from Washington, through research grants along with federal financial aid that helps students pay their tuition.

    Republicans have talked about closing the Education Department for decades, saying it wastes taxpayer money and inserts the federal government into decisions that should fall to states and schools. The idea has gained popularity recently as conservative parents’ groups demand more authority over their children’s schooling.

    In his platform, Trump promised to close the department “and send it back to the states, where it belongs.” Trump has cast the department as a hotbed of “radicals, zealots and Marxists” who overextend their reach through guidance and regulation.

    At the same time, Trump has leaned on the Education Department to promote elements of his agenda. He has used investigative powers of the Office for Civil Rights and the threat of withdrawing federal education funding to target schools and colleges that run afoul of his orders on transgender athletes participating in women’s sports, pro-Palestinian activism and diversity programs.

    Even some of Trump’s allies have questioned his power to close the agency without action from Congress, and there are doubts about its political popularity. The House considered an amendment to close the agency in 2023, but 60 Republicans joined Democrats in opposing it.

    During Trump’s first term, former Education Secretary Betsy DeVos sought to dramatically reduce the agency’s budget and asked Congress to bundle all K-12 funding into block grants that give states more flexibility in how they spend federal money. It was rejected, with pushback from some Republicans.

  • RBI likely to cut rates next month amid easing inflation: HSBC

    RBI likely to cut rates next month amid easing inflation: HSBC

    IANS

    After the decline in retail inflation in February to 3.6 per cent, the March inflation print is also trending below the RBI’s 4 per cent target which is likely to lead to another rate cut by the central bank next month, according to an HSBC Research report.

    “The RBI has already embarked on a rate cutting cycle and is likely to go in for another 25 basis points reduction in the April monetary policy committee meeting, taking the repo rate to 6 per cent,” HSBC Research said.

    “Currently, March quarter inflation is trending lower than the RBI’s forecast for the quarter. While winter crop sowing has been good, temperature in the next few weeks is important as the wheat crop is in its grain-filling stage,” the report states.

    Deflation in food continued for the second consecutive month in February, down 1.0 per cent month-on-month. This was led by a fall in vegetable, pulses and egg, fish & meat prices. That said, prices of cereals, sugar and fruits rose, the report points out.

    Reserve Bank Of India

    IANS

    Core inflation, which excludes food and fuel goods, rose across all definitions due to a sharp rise in gold prices during February. However, excluding gold, core inflation also remained firmly below the 4 per cent mark in annual terms and, at its long-term average in sequential terms, the report said.

    It also highlights that the rupee has depreciated by 4 per cent vs USD since October, which could add 30 bps to inflation, going by the FX sensitivities. However, a benign outlook on oil prices (HSBC commodity forecast for Brent is USD73/b for 2025), and Chinese excess capacity is likely to keep a lid on core inflation.

    Putting it all together, we think that headline inflation will likely average 4 per cent in FY26, the report concludes.

    RBI Governor Sanjay Malhotra last month announced a 25 basis cut in the policy rate from 6.5 per cent to 6.25 per cent in the monetary policy review to accelerate growth amid global uncertainties.

    He said that inflation has declined and is expected to further moderate and gradually align with the RBI’s target of 4 per cent.

    HSBC has projected India’s GDP growth at 6.5 per cent. It sees an upsurge in rural demand post-harvest, a growth impulse from a cut in the income tax rate for the middle class, and monetary policy easing is likely to support growth in the April-June quarter. However, weaker goods exports after the global restocking cycle, ahead of US President Donald Trump’s tariff threats, could be a drag, the report added.

    (With inputs from IANS)

     

  • Public holiday for 2 consecutive days, schools, colleges and offices will remain closed


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    The month of March is a month of festivities and enthusiasm across the country. While on one hand colorful festivals like Holi are celebrated in this month, on the other hand religious festivals like Eid also come, which are a symbol of happiness and brotherhood.

    This time, there is another good news in the month of March which is especially for the people of Uttar Pradesh (UP). On the occasion of Eid-ul-Fitr on March 31, the UP government has declared a two-day public holiday. During this time schools, colleges and government offices will remain closed. Let us know what is the significance of this holiday and why it is special.

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    Which days will be holidays?

    This time there will be two consecutive days off at the end of March. There will be public holidays on 30 and 31 March. 30 March is Friday and Eid-ul-Fitr will be celebrated on 31 March. During this time all government offices, banks and schools will remain closed. People can take advantage of this opportunity to spend time with their family or travel during the holiday.

    Why is Eid-ul-Fitr celebrated?

    Eid-ul-Fitr is a major and sacred festival of the Islamic calendar. It is celebrated after the end of the month of Ramadan. During Ramadan, Muslims have to fast for the whole day, which is a difficult but sacred practice for them. On the day of Eid, this fast ends and there is an atmosphere of happiness in the whole community. On this day people express gratitude to Allah, meet each other, distribute sweets and spread the message of peace and brotherhood in the society. The celebration of Eid-ul-Fitr is important from both social and religious point of view. This day is not just a day to end the fast, but it is an occasion to strengthen relationships with each other, spread awareness about Deen-Dharam and celebrate collectively.

