LS passes Bill to hike gratuity ceiling to Rs10 lakh

The Bill seeks to amend the Gratuity Act to enhance the amount of gratuity payable to an employee from Rs3.5 lakh to Rs10 lakh

A Bill to raise the ceiling of gratuity for employees to Rs10 lakh from Rs3.5 lakh was passed by the Lok Sabha without discussion today, reports PTI.

The House, which witnessed an Opposition furore over the “2G spectrum scam” and reports about alleged involvement of a Central minister in an illegal arms deal, also adopted the Employees’ State Insurance (Amendment) Bill 2009 without any debate.

The Payment of Gratuity (Amendment) Bill 2010, introduced by minister of state for labour Harish Rawat last month, was passed by a voice vote.

The Bill seeks to amend the Gratuity Act to enhance the amount of gratuity payable to an employee from Rs3.5 lakh to Rs10 lakh.

The legislation was brought following demands from trade unions and others to remove the ceiling or increase the maximum payable amount, which was fixed in 1997.

The House also passed the Employees’ State Insurance (Amendment) Bill 2009 to provide for medical care to unorganised sector workers, especially those below the poverty line.

The Bill proposes that the Employees’ State Insurance Corporation (ESIC) should participate in the Rashtriya Swasthya Bima Yojana to cover BPL workers in the unorganised sector.

The statement of objects and reasons of the Bill said that it also proposed to increase the age limit of dependents from 18 to 21 years and provide for claims for accidents occurring at work or while going to work.

The legislation was brought to the House in 2008 to replace an ordinance and was then sent to the concerned Parliamentary standing committee.
 

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COMMENTS

anil kumar mathur

7 years ago

Pl. let me know the date of implementation of revision of gratuity for bank officers/employees

sachida nand mamgain

7 years ago

All Bank officers/employees are anxious to know the date of implemention of revision of gratuity ceilings from 3.00 lacs to 10.00 lacs.

sachidanand mamgain

7 years ago

what is the date of implemention of raising of gratuity ceilings from 3.00 lacs to 10.00 lacs

CJG

7 years ago

All we retired Govt. employees of Central PSU's eagerly await the implementation and the disbursement of arrears of Rs.6.5 lakhs gratuity as we have no other source of income since some of us are under the "NO PENSION SCHEME

Sugar rises on heavy buying by stockists, restricted supply

The government has relaxed the norms for mills to sell entire non-levy sugar for May, on a monthly basis from the fortnightly basis earlier

Sugar prices rose at the Vashi wholesale market here today on the back of heavy buying by stockists amid restricted supplies from mills, reports PTI.

Meanwhile, the government relaxed the norms for the mills to sell entire non-levy sugar for May, on a monthly basis from the fortnightly basis earlier.

Medium sugar quality (M-30) strengthened by Rs 60/70 per quintal to Rs2,950/3,030 from last Friday's closing level of Rs2,890/2,960.

Small sugar quality (S-30) also firmed up by Rs50/65 per quintal to Rs2,895/2,950 as against Rs2,830/2,900 previously.

Following are today’s closing rates per quintal with previous rates in brackets.

Small sugar (S-30) quality Rs2,895/2,950 (Rs2,830/2,900) and medium sugar (M-30) quality Rs2,950/3,030 (Rs2,890/2,960).
 

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Financial castles in the air-V

Builders are offering ‘guaranteed’ returns—and rebates—to homebuyers in return for upfront payments even for under-construction properties. This is the fifth part of a continuing series

Emaar MGF Land Ltd, a Delhi based real-estate company—which is planning to list on the Bombay Stock Exchange (BSE)—is offering different rebates for its various residential projects, if homebuyers pay almost 95% of the basic sale price (BSP) within 30 days-45 days of booking a property. 

The company is offering 5%-12% rebate on the BSP for its various residential projects situated around Delhi −‘Palm Terraces, Palm Hills’, ‘Esplanade’ and the ‘Commonwealth Games Village’—under its down-payment scheme.

According to the company’s website, the customer has to pay minimum of Rs5 lakh (which varies from project-to-project) at the time of booking the property; 95% of the sale price plus 100% external development charges (EDCs); 100% infrastructure development charges (IDCs) and cost of parking slot within a stipulated time (30 days or 45 days)—all which differ from project-to-project. The remaining 5% of the BSP can be paid when the customer receives an intimation of the possession of the property.

The developer is also offering 12% rebate if the customer is purchasing a property in Palm Hills at Gurgaon under the down-payment scheme. The buyer is supposed to pay 95% of the sale price and all charges mentioned above plus 100% club membership charges within 45 days. The remaining charges can be paid after the buyer gets the intimation of the possession. Currently the price for a three bedroom-hall-kitchen (BHK) in this project is Rs3,499 per sq ft.

The same rebate is being offered for the developer’s ‘Palm Terraces’ project which is priced at Rs5,250 per sq ft for a 4-BHK covering 2,100 sq ft. For the ‘Commonwealth Games Village’, the developer is only offering 5% rebate on the payment of 95% of the BSP within 30 days. The booking amount for a 2-BHK starts from Rs25 lakh. 

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COMMENTS

pritam mugal

6 years ago

nice....

REPLY

Mayu

In Reply to pritam mugal 6 years ago

ok

pritam mugal

In Reply to pritam mugal 6 years ago

reply to my comment

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