NOTICE FOR THE NATIONAL EXECUTIVE MEETING OF CONFEDERATION
An urgent meeting of the National Executive of the Confederation of Central Govt. Employees & Workers will be held at Dehradun (Uttarakhand) on 24th May’ 2016 (Tuesday). The meeting shall commence at 05.00 PM and continue till close. National Secretariat members, Chief Executives of the affiliated Organizations, General Secretaries of all State level C-o-Cs and main Office bearers of the Women’s Sub Committee are requested to attend the meeting.
The following shall be the agenda of the meeting:
1. 7th CPC related issues and proposed indefinite strike from 11 July 2016 by NJCA. 2. Proposed One day General Strike by Central Trade Union on 02nd September 2016. 3 Two days All India Workshop of Confederation at Dehradun – Review. 4. All India Conference of Confederation & All India Women Convention at Chennai (Tamilnadu). 5. Financial position of Confederation – Decision for improvement. 6. Issues relating to the affiliated Organizations. 7. Any other item with permission of the Chair.
(M. Krishnan) Secretary General
To 1. All National Secretariat Members. 2. Chief Executives of all affiliated Organizations. 3. General Secretaries of State C-o-Cs. 4. Main office bearers of Women’s Sub Committee (Not Committee members)
PLEASE BOOK YOUR TRAVEL TICKETS IMMEDIATELY
Two days Trade Union Education Camp of Confederation will be held at Dehradun on 24th & 25th May 2016. Separate Circular enclosed herewith. Please ensure participation of delegates as per quota fixed in the circular.
Innovative approach: Government staff’s pay hikes may fund bank capitalisation
NEW DELHI: The government is considering an innovative proposal under which 50% of increased salary of higher-income government staff under the Seventh Pay Commission will be compulsorily invested in bank capitalisation bonds. The proceeds will be used to recapitalise banks without additional pressure on the fiscal.
While this will result in less cash in the hands of higher-income employees, as a sweetener they will get income tax rebate on the amount invested. Those wanting to invest more than 50% to save tax will be allowed to do so. The Bank Recapitalisation Scheme, as this proposal is being called, will be voluntary for employees with lower salaries (those in the Rs 5,200-20,200 bracket) and pensioners.
The implementation of the Seventh Central Pay Commission (CPC) awards can have a significant bearing on the inflation trajectory through both direct and indirect channels, with the housing and transportation sectors projected to see the biggest impact of the potential increase in the spending capacity of government employees.
The Reserve Bank of India has projected a direct impact of the latest pay commission recommendations on headline inflation to be around 150 basis points, while the indirect effects are estimated to be around 40 basis points. While the impact of the pay awards is likely to be seen over a period of two years, as was the experience the last time around, compared to the Sixth CPC awards, though, the central bank forecasts the increase in the housing index to be “more quick and continuous” and the indirect effects to be “smaller”.