    Preparations are in full swing in cities and villages

    Preparations for the festival of Eid-ul-Fitr are in full swing across the country. In Uttar Pradesh too, markets have started getting decorated, especially in Lucknow, Allahabad, Agra and other major cities. People visit mosques to offer Eid prayers, and then make this special day even more special by meeting their family and friends. Also, the tradition of giving sweets, food items, and Eidi also creates an atmosphere of joy among the people. This day brings a lot of joy especially for children, as they receive Eidi from their elders and wear new clothes.

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  • Hyundai Motor union secures wage deal without strike for 6th consecutive year

    Seoul, July 13: Hyundai Motor’s labour and management have concluded their wage negotiations without a strike for the sixth year in a row, agreeing on the highest wage increase in the company’s history.

    The union said on Saturday its members have voted to accept a tentative wage deal reached earlier in the week.

    Under the agreement, Hyundai will increase workers’ basic monthly pay by 4.65 percent, or 111,200 won ($81), and give a one-off performance-based bonus equivalent to 500 percent of the basic monthly salary, plus 18 million won, to each worker.

    In addition, each employee will receive 25 shares in the company, reports Yonhap news agency.

    The company also agreed to extend the maximum period for retired skilled workers to be reemployed as contract-based workers from the current one year to two years.

    The agreed-upon wage increase is the highest in the company’s history.

    With the unionised workers voting in favour of the deal, the carmaker has concluded wage bargaining without a strike since 2019.

    The deal was reached just two days ahead of the union’s planned strike. It reportedly withdrew the strike plan after management agreed on the highest-ever wage raise and the two-year reemployment programme for skilled retired workers.

    “The union and the management will faithfully carry out their social roles as members of the global community and prepare together for a better future,” the automaker said in a statement.

    Both sides will hold a signing ceremony for this year’s wage deal on Monday.

  • LPG Price Cut: New rate of LPG cylinder has been implemented from today 1st June 2024

    LPG Price Cut on 1st June 2024: A excellent news has come on the very first day of June. Now individuals should pay the worth of business LPG cylinders. Oil advertising corporations have decreased the worth of 19 kg business fuel cylinders.

    The rate of business LPG cylinder has been decreased by Rs 72. This is the third consecutive month when the rate of business LPG cylinder has been decreased. However, the businesses have saved the costs of 14.2 kg home cylinder unchanged and haven’t made any change in its rate. According to the IOCL web site, the brand new rate has been implemented from today, June 1, 2024.

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    The worth of business cylinder in Delhi has been decreased by Rs 69.50. Now it will likely be obtainable within the nationwide capital for Rs 1676. In Kolkata, the rate of cylinder has come down by Rs 72. Now the cylinder can be obtainable right here for Rs 1787. In Mumbai, the cylinder can be obtainable for Rs 1629 after a discount of Rs 69.50. In Chennai, the cylinder has grow to be Rs 1840.50. In Chandigarh, a 19 kg business cylinder can be obtainable for Rs 1697. Its new rate in Patna has grow to be Rs 1932. In Bhopal, Madhya Pradesh, a 19 kg business LPG cylinder can be obtainable for Rs 1704 and in Lucknow, Uttar Pradesh, a 19 kg business LPG cylinder can be obtainable for Rs 2050.

    Also Read: Traffic challan quantity Hike: Today from 1st June 2024, the quantity of visitors challan has elevated, test right here

    The rate of business LPG cylinder has been decreased for the third consecutive month

    On May 1, the oil advertising corporations had decreased the worth of 19 kg business cylinder by Rs 19. In May, the worth of cylinder was Rs 1745.50 in New Delhi, Rs 1859 in Kolkata, Rs 1698.50 in Mumbai and Rs 1911 in Chennai.

    In April, the worth of business cylinder was decreased by greater than Rs 30. After this discount, its worth in Delhi turned Rs 1764.50. Commercial fuel cylinder was obtainable in Kolkata for Rs 1879, in Mumbai for Rs 1717.50, in Chennai for Rs 1930 in April.

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  • Ola Cabs CEO Hemant Bakshi resigns, firm plans to cut 10 per cent jobs

    Hemant Bakshi

    Hemant BakshiLinkedIn

    Ride-hailing platform Ola Cabs CEO, Hemant Bakshi, has resigned from his position just four months after taking the job, according to sources.

    The company is also expected to undergo a restructuring process that will impact at least 10 per cent of its workforce.

    In January, the parent company of Ola, ANI Technologies appointed Bakshi, a former executive at Unilever, as the new CEO to take care of the day-to-day operations of the company.

    As per the sources, the company’s founder Bhavish Aggarwal will take over until a new CEO is recruited.

    ola logo

    ola logoWikimedia Commons

    The development comes just a few weeks after Ola Cabs began preliminary discussions with investment banks for an Initial Public Offering (IPO). Earlier this month, Ola announced it was shutting down all its existing global markets, namely the UK, Australia and New Zealand amid rising competition.

    It said that it will be focusing on the Indian market as it sees an “immense opportunity for expansion” in the country.

    Last year, Ola laid off around 200 workers from its Ola Cabs, Ola Electric, and Ola Financial Services verticals as part of the “restructuring” exercise.

    (With inputs from IANS)