Delhi HC issues contempt notices to striking pilots, IPG

The HC order came on a fresh application by Air India management seeking initiation of civil contempt proceedings against the striking pilots for their "flagrant violation" of an earlier order

New Delhi: The Delhi High Court on Wednesday issued contempt notices to Air India's 67 striking pilots and their representative body, Indian Pilots Guild (IPG), for disobeying its earlier order by which their stir was termed as illegal, reports PTI.

"Issue notices on this application (of Air India management) to the non-applicant (respondents 1 to 68). Notice shall indicate that the non-applicants (pilots) shall file their replies to it. List the matter on July 13," Justice Reva Khetrapal said.

The court's order came on a fresh application by Air India management seeking initiation of civil contempt proceedings against the striking pilots for their "flagrant violation" of an earlier order which did not only term the strike as illegal, but had asked them to resume work.

Lalit Bhasin, counsel for Air India, cited the judgment of a division bench of the high court by which the plea of IPG was dismissed and said that the pilots can be tried for civil contempt under the Civil Procedure Code, that entails a punishment of three months jail term.

Taking note of the plea, Justice Khetrapal, however, said, "In the meanwhile, I still feel that better sense will prevail on the pilots. Nobody is concerned with the plight of the passengers as somebody might have to see a person on a death bed... Some must have missed an important meeting or an important interview”.

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EPFO to decide on minimum monthly pension of Rs1,000 on Friday

EPFO has suggested that either retirement age for pension be raised to 60 years from 58 years or the two-year bonus on completion of 20 years of pensionable service be withdrawn

New Delhi: Retirement fund manager Employees Provident Fund Organisation (EPFO) will take a decision on the proposal for fixing the minimum monthly pension for its 50 million subscribers at Rs1,000 at the meeting of its trustees on Friday, reports PTI.

The Central Board of Trustees (CBT), the apex decision making body of the EPFO, will consider various options for sharing the additional burden for ensuring minimum monthly pension for its subscribers.

As per the agenda of the CBT meeting, EPFO has suggested that either retirement age for pension be raised to 60 years from 58 years or the two-year bonus on completion of 20 years of pensionable service be withdrawn.

Either of the two decisions, it added, would help in ensuring minimum pension at Rs1,000 per month to subscribers without any additional burden on employers, employees or the government.

After discussion with Labour Ministry on the issue, EPFO has suggested two options to CBT for ensuring minimum pension of Rs1,000 per month.

However, according to the unionists, either of the two options to ensure minimum pension would affect subscribers and that they will oppose the move during the trustees meeting on 25th May.

"If the retirement age is increased to 60, then the workers would have to contribute for two more years. In case the two years bonus is withdrawn then their pension would be fixed at a lower level as per the formula for the calculation for the pension," All India Trade Union Congress Secretary DL Sachdev said.

"We will oppose the two moves suggested by the EPFO for ensuring minimum pension at Rs1,000 per month," he added.

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FirstRand Bank offers 7.25% interest on savings accounts

This interest rate will be offered on its savings accounts with a minimum balance of Rs1 lakh

Mumbai: FirstRand Bank India (FRB), a division of South African based FirstRand, has announced to offer an interest rate of 7.25% on savings accounts, reports PTI.

This interest rate will be offered on its savings accounts with a minimum balance of Rs1 lakh, a bank release said.

"The deregulation of the saving rate by RBI late last year has benefited the Indian consumers and we would like to ensure our customers benefit by offering a savings rate at 7.25%. This highly attractive rate, coupled with world-class technology, very well located branch and personalised service will enable FRB to deliver comprehensive solutions to our customers," said Bobby Madhav, chief executive for commercial and retail banking at FirstRand Bank India.

FirstRand Bank has recently opened its first retail branch in Mumbai, thereby becoming the first bank from the African continent to open a retail branch in the country.

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