Employees working in various government banks of the country are going to get good news soon. Soon those employees can get the gift of increase in salary. For this, preparations have been made by the Finance Ministry.

Do final by december

According to a report in Business Today, the Finance Ministry has instructed the Indian Banks’ Association (IBA) to revise the pay for employees of public sector banks. The ministry has asked the IBA to finalize the wage revision for public sector bank employees by December 1, 2023.

Expired only last year

The existing wage agreement of the employees of public sector banks has expired on 1 November 2022. Since then talks are going on regarding wage revision, but the solution has not been found yet. The IBA and the unions representing bank employees are continuously negotiating for a wage hike and a new wage agreement.

Finance Ministry has this trust

The Finance Ministry has written a letter to the IBA saying that the government is committed to ensure that the interests of the employees of the banks are protected. The government also expressed confidence that the IBA and the bank unions would arrive at a suitable solution at the earliest. The Finance Ministry has also told the IBA that any further wage negotiations should be completed before the old agreement expires.

This causes delay

In fact, in the case of employees of public sector banks also, due to many factors, it takes time to reach an agreement on salary hike. These factors include topics ranging from the financial condition of the banks to the cost of living of the employees. This is the reason that every time it takes a long time to finalize the agreement.

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Working more than 8 hours in a day or working more than 48 hours in a week will be considered as overtime. The Labor Department of Delhi Government has approved this proposal. Under this new proposal of the Delhi government, if an employee works overtime, then he can get additional payment up to double the hourly rate on the basis of minimum wages.

Under the new proposal of the Labor Department, no person will work for more than 12 hours in a day and will not do overtime for 7 consecutive days, as well as will not be able to work for more than 60 hours in a week. In this proposal of the government, some more relief has been given to the employees. In this new proposal of the Delhi government, made keeping in mind the interests of the employees, it has been made mandatory for the employers to give some holidays to the employees in the year.

It is mandatory to give experience letter and salary slip to employees

In a meeting held at Delhi Secretariat, Labor Minister Raj Kumar Anand said that it will be mandatory to give joining and experience letter to the employees working in any field. Along with this, all the employees must get salary slip. Apart from this, the employers will have to pay travel allowance once a year in the company where employees from outside Delhi will work. The amount of allowance should be such that any migrant worker can meet the expenses of coming and going to his home while traveling by bus or train.

Medical examination and security arrangements should be ensured

Arrangement for medical examination of the employees working in the factories related to chemicals and other materials running in Delhi should be ensured. It will be the responsibility of the director of the company. In this, blood, urine, X-ray and other tests of the employees will have to be done. To protect people from dangerous diseases and for the safety of the employees, the Inspector of the Labor Department will inspect the factory from time to time.

At the same time, the employer will have to inform the Labor Department within 12 hours about any accident occurring at any company, factory or workplace. For this, the Labor Inspector and Chief Inspector will have to be contacted. At the same time, information about the death of an employee in this accident will have to be given by sending a notice to the Labor Department, District Magistrate or Sub-Divisional Magistrate and Police Station Incharge.

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There is also a retirement benefit scheme for employees in the private sector. This scheme is Employed Provident Fund (EPF). This scheme is for the employees working in the organized sector. Employees’ Provident Fund Organization (EPFO) manages this scheme.

In the EPF account, there is a contribution from both the employee and the employer (company). This contribution is 12-12 per cent of the basic salary plus dearness allowance. The interest rates of EPF are fixed every year by the government. For the financial year 2022-23, the interest on EPF is getting 8.1 percent annually. EPF is such an account, in which gradually large corpus is formed till retirement.

Retirement fund on 15 thousand basic salary-

Suppose your basic salary and dearness allowance together is Rs 15,000. If you are 40 years old, then till retirement i.e. by the age of 58, you can have a retirement fund of Rs 27.66 lakh ready. The maximum contribution can be made in the EPF scheme only up to 58 years.

Understand EPF calculation-

Basic Salary + DA = Rs 15,000
Current Age = 40 Years
Retirement Age = 58 Years
Employee Monthly Contribution = 12%
Employer Monthly Contribution = 3.67%

Interest rate on EPF = 8.1% p.a.
Salary growth = 10%
Maturity fund at the age of 58 years = ₹ 27.66 lakh

(Employee contribution is Rs 11.05 lakh and employer contribution is Rs 3.38 lakh. Some contribution is Rs 14.43 lakh.)

( Note: annual interest rate is 8.10 per cent and salary growth is 10 per cent for the whole year of contribution.)

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According to a media report, Commerce and Industry Minister Piyush Goyal gave this information on Tuesday. At present, work from home is allowed in SEZs for a maximum period of one year and this facility can be given only to 50 percent of the total employees. Goyal said that the government has received requests from many sectors to increase the scope of work from home.

Work from home increased exports

Piyush Goyal said that during the Corona period, the government had given permission for work from home in SEZs. It yielded good results and everyone welcomed the move. This helped a lot in increasing the exports of India’s service sector. Last year, service sector exports stood at $254 billion. Goyal expressed hope that this year it will increase further. The Union Minister said that work from home will help in generating employment opportunities in small towns like Rajkot and Una.

All sectors will be involved

The Union Minister said that the benefit of 100% work from home facility can be given to all the sectors present in the SEZ. He said that it is in the interest of the country to allow work from home. Addressing the participants of the Board of Trade meeting, Goyal also stressed on the need for more trade agreements with developed countries. He said that the participants should focus on the possibilities of FTAs ​​in each sector. Strategies and measures were discussed in the meeting to set export targets, new foreign trade policy and to increase domestic manufacturing.

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