6th Pay Commission proposals to result in CRR hikes: PNB
On Friday, some banking stocks rallied pretty hard on expectations that rates might be easing off.
However, KC Chakrabarty, CMD, Punjab National Bank, believes that if the Sixth Pay Commission’s recommendations are implemented there may be some more liquidity in the market, which would result in further CRR hikes. He also sees some repo rate hikes but does not see banks increasing interest rates immediately.
Excerpts from CNBC-TV18’s exclusive interview with KC Chakrabarty:
Q: What could we expect from RBI at the next meet, could we see any pullback in the stance that they have had so far?
A: I don’t think anything will happen. It is too early. If the recommendations of the Sixth Pay Commission are implemented, it will result in more liquidity being infused into the market. So, there maybe further CRR hikes to rein in this liquidity, but I don’t think rates are going to be eased off so early.
Q: Do you expect repo rates to go up from here because a lot of market participants feel there could be another 50 bps tightening of the repo rate?
A: It may happen, but this would not result in banks raising their interest rates. Banks have already factored in a repo rate hike. They need not go in for another interest rate hike for at least another 5-6 months. If there is a 25-50 bps repo rate hike, banks may not increase their lending rates immediately, but there may be a hike in deposit rates so as to encourage people to save in this difficult market.
Q: If deposit rates go up some more, do you expect some squeezing of net interest margins if you are not inclined to pass down those rates?
A: A 50 bps increase in CRR or a 25 bps hike in the repo rate will not affect margins by more than 10-15 basis points. We will be able to achieve our targeted net income growth despite the pressure. Banks may not unnecessarily tamper with interest rates at this juncture. However, if the CRR increases by another 100 bps, then we may have to rethink.
Q: There are some reports which suggest that the demand for housing sector has scaled back quite significantly. What kind of credit growth do you think banks can maintain? Will it get closer to the RBI’s target of 20% or will it remain above the 25% mark?
A: Credit growth has to come down. If banks are unable to achieve 20% credit growth, RBI should take Monetary measures to bring it down to that level. Credit growth should stabilize at around 20-21%. It may be little more than 20%, but it cannot be more than 25%.
Q: The bond market has moved quite interestingly. The bond yield went up to 9.5% and now the benchmark yield is down to 8.7%. What is that signalling and where do you think yields are headed?
A: I don’t think 8.7% on bond yields is sustainable with this interest rate structure. When bond yields had gone up to 9.5%, many investors built up their bond portfolio believing it was a good rate for the next 10-15 years. However, credit demand in the pipeline was a bit more and people therefore tried selling out. That is why this has happened.
Bond yields will stabilize around 9%. A correction in bond yields is not possible unless inflation comes down.
Source: http://www.moneycontrol.com/india/news/economy/6th-pay-commission-proposals-to-resultcrr-hikes-pnb/14/30/354292
Tuesday, September 2, 2008
Sixth Pay Commission: pay scales for armed forces officers announced
Sixth Pay Commission: pay scales for armed forces officers announced
New Delhi, Sept. 2, 2008: Following Sixth Pay Commission notification new pay scales for officers of the armed forces have been announced by the defence ministry. The new pay bands and pay scales are announced at a time when armed forces officers have been criticizing the sixth pay commission recommendations.
They have called the 6th Pay Commission recommendations for the armed forces officials as discriminatory. Armed forces chiefs including Navy and Indian Air Force chiefs have demanded that the anomalies in the pay commission recommendations be rectified.
Armed forces officials say that instead of reducing the disparity, the Sixth Pay Commission has increased it even further.
They say that before the Sixth Pay Commission came into vogue, IAS officers equivalent to Majors, Lieutenant Colonels all were on same pay-scale of Rs 15,100, but it has changed after the pay panel’s recent recommendations were implemented.
Now after pay panel’s recommendations IAS officers will earn Rs 11,000 more as basic pay.
According to the new pay scale services chiefs will get Rs 90000 as fixed salary while vice chiefs will get Rs 80000 as consolidated emolument.
Pay Bands and Pay scales for armed forces officers:
Click here for more
Source: www.khabrein.info
New Delhi, Sept. 2, 2008: Following Sixth Pay Commission notification new pay scales for officers of the armed forces have been announced by the defence ministry. The new pay bands and pay scales are announced at a time when armed forces officers have been criticizing the sixth pay commission recommendations.
They have called the 6th Pay Commission recommendations for the armed forces officials as discriminatory. Armed forces chiefs including Navy and Indian Air Force chiefs have demanded that the anomalies in the pay commission recommendations be rectified.
Armed forces officials say that instead of reducing the disparity, the Sixth Pay Commission has increased it even further.
They say that before the Sixth Pay Commission came into vogue, IAS officers equivalent to Majors, Lieutenant Colonels all were on same pay-scale of Rs 15,100, but it has changed after the pay panel’s recent recommendations were implemented.
Now after pay panel’s recommendations IAS officers will earn Rs 11,000 more as basic pay.
According to the new pay scale services chiefs will get Rs 90000 as fixed salary while vice chiefs will get Rs 80000 as consolidated emolument.
Pay Bands and Pay scales for armed forces officers:
Click here for more
Source: www.khabrein.info
Disparities in 6th Pay Commission has left armed forces unhappy
Disparities in 6th Pay Commission has left armed forces unhappy
New Delhi, Sept. 2, 2008: The disparities in 6th Pay Commission has left officials in armed forces very unhappy. It is not just junior level officers who have been voicing discontent over the anomalies and disparities between civilian and armed forces pay package, even top echelon of armed forces has come forward to voice concern regarding the anomalies.
There are news that armed forces bosses are so much worried over the disparities that there is talk as to whether armed forces should accept implementation of new pay package for armed forces officers.
The bosses in armed forces are worried that disparities between them and their counterparts in the bureaucracy and paramilitary forces will discourage young people from joining the armed forces including army, navy and air force.
Reacting to the government's notification of the new pay packages Monday, sources said the Chief of Staffs Committee had taken the matter seriously and apprised defence minister A.K. Antony about the disparities.
Officers in armed forces are concerned over the raw deal given to Lt-Colonels and their equivalent ranks in IAF (Wing Commander) and Navy (Commander). They are the mainstay of the fighting forces and a small mistreatment can make them feel neglected.
Earlier Air Chief Marshal Fali H. Major in a letter addressed to Chairman of the Chiefs of Staff Committee and the Indian Navy chief had said, “The finance ministry is introducing yet another anomaly by lowering the extant of parities of officers of the armed forces, of the Lt. Col. (and equivalent), by retaining them in pay band-3, while raising similarly placed civilian and paramilitary officers to pay band-4”.
IAF chief had said that “It is reliably learnt that civilian and paramilitary officers in the extant pay scales S-24 (Rs.14,300-400-18,300) and S-25 (Rs.15,100-400-18,300) will be placed in pay band-4, whereas the same is being denied to the armed forces officers (Lt. Col. and equivalent) who were already in S-25”.
Former armed forces chief General (Rtd) NC Vij had criticized the original Sixth pay recommendations calling it inadequate. In a letter written to Prime Minister Dr Manmohan Sigh he had said, “ As a former chief, I feel morally duty-bound to bring this fact to the notice of the Hon'ble Prime Minister in my personal capacity. I take heart from the fact, that it is under your leadership, that, in my tenure, the government went for a major improvement in the 'operational posture by sanctioning South Western Command and 9 Corps HQs with full complements and also for some restoration of self esteem of the young officers through addressing their delayed promotions-cum-service conditions, by approving Part 1 of Ajay Vikram Singh Committee report'…If this had been followed up, through a balanced PCR and implementation of Part II of the 'AVS Report', things would have reasonably improved, but unfortunately the very opposite has happened.”
Stressing on the plight of army personnel he further said, “Sir, you yourself hail from a state, which has traditionally produced soldiers. You would have often wondered, as to why a supremely fit jawan/JCO who retires at the young age of 42-48, ages and grows old so fast. It is because he has no resources to fall back upon to ensure a decent living for his family after his early retirement. This problem gets further accentuated with the constraints of even poor farming conditions. Why should a soldier retire at this early age (other services serve upto 60 years) and why this man who has served the Nation so valiantly not be given a second career by way of 'lateral transfer', which alas will never come about”.
Reports say that out of total 54,770 officers in the armed forces, almost 19,000 are Lt-Cols. These include 11,187 in the Army, 4,216 in IAF and 3,528 in Navy.
Tags: Sixth Pay Commission,6th Pay Commission latest News
Source: http://www.khabrein.info/
New Delhi, Sept. 2, 2008: The disparities in 6th Pay Commission has left officials in armed forces very unhappy. It is not just junior level officers who have been voicing discontent over the anomalies and disparities between civilian and armed forces pay package, even top echelon of armed forces has come forward to voice concern regarding the anomalies.
There are news that armed forces bosses are so much worried over the disparities that there is talk as to whether armed forces should accept implementation of new pay package for armed forces officers.
The bosses in armed forces are worried that disparities between them and their counterparts in the bureaucracy and paramilitary forces will discourage young people from joining the armed forces including army, navy and air force.
Reacting to the government's notification of the new pay packages Monday, sources said the Chief of Staffs Committee had taken the matter seriously and apprised defence minister A.K. Antony about the disparities.
Officers in armed forces are concerned over the raw deal given to Lt-Colonels and their equivalent ranks in IAF (Wing Commander) and Navy (Commander). They are the mainstay of the fighting forces and a small mistreatment can make them feel neglected.
Earlier Air Chief Marshal Fali H. Major in a letter addressed to Chairman of the Chiefs of Staff Committee and the Indian Navy chief had said, “The finance ministry is introducing yet another anomaly by lowering the extant of parities of officers of the armed forces, of the Lt. Col. (and equivalent), by retaining them in pay band-3, while raising similarly placed civilian and paramilitary officers to pay band-4”.
IAF chief had said that “It is reliably learnt that civilian and paramilitary officers in the extant pay scales S-24 (Rs.14,300-400-18,300) and S-25 (Rs.15,100-400-18,300) will be placed in pay band-4, whereas the same is being denied to the armed forces officers (Lt. Col. and equivalent) who were already in S-25”.
Former armed forces chief General (Rtd) NC Vij had criticized the original Sixth pay recommendations calling it inadequate. In a letter written to Prime Minister Dr Manmohan Sigh he had said, “ As a former chief, I feel morally duty-bound to bring this fact to the notice of the Hon'ble Prime Minister in my personal capacity. I take heart from the fact, that it is under your leadership, that, in my tenure, the government went for a major improvement in the 'operational posture by sanctioning South Western Command and 9 Corps HQs with full complements and also for some restoration of self esteem of the young officers through addressing their delayed promotions-cum-service conditions, by approving Part 1 of Ajay Vikram Singh Committee report'…If this had been followed up, through a balanced PCR and implementation of Part II of the 'AVS Report', things would have reasonably improved, but unfortunately the very opposite has happened.”
Stressing on the plight of army personnel he further said, “Sir, you yourself hail from a state, which has traditionally produced soldiers. You would have often wondered, as to why a supremely fit jawan/JCO who retires at the young age of 42-48, ages and grows old so fast. It is because he has no resources to fall back upon to ensure a decent living for his family after his early retirement. This problem gets further accentuated with the constraints of even poor farming conditions. Why should a soldier retire at this early age (other services serve upto 60 years) and why this man who has served the Nation so valiantly not be given a second career by way of 'lateral transfer', which alas will never come about”.
Reports say that out of total 54,770 officers in the armed forces, almost 19,000 are Lt-Cols. These include 11,187 in the Army, 4,216 in IAF and 3,528 in Navy.
Tags: Sixth Pay Commission,6th Pay Commission latest News
Source: http://www.khabrein.info/
Sixth Pay Commission and Justice Srikrishna
Sixth Pay Commission and Justice Srikrishna
Income-tax staff miffed by poor pay revision by Sixth Pay Commission headed by Justice Srikrishna resorts to Gandhigiri.
If Justice B N Srikrishna finds the postman ringing his doorbell again and again and again in the next few days, here's why: nearly 50,000 staffers of the Income-Tax department, upset by what they say is poor pay revision by the Srikrishna-led Sixth Pay Commission and inspired by Lage Raho Munnabhai, have decided to send one lakh 'Get Well Soon' cards soon to his Chembur residence to register their protest.
Their card, inspired by Sanjay Dutt's Gandhigiri towards Boman Irani, carries a graph showing the discrepancy in the salary revision for I-T officers of Grade I and other grades and simply says, in big, bold letters, "Respected Justice Srikrishna, Get Well Soon!" At the bottom, right, is a slot for every employee to write his 'name' and 'designation' before dashing off the card.
Though for now, the card will go out from members of the Income-Tax Gazetted Officers Association from Mumbai circle, who came up with the idea, the Association has also appealed to staffers in other government departments to send similar cards.
“Some staffers will present the card to Justice Srikrishna personally by visiting his residence on May 1,” Rajesh Menon, all-India general secretary of the Association said.
Justice Srikrishna, who led the panel carrying out the unenviable task of recommending revised pay scales for government employees, submitted his report this month. The report has received criticism from most sections of government employees.
The I-T Gazetted Officers Association’s complaint is that while the report recommends a 39 per cent to 81 per cent hike for Pay Band-4 officers of the I-T department, Pay Band-1, 2 and 3 officers have been recommended a hike of 15 to 41 per cent.
The common complaint of government staffers is that the report is skewed in favour of IAS officers.
An I-T official who did not wish to be named said, “IAS officers have got the best out of the Sixth Pay Commission as they stand to get basic pay ranging from Rs 39,000 to Rs 67,000 while all other officers right from entry to senior level are placed in a lower bracket.”
Following opposition from government employees, the government has formed a high-level committee to look into the Panel’s recommendations and suggest corrective measures.
But for the I-T Gazetted Officers Association, that clearly isn’t enough; they want to register their grievances through the post. (Courtesy: Mumbai Miror)
Source: http://www.khabrein.info/
Income-tax staff miffed by poor pay revision by Sixth Pay Commission headed by Justice Srikrishna resorts to Gandhigiri.
If Justice B N Srikrishna finds the postman ringing his doorbell again and again and again in the next few days, here's why: nearly 50,000 staffers of the Income-Tax department, upset by what they say is poor pay revision by the Srikrishna-led Sixth Pay Commission and inspired by Lage Raho Munnabhai, have decided to send one lakh 'Get Well Soon' cards soon to his Chembur residence to register their protest.
Their card, inspired by Sanjay Dutt's Gandhigiri towards Boman Irani, carries a graph showing the discrepancy in the salary revision for I-T officers of Grade I and other grades and simply says, in big, bold letters, "Respected Justice Srikrishna, Get Well Soon!" At the bottom, right, is a slot for every employee to write his 'name' and 'designation' before dashing off the card.
Though for now, the card will go out from members of the Income-Tax Gazetted Officers Association from Mumbai circle, who came up with the idea, the Association has also appealed to staffers in other government departments to send similar cards.
“Some staffers will present the card to Justice Srikrishna personally by visiting his residence on May 1,” Rajesh Menon, all-India general secretary of the Association said.
Justice Srikrishna, who led the panel carrying out the unenviable task of recommending revised pay scales for government employees, submitted his report this month. The report has received criticism from most sections of government employees.
The I-T Gazetted Officers Association’s complaint is that while the report recommends a 39 per cent to 81 per cent hike for Pay Band-4 officers of the I-T department, Pay Band-1, 2 and 3 officers have been recommended a hike of 15 to 41 per cent.
The common complaint of government staffers is that the report is skewed in favour of IAS officers.
An I-T official who did not wish to be named said, “IAS officers have got the best out of the Sixth Pay Commission as they stand to get basic pay ranging from Rs 39,000 to Rs 67,000 while all other officers right from entry to senior level are placed in a lower bracket.”
Following opposition from government employees, the government has formed a high-level committee to look into the Panel’s recommendations and suggest corrective measures.
But for the I-T Gazetted Officers Association, that clearly isn’t enough; they want to register their grievances through the post. (Courtesy: Mumbai Miror)
Source: http://www.khabrein.info/
Sixth pay commission: 50 lakh employees to benefit from Sixth Pay panel
Sixth pay commission: 50 lakh employees to benefit from Sixth Pay panel
New Delhi: The sixth pay commission will be effective from September 1 and pay arrears will be accounted retrospectively from January 1, 2006. Over 50 lakh government employees will be receive an enhanced pay packet.
The armed forces personnel will gain too, with the government having notified the revised recommendations of the Sixth Central Pay Commission (CPC) three days ago.
More than one million defence personnel will be the first to benefit from the Sixth Pay Commission recommendations.
Forty per cent of the arrears will be paid in this financial year 2008-2009.
The balance 60 per cent will be paid in 2010.
Persons below officer ranks will receive Military Service Pay at the enhanced rate of Rs 2,000.
While officers of the rank of colonel and brigadier will be elevated to the major-generals' pay band of Rs 37,400 to Rs 67,000.
The much-awaited CPC proposals had received a seal of approval from the union cabinet almost a fortnight ago. The Centre amended certain recommendations of the Justice Sri Krishna-led Pay Commission. The commission had submitted its report to the government on March 24 this year.
Source: http://www.ibnlive.com
New Delhi: The sixth pay commission will be effective from September 1 and pay arrears will be accounted retrospectively from January 1, 2006. Over 50 lakh government employees will be receive an enhanced pay packet.
The armed forces personnel will gain too, with the government having notified the revised recommendations of the Sixth Central Pay Commission (CPC) three days ago.
More than one million defence personnel will be the first to benefit from the Sixth Pay Commission recommendations.
Forty per cent of the arrears will be paid in this financial year 2008-2009.
The balance 60 per cent will be paid in 2010.
Persons below officer ranks will receive Military Service Pay at the enhanced rate of Rs 2,000.
While officers of the rank of colonel and brigadier will be elevated to the major-generals' pay band of Rs 37,400 to Rs 67,000.
The much-awaited CPC proposals had received a seal of approval from the union cabinet almost a fortnight ago. The Centre amended certain recommendations of the Justice Sri Krishna-led Pay Commission. The commission had submitted its report to the government on March 24 this year.
Source: http://www.ibnlive.com
Sixth Pay Commission: Pay panel report: Armed Forces feel cheated
Sixth Pay Commission: Pay panel report: Armed Forces feel cheated
NEW DELHI: Unbridled anger is brewing among the officers of the armed forces against the Centre for notifying the Sixth Pay Commission without taking into account their demands for restoring parity with their civilian and paramilitary counterparts.
With the officers raising their voice against the ‘‘mischievous bureaucratic design to cheat us once again’’, sources said the chiefs of staff committee, comprising General Deepak Kapoor, Admiral Sureesh Mehta and Air Chief Marshal F H Major, may even take up the issue with the government once more in a last-ditch effort.
The main grouse of the armed forces is that a ‘‘raw deal’’ has been given to Lt-Colonels and their equivalent ranks in IAF (Wing Commander) and Navy (Commander), the ‘‘cutting edge’’ of fighting formations, squadrons and warships.
‘‘The extant parity of Lt-Col rank officers has been lowered by retaining them in Pay Band-3 (Rs 15,600-39,100), while raising similarly placed civilians and paramilitary officers to PB-4 (Rs 37,400-67,000),’’ said an officer.
Lt-Col rank officers, incidentally, constitute the major bulk of the officer cadre in the armed forces. Of the 54,770 officers in the 13-lakh strong armed forces, almost 19,000 are Lt-Cols. These include 11,187 in the Army, 4,216 in IAF and 3,528 in Navy.
‘‘Civilian and paramilitary officers who were in a lower pay bracket and were hitherto drawing lesser pay as compared to Lt-Cols will now draw a higher basic salary in the running pay band,’’ said the officer.
Said another officer, ‘‘Lt-Colonels, for instance, will now be drawing Rs 14,000 less than director-level IAS officers and Rs 11,000 less than directors from other civil services. This is gross injustice.’’
The forces are also aghast at the government notification placing all directors-general of police and their equivalents over Lt-Generals by the creation of a new ‘‘higher administrative grade-plus’’.
‘‘The salary of DGPs has been fixed higher than Lt-Generals to further increase disparity. Till the Fourth Pay Commission, all DGPs were a rung lower than Lt-Generals. The Fifth brought the two on par,’’ said a senior officer.
‘‘The Sixth Pay Commission had maintained them on par but the empowered committee of secretaries that went into its recommendations has quietly placed Lt-Generals below DGPs,’’ he said.
The armed forces are, however, ‘‘satisfied’’ that most of the demands raised in connection with jawans, NCOs and JCOs have been met. There will be a 50% to 60% increase in salaries of PBOR (personnel below officer rank) as per the new notification.
Source: http://timesofindia.indiatimes.com/
NEW DELHI: Unbridled anger is brewing among the officers of the armed forces against the Centre for notifying the Sixth Pay Commission without taking into account their demands for restoring parity with their civilian and paramilitary counterparts.
With the officers raising their voice against the ‘‘mischievous bureaucratic design to cheat us once again’’, sources said the chiefs of staff committee, comprising General Deepak Kapoor, Admiral Sureesh Mehta and Air Chief Marshal F H Major, may even take up the issue with the government once more in a last-ditch effort.
The main grouse of the armed forces is that a ‘‘raw deal’’ has been given to Lt-Colonels and their equivalent ranks in IAF (Wing Commander) and Navy (Commander), the ‘‘cutting edge’’ of fighting formations, squadrons and warships.
‘‘The extant parity of Lt-Col rank officers has been lowered by retaining them in Pay Band-3 (Rs 15,600-39,100), while raising similarly placed civilians and paramilitary officers to PB-4 (Rs 37,400-67,000),’’ said an officer.
Lt-Col rank officers, incidentally, constitute the major bulk of the officer cadre in the armed forces. Of the 54,770 officers in the 13-lakh strong armed forces, almost 19,000 are Lt-Cols. These include 11,187 in the Army, 4,216 in IAF and 3,528 in Navy.
‘‘Civilian and paramilitary officers who were in a lower pay bracket and were hitherto drawing lesser pay as compared to Lt-Cols will now draw a higher basic salary in the running pay band,’’ said the officer.
Said another officer, ‘‘Lt-Colonels, for instance, will now be drawing Rs 14,000 less than director-level IAS officers and Rs 11,000 less than directors from other civil services. This is gross injustice.’’
The forces are also aghast at the government notification placing all directors-general of police and their equivalents over Lt-Generals by the creation of a new ‘‘higher administrative grade-plus’’.
‘‘The salary of DGPs has been fixed higher than Lt-Generals to further increase disparity. Till the Fourth Pay Commission, all DGPs were a rung lower than Lt-Generals. The Fifth brought the two on par,’’ said a senior officer.
‘‘The Sixth Pay Commission had maintained them on par but the empowered committee of secretaries that went into its recommendations has quietly placed Lt-Generals below DGPs,’’ he said.
The armed forces are, however, ‘‘satisfied’’ that most of the demands raised in connection with jawans, NCOs and JCOs have been met. There will be a 50% to 60% increase in salaries of PBOR (personnel below officer rank) as per the new notification.
Source: http://timesofindia.indiatimes.com/
Sixth Pay Commission report: Unhappy with pay hike, Army wants review
Sixth Pay Commission report: Unhappy with pay hike, Army wants review
Monday, September 01, 2008, (New Delhi)
The military is unhappy with the pay hike cleared recently. And the discontent is so high that over the last couple of days, all three service chiefs have met the Defence Minister to ask for a review.
The cause of worry is the morale of about 25 thousand mid-level officers.
Before the Sixth Pay Commission report, IAS officers equivalent to Majors, Lieutenant Colonels all were on same pay-scale of Rs 15,100.
But after the report, IAS officers will earn Rs 11,000 more as basic pay. Due to this, strong resentment is brewing among Majors, Lt Colonels and equivalent ranks.
Over 25,000 Majors, Lt Colonels and equivalent ranks in three services are considered the forces' cutting edge.
Earlier, at a pay scale of about Rs 15,000 Majors and Lt Colonels were at par with their IAS counterparts.
Another reason for resentment is the fact that Lt Generals, second only to the Army chief and in-charge of key fighting formations, are paid less than Director Generals.
Lt Gens who command more than 40,000 troops are kept lower than director generals of stationery, printing and equivalent who have no operational role.
Tags: 6th Pay Commission report,Sixth Pay Commission,6th Pay Commission News
Source: http://www.ndtv.com/
Monday, September 01, 2008, (New Delhi)
The military is unhappy with the pay hike cleared recently. And the discontent is so high that over the last couple of days, all three service chiefs have met the Defence Minister to ask for a review.
The cause of worry is the morale of about 25 thousand mid-level officers.
Before the Sixth Pay Commission report, IAS officers equivalent to Majors, Lieutenant Colonels all were on same pay-scale of Rs 15,100.
But after the report, IAS officers will earn Rs 11,000 more as basic pay. Due to this, strong resentment is brewing among Majors, Lt Colonels and equivalent ranks.
Over 25,000 Majors, Lt Colonels and equivalent ranks in three services are considered the forces' cutting edge.
Earlier, at a pay scale of about Rs 15,000 Majors and Lt Colonels were at par with their IAS counterparts.
Another reason for resentment is the fact that Lt Generals, second only to the Army chief and in-charge of key fighting formations, are paid less than Director Generals.
Lt Gens who command more than 40,000 troops are kept lower than director generals of stationery, printing and equivalent who have no operational role.
Tags: 6th Pay Commission report,Sixth Pay Commission,6th Pay Commission News
Source: http://www.ndtv.com/
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