12 Sunday Jan 2014
Posted in News
Today is the 150th Birth Anniversary of Swami Vivekananda. He was born on 12th January 1863 and died on 4th July 1902.
Disciple of Shri Ramakrishna Paramahamsa, he toured all over the world and spoke on Religion, Philosophy and Vedanta.
The Birth Anniversary was celebrated in many centres.
12 Sunday Jan 2014
Posted in PSU, TU News - India
A report on the wage revision of SAIL employees w.e.f. 2012, a five year agreement is given below:
NEW DELHI, JAN 12:
Annual wage outgo of SAIL will go up by at least Rs 1,000 crore with the PSU set to sign a pact with its 85,000 non-executives for a 16 per cent hike in basic and dearness allowances and six per cent rise in perks.
Wage revision in SAIL, done every five years, is pending since January 2012 due to differences on the extent of hike between the company management and its unions’ umbrella body, National Joint Committee for Steel (NJCS).
“The management and the unions have nearly reached an accord at the last meeting held in December. It will be given a final shape in the form of an agreement in the next meeting slated later this month,” a source involved in the discussions told PTI.
At the last meeting, the management conveyed to the union representatives that given the current scenario of the steel industry, it would not be able to shell out more than 16 per cent hike in basic and dearness allowances apart from a 6 per cent rise in perks and pensions each.
Union representatives involved in wage talks were demanding between 17 and 18 per cent hike, the source said, adding the management has asked them to come back with a consensus in next meeting.
Initially, the union had asked for a 21.6 per cent hike, similar to the rise in 2007, in basic and dearness allowances.
However, the management said given the current market condition of steel in which consumption grew by just 0.5 per cent during the April-December period, an encore of 2007 is just not possible.
“Even if the unions agree with management’s proposal, it will add at least Rs 1,000 crore burden on wage front for SAIL each year. Since the revision has been pending for two years, the immediate outgo will be over Rs 2,100 crore,” the source said.
SAIL has already made the required provisions for paying out majority of the arrears and the disbursement would be made soon after the wage revision pact is signed.
The company’s net profit more than doubled to Rs 1,180 crore in the July-September quarter, although realisation fell by 6.5 per cent on subdued prices. Its employee expenses, however, went up to Rs 2,495 crore during the quarter from Rs 2,090 crore in the same period a year ago.
12 Sunday Jan 2014
Posted in News, TU News - India
The Central Board of Trustees of the EPF which will meet on 13th January is expected to announce 8.5 % interest for the deposits, just like last year.
The EPFO, which is estimated to have an income of Rs 20,796.96 crore in the current fiscal, needs Rs 20,740 crore to pay 8.5 per cent interest to the subscribers.
EPFO had provided 8.5 per cent interest in the 2012-13 fiscal, which was higher than 8.25 announced in 2011-12. The demand of the employees organisations are that the interest should be 9.5% which is not agreed.
11 Saturday Jan 2014
BSNL has decided to waived installation charges for the following categorie:
‘BSNL offers this new promotional offer for waival of installation charges only to the prospective customers registering for Landline and Broadband connections who opt for Annual Payment Option as follows
BSNL Waived off Broadband installation charges of Rs.250/- for customers opting for Annual Payment Option.
BSNL Waived off Combo Plan installation charges of Rs.500/300 for the customers of Urban & Rural areas who opts for Annual Payment Option.
BSNL Waived Landline installation charges of Rs.750/550 (urban/rural) for the customers opting for Annual Payment Option.
This newly announced promotional scheme for waival of Landline/Broadband installation charges shall be available in all the BSNL circles on PAN India basis with effect from 9th January 2014 to 31st March 2014.’
11 Saturday Jan 2014
The Chief Justice of Delhi has stated that 47 new courts will be opened in the state to speed up the pending court cases. A good decision, considering the long delay in finalising the cases.
Whether other states will follow suit? It will be better, if they do.
11 Saturday Jan 2014
Posted in PSU
Tags
Banking industry seems to have understood that new recruitment is necessary for the growth of business and beer service to the customers.
The Syndicate Bank, one of the Public Sector Banks has decided to recruit about 5,000 new staff in the coming year, 2014-15. it has opened 145 new branches in this year and is projected to open another 250 branches.
This is a good news for the customers and the staff in Syndicate Bank. Young blood, new recruits are always necessary for the growth and health of any institution.
Will BSNL Management realise this truth!
11 Saturday Jan 2014
Tags
The approval of the Environment Ministry for the Posco Steel Plant in Odisha in a serious attack on the people of Odisha and a dangerous clearance which is liable to have serious environmental dangers as also miseries to thousands of poor families.
The Rs. 52,000 crore Posco Steel Plant project by the South Korean Company has been completely opposed by the people of the area and the environmentalists and NGOs. Though proposed some eight years back, it could not proceed much since the Government of india did not give environment clearance due to the strong opposition.
The new environment minister Veerappa moily seems to be in a hurry to give environment clearance to all such projects before the general elections. He has already given such clearances to two power projects, two coal mines and a port with in a few weeks of his taking over the ministry, without any consideration for the environmental and people issues.
Such hazardous and anti-people decisions should be strongly resisted and defeated.
11 Saturday Jan 2014
Posted in PSU
The UPA II Government in its last phase of rule, with only a few months left for general elections is moving for a new method of disinvestment. Due to strong opposition from the unions, the government has not been able to disinvest in some of the rich PSUs.Only Rs.3,000 crore could be mopped up disinvestment so far, although the target was Rs.40,000 crore. Now without direct disinvestment, the shares are being diverted to the market for exchange etc. Just before the elections, the government want to satisfy the corporates from which about 70% of the election fund is mopped up. This new decision should be completely opposed.
The report published in the Business Line is reproduced here for more details.
ETF of PSUs set for launch in a month
NEW DELHI, JAN 10:
Soon investors can boast of a portfolio consisting of shares of 11 blue-chip Central Public Sector Enterprises without any risk considerations. An empowered Group of Ministers (eGoM) under the chairmanship of Finance Minister P. Chidambaram has approved the composition of the Central Public Sector Enterprises Exchange Traded Fund (CPSE-ETF).
Alternative
This fund will be used as an alternative to direct share sales of CPSEs. It will be listed on a stock exchange and trade like other shares on the bourse. Here, investors get the benefit of the constituent shares without directly owning it. Shares of companies, such as ONGC, Coal India, IndianOil and GAIL, would be among those that constitute the fund. Goldman Sachs has been assigned to manage the fund.
“It will be an open-ended scheme,” Disinvestment Secretary Ravi Mathur told reporters after the eGoM meeting here on Friday.
Mathur said a draft prospectus will be filed with the market regulator Securities and Exchange Board of India shortly. Once the approval is obtained, the scheme will be launched.
Difficult time
The fund is being launched at a time when the Government is struggling to meet the disinvestment target of Rs 40,000 crore. Till now, it has mopped up less than Rs 3,000 crore.
The Disinvestment Secretary did not provide any direct answer on the target shortfall, but said he hoped the companies that are not being divested will give special dividends. For example, Coal India has called a board meeting next week to take a call on dividend. Coal India was originally listed for disinvestment, but strong opposition from the unions forced the Government to back off. (Courtesy : Business Line)
(This article was published on January 10, 2014)
Keywords: Empowered group of ministers okays PSU exchange-traded fund, Coal India, CIL to be part of exchange-traded fund, 11 companies to be part of exchange-traded fund, PSU exchange-traded fund to raise Rs 3, 000 cr, Disinvestment Secretary Ravi Mathur, Central Public Sector Enterprises Exchange Traded Fund
10 Friday Jan 2014
Posted in TU News - India
The Central secretariat of the Confederation of Central Government Employees which met today, 10th January 2014 has decided to organise 2 days strike on 12th and 13th February on the demands already submitted to the Government and on which a massive dharna was conducted at Jantar Mantar on 9th January.
The demands include acceptance of the terms of reference for VII CPC suggested by the Confederation, regularisation of GDS and other long pending demands.
10 Friday Jan 2014
Both the Circle secretaries of BSNLEU and NFTE Chhattisgarh met the CMD Shri R.K.Upadhyay who was on tour at Raipur and discussed the issue of the casual/contract workers and the non-implementation of Corporate office orders by the Circle/SSA authorities. The CMD assured them that the matter will be looked in to. The letter given by the Staff Side, Circle Council is given below:
CIRCLE COUNCIL (STAFF SIDE)
CHHATTISGARH CIRCLE, RAIPUR
No. CCM/CORR/ Dated:-10/01/2014
To,
Shri R.K. Upadhyay
CMD, BