New Delhi, Aug 29, 2008: Contrary to widespread misperception that 6th Pay Commission will have adverse impact on India’s economy, a report says that it wouldn’t have any negative impact. The report comes at a time when many economists and analysts both with India and abroad had said that it will be increase deficit and may aggravate inflation.
Central government that is all set to issue notification for the implementation of the pay panel recommendations must have heaved a sigh of relief over the finding of Fitch Ratings India.
The Fitch Ratings India’s finding totally negates the economists who had been ranting that it will be counter productive for the nation and that it will be very difficult for the country to absorb the financial impact of the increased pending on the pay panel implementation.
Around 5.5 million central government employees are going to benefit from the pay panel recommendations. A larger number of state government employees too will benefit from the recommendations if their respective state governments implement the recommendations.
It is estimated that the wage hike would increase the financial implication for the Centre by Rs 17,798 crore annually and the arrears with effect from January 2006 would cost Rs 29,373 crore, Information and Broadcasting Minister P R Dasmunsi told reporters after the Cabinet meeting. The financial implication of Pay Commission on the General Budget would be Rs 15,717 crore and Rs 6414 crore on Railway Budget in 2008-09. The government’s present salary bill is over Rs 70,000 crore and the pension bill is over Rs 30,000 crore.
Dr Devendra K. Pant of Fitch Ratings India says, “In 1997, the fiscal situation was grimmer for Indian states when increased expenditure on wages and salaries resulted in increased borrowing, engulfing some states in a fiscal crisis and trapping them in a vicious cycle of debt”.
He says that the country was in a far stronger economic condition and that it has the ability to absorb such government largesse. “Now, there is a marked difference in present growth and the states' fiscal situations. Even with a forecasted slowdown in FY09, economic growth is expected to be 7.7%, whereas economic growth in FY97 was a comparatively meager 4.3%” he says.
Another Fitch official says, “Fitch considers that buoyancy in VAT collection and continued tax buoyancy would help states manage the negative impact of the pay revision on their finances”.
Source: www.khabrein.info
Friday, August 29, 2008
Notification on 6th pay commission
6th Pay Commission Notification to be issued on 29th August
The government is all set to issue the notification of the 6th Pay Commission’s Recommendation tomorrow, Friday. This is sure to be a big relief for 5.5 million central government employees who have been anxiously awaiting the notification.
This will not only clear the air but the central government employees will also be in a better position to figure out the details and will know precisely what they are going to get as their final payments. Besides they would be able to know clearly the allowances and other benefits that sixth pay commission awards them.
The final draft that the union cabinet approved on 14th August had been improved upon by the government. Several grouses of different sections of the employees were taken into account, particularly the grouses of army officials were considered and anomalies removed.
The reports point out that the first installment of arrears will be paid to central government employees in September itself giving a much needed relief to hundreds of thousands of central government employees.
The wage hike would increase the financial implication for the Centre by Rs 17,798 crore annually and the arrears with effect from January 2006 would cost Rs 29,373 crore, Information and Broadcasting Minister P R Dasmunsi told reporters after the Cabinet meeting. The financial implication of Pay Commission on the General Budget would be Rs 15,717 crore and Rs 6414 crore on Railway Budget in 2008-09. The government’s present salary bill is over Rs 70,000 crore and the pension bill is over Rs 30,000 crore.
Tags: notification on 6th pay commission,6th Pay Commission Notification
Source: http://hotnspicypage.blogspot.com
The government is all set to issue the notification of the 6th Pay Commission’s Recommendation tomorrow, Friday. This is sure to be a big relief for 5.5 million central government employees who have been anxiously awaiting the notification.
This will not only clear the air but the central government employees will also be in a better position to figure out the details and will know precisely what they are going to get as their final payments. Besides they would be able to know clearly the allowances and other benefits that sixth pay commission awards them.
The final draft that the union cabinet approved on 14th August had been improved upon by the government. Several grouses of different sections of the employees were taken into account, particularly the grouses of army officials were considered and anomalies removed.
The reports point out that the first installment of arrears will be paid to central government employees in September itself giving a much needed relief to hundreds of thousands of central government employees.
The wage hike would increase the financial implication for the Centre by Rs 17,798 crore annually and the arrears with effect from January 2006 would cost Rs 29,373 crore, Information and Broadcasting Minister P R Dasmunsi told reporters after the Cabinet meeting. The financial implication of Pay Commission on the General Budget would be Rs 15,717 crore and Rs 6414 crore on Railway Budget in 2008-09. The government’s present salary bill is over Rs 70,000 crore and the pension bill is over Rs 30,000 crore.
Tags: notification on 6th pay commission,6th Pay Commission Notification
Source: http://hotnspicypage.blogspot.com
6th Pay Commission Notification
6th Pay Commission Notification To Be Issued
All the wait is finally going to get over soon. The government is all geared up to release the notification of the Sixth Pay Commission’s recommendation on Friday, August 29, 2008. The 5.5 million strong employees of the central government, who had been awaiting this notification with bated breath, are sure to heave a sigh of relief.
The issuance of the notification is going to clear the air as central government employees will finally be in a position to know exactly how much are they going to get in their final payment. They will also come to what benefits and allowance the 6th Pay Commission has earmarked for them.
The government has improved the final draft that was prepared by the union cabinet on 14th August. The complaints of varied groups of employees were taken into consideration, especially those of army officials and the irregularities were eliminated. The Union Cabinet has given its approval for implementation of the recommendations of the Sixth Central Pay Commission.
Tags: 6th pay commission notification,Sixth Pay Commission Notification
Source: http://www.india-server.com
All the wait is finally going to get over soon. The government is all geared up to release the notification of the Sixth Pay Commission’s recommendation on Friday, August 29, 2008. The 5.5 million strong employees of the central government, who had been awaiting this notification with bated breath, are sure to heave a sigh of relief.
The issuance of the notification is going to clear the air as central government employees will finally be in a position to know exactly how much are they going to get in their final payment. They will also come to what benefits and allowance the 6th Pay Commission has earmarked for them.
The government has improved the final draft that was prepared by the union cabinet on 14th August. The complaints of varied groups of employees were taken into consideration, especially those of army officials and the irregularities were eliminated. The Union Cabinet has given its approval for implementation of the recommendations of the Sixth Central Pay Commission.
Tags: 6th pay commission notification,Sixth Pay Commission Notification
Source: http://www.india-server.com
Sixth Pay Commission: Zee News establishes the lead across all metro’s: TAM
MUMBAI: As per the latest TAM (Television Audience Measurement) results, Zee News has been acclaimed as the leading channel preferred for the news related to the common man. These results were based on the occasion of announcement of Sixth Pay Commission, where Zee News garnered a magnificent score of 21% audiences of the total market share across all the four metros.
The findings show that Zee News has consistently been recognized as the most preferred news channel for its credibility and authenticity by the viewers. To take a quick recap of the performance Zee News: the channel had emerged as the most preferred news channel in week 30 and has again repeated the success in week 33 with its in-depth coverage on the Sixth Pay Commission announced on August 14’ 2008.
Highlighting the success, Barun Das, CEO, Zee News Ltd. said, “We at Zee News have always believed in the power of authenticity and credibility of news. Be it news related to a common man or of national interest, we always believe in offering our viewers the content, which is real and sensible. The decision on the Sixth Pay Commission was much awaited and we are happy that viewers have appreciated our coverage and have believed in Zee News as a channel, our concept of Zara Sochiye. We have always been confident about our acceptance and ratings are another motivation factor.”
The recently declared TAM results have placed Zee News ahead of other Hindi News channels like Star News, India TV, NDTV India, Aaj Tak, IBN 7 among others.
Source: http://www.indiantelevision.com/release/y2k8/aug/augrel83.php
The findings show that Zee News has consistently been recognized as the most preferred news channel for its credibility and authenticity by the viewers. To take a quick recap of the performance Zee News: the channel had emerged as the most preferred news channel in week 30 and has again repeated the success in week 33 with its in-depth coverage on the Sixth Pay Commission announced on August 14’ 2008.
Highlighting the success, Barun Das, CEO, Zee News Ltd. said, “We at Zee News have always believed in the power of authenticity and credibility of news. Be it news related to a common man or of national interest, we always believe in offering our viewers the content, which is real and sensible. The decision on the Sixth Pay Commission was much awaited and we are happy that viewers have appreciated our coverage and have believed in Zee News as a channel, our concept of Zara Sochiye. We have always been confident about our acceptance and ratings are another motivation factor.”
The recently declared TAM results have placed Zee News ahead of other Hindi News channels like Star News, India TV, NDTV India, Aaj Tak, IBN 7 among others.
Source: http://www.indiantelevision.com/release/y2k8/aug/augrel83.php
Madhya Pradesh to implement Sixth Pay Commission recommendations
Bhopal, Aug 28 (IANS) Madhya Pradesh Chief Minister Shivraj Singh Chouhan Wednesday said the state government would implement the Sixth Pay Commission recommendations for its employees soon.
Chouhan made the announcement at a convention in the tribal-dominated Khandwa district. The convention was organised to launch a tendu leaf bonus distribution programme.
The implementation of the Pay Commission recommendations will benefit more than 500,000 state employees who would, on an average, see a hike of roughly 30 percent.
"My government has always been in favour of providing the best possible to its employees and it will also execute the Sixth Pay Commission recommendations as early as possible," Chouhan said.
Various State Employees' Unions have been demanding the implementation of the Sixth Pay Commission recommendations ever since the central government approved the new pay scales Aug 14 for its five million employees.
This will see the average salary increases of central government employees by 21 percent, and cost the exchequer Rs.221.31 billion this fiscal.
IANS
http://mangalorean.com/news.php?newstype=local&newsid=90620
Chouhan made the announcement at a convention in the tribal-dominated Khandwa district. The convention was organised to launch a tendu leaf bonus distribution programme.
The implementation of the Pay Commission recommendations will benefit more than 500,000 state employees who would, on an average, see a hike of roughly 30 percent.
"My government has always been in favour of providing the best possible to its employees and it will also execute the Sixth Pay Commission recommendations as early as possible," Chouhan said.
Various State Employees' Unions have been demanding the implementation of the Sixth Pay Commission recommendations ever since the central government approved the new pay scales Aug 14 for its five million employees.
This will see the average salary increases of central government employees by 21 percent, and cost the exchequer Rs.221.31 billion this fiscal.
IANS
http://mangalorean.com/news.php?newstype=local&newsid=90620
Sixth Pay Commission: 'High VAT, other tax mop-up to cushion impact of pay revision'
NEW DELHI : Buoyancy in VAT and other tax collections will cushion the impact on finances of states, following a hike in
salaries of government employees as recommended by the Sixth Pay Commission, credit rating agency Fitch said on Thursday.
The agency said that fiscal condition of states has improved massively since 1997 when the states implemented the previous
pay revision.
That time states were grappling with grim fiscal situation with only 9 out of 26 states having a revenue surplus. Now 21
states had revenue surplus in financial year 2007-08.
Though recommendations of the Sixth Pay Commission are only for central government employees, it is a common practice for
states to adopt them while revising salaries of their employees.
Five states, including Uttarakhand and Uttar Pradesh, have already announced that they will follow recommendations of the
Commission.
Thus the Sixth Pay Commission reward will be well absorbed by the states, despite an expected slowdown in the economy, Fitch
said.
As far as the Centre is concerned, the commission's report, to be implemented from September will hit the exchequer by over
Rs 20,000 crore this fiscal, Fitch said.
Source: http://economictimes.indiatimes.com
salaries of government employees as recommended by the Sixth Pay Commission, credit rating agency Fitch said on Thursday.
The agency said that fiscal condition of states has improved massively since 1997 when the states implemented the previous
pay revision.
That time states were grappling with grim fiscal situation with only 9 out of 26 states having a revenue surplus. Now 21
states had revenue surplus in financial year 2007-08.
Though recommendations of the Sixth Pay Commission are only for central government employees, it is a common practice for
states to adopt them while revising salaries of their employees.
Five states, including Uttarakhand and Uttar Pradesh, have already announced that they will follow recommendations of the
Commission.
Thus the Sixth Pay Commission reward will be well absorbed by the states, despite an expected slowdown in the economy, Fitch
said.
As far as the Centre is concerned, the commission's report, to be implemented from September will hit the exchequer by over
Rs 20,000 crore this fiscal, Fitch said.
Source: http://economictimes.indiatimes.com
Sixth Pay Commission: Inflation eases to 12.40%
PTI
Thursday, August 28, 2008 19:36 IST
NEW DELHI: Lower prices of food and fuel items pulled down inflation to 12.40 per cent, offering hopes of what the Finance
Ministry described as "early signs of moderation" in prices.
The decline in the rate of price rise by 0.23 per cent from 12.63 per cent in the previous week comes after five weeks of
consistent rise.
"There are some early signs of moderation of inflation" the finance ministry said in a statement adding in the primary
articles group 21 out of total 98 articles have shown decline in prices and there was no increase in prices of another 48
articles.
However, according to analysts, the decline could be temporary as crop production could be hit due to flood in many states
and implementation of Sixth Pay Commission from next month would result in creation of more demands.
Inflation which still remains much higher than targeted nine per cent for the fiscal could prompt the Reserve Bank to further
tighten monetary policy during the half-yearly review of the credit policy in October.
According to the ministry statement, prices of 30 essential commodities, after remaining range bound between 5.7 to 6.7 per
cent for 19 weeks in the current financial year, increased from 6.74 per cent as on the August 9 to 7.24 per cent during the
reporting week.
During the week, prices vegetables declined by 1.1 per cent while meat, egg and fish became cheaper by 0.2 per cent.
Besides, falling crude in the international market cooled down prices of industrial fuels like naphtha by 9 per cent and
furnace oil by 6 per cent.
Source: http://www.dnaindia.com/report.asp?newsid=1186353
Thursday, August 28, 2008 19:36 IST
NEW DELHI: Lower prices of food and fuel items pulled down inflation to 12.40 per cent, offering hopes of what the Finance
Ministry described as "early signs of moderation" in prices.
The decline in the rate of price rise by 0.23 per cent from 12.63 per cent in the previous week comes after five weeks of
consistent rise.
"There are some early signs of moderation of inflation" the finance ministry said in a statement adding in the primary
articles group 21 out of total 98 articles have shown decline in prices and there was no increase in prices of another 48
articles.
However, according to analysts, the decline could be temporary as crop production could be hit due to flood in many states
and implementation of Sixth Pay Commission from next month would result in creation of more demands.
Inflation which still remains much higher than targeted nine per cent for the fiscal could prompt the Reserve Bank to further
tighten monetary policy during the half-yearly review of the credit policy in October.
According to the ministry statement, prices of 30 essential commodities, after remaining range bound between 5.7 to 6.7 per
cent for 19 weeks in the current financial year, increased from 6.74 per cent as on the August 9 to 7.24 per cent during the
reporting week.
During the week, prices vegetables declined by 1.1 per cent while meat, egg and fish became cheaper by 0.2 per cent.
Besides, falling crude in the international market cooled down prices of industrial fuels like naphtha by 9 per cent and
furnace oil by 6 per cent.
Source: http://www.dnaindia.com/report.asp?newsid=1186353
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