Revised/Reduced premium payable by Bank retirees for Group Insurance Policy
The high light of this year November 2020 to October 2021This time policy pensioner has the option to cover the Group Medical Insurance Policy for Retirees policy for Self+Spouce or self alone. Revised Group Medical Insurance Policy for Retirees has a flexible coverage scheme. Retirees also may also opt for the base insurance coverage of…
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Tax benefits on retirement, VRS, and retrenchment of salaried persons
[This post elucidates details of tax components as well as tax exemption for earned Leave encashment, Gratuity, commutation of pension, NPS withdrawal, retrenchment compensation, , amount received on voluntary retirement, tax on EPF withdrawal etc.] Updated: As per amended finance act 2020 Leave encashment under section 10(10AA): The encashment of unutilized earned leave (read note-1)…
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Tentative new pay scale for bank employees taken final shape will be finalized in the next round of meeting
Today (Aug 28) a meeting of the working group for workmen unions of banks held on a virtual platform. Four workmen unions AIBEA-NCBE-INBEF-NOBW participated discuss about distribution of amount agreed in MOU and finalizing the new pay scales, etc. from allocated Rs.7808 crores (15%) of total amount for employees and officers together. Salient feature of…
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Dearness relief for bank pensioners from August 2020 to January 2021
On the basis of CPI data announced by the Labour Bureau for the period of April 2020 to June 2020, the average index number works out to 7540 (base 1960=100) or 775-slabs(77.50 %) for the above period. It means bank Pensioners have entitled dearness relief to an increase of 16slabs for the ensuing quarter of…
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Dearness Allowance to Bank officers and employees: DA Chart for August- October 2020
On the basis of CPI data announced by the Labour Bureau for the period of April 2020 to June 2020, the average index number works out to 7540 (base 1960=100) or 775-slabs(77.50 %) for the above period. It means bank employees and officers have entitled dearness allowance to an increase of 14 slabs (1.40%) for…
DA chart for bank Officers from August to October 2020
On the basis of CPI data announced by the Labour Bureau for the period of April 2020 to June 2020, the average index number works out to 7540 (base 1960=100) or 775-slabs(77.50 %) for the above period. It means bank employees and officers have entitled dearness allowance to an increase of 14slabs (1.40%) for the…
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