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pension be raised to 60 years from 58 years or the two-year bonus on completion of 20 years of pensionable service be withdrawn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pension be raised to 60 years from 58 years or the two-year bonus on completion of 20 years of pensionable service be withdrawn.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 In case the two years bonus is withdrawn then their pension would be fixed at a lower level as per the formula for the calculation for the pension," All India Trade Union Congress Secretary DL Sachdev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.
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.
Bookings for these special fares remain opened only on Wednesday from 7am and lasted only for 77 minutes
Mumbai: In a bid to woo more passengers and celebrate its seventh anniversary, budget carrier SpiceJet, the third largest airline in the country, had offered a promotional fare of as low as Rs777 to the travellers across all routes, reports PTI.
However, bookings for these special fares remain opened on 23rd May at 7am and lasted only for 77 minutes.
The airline offers the travellers, who book their two-way tickets for its flight on Wednesday at a special base fare of Rs777 (excluding government taxes) to mark the seven years of its inception, a SpiceJet release said here.
Moreover, the travellers also will not have to pay fuel surcharge on the tickets booked under this special offer, it said.
The tickets booked under this special offer will remain valid till October, it said.
"Our mission is to become the country's preferred low-cost airline, delivering the lowest air fares with the highest consumer value, to price sensitive consumers. We hope to fulfil everyone's dream of flying," SpiceJet chief executive Neil Mills said.
SpiceJet, which is now owned by Chennai-based media baron Kalanithi Maran, began its commercial operations in May 2005. With over 17% market share in April, the no-frills carrier operates 274 daily flights across 37 destinations including two international routes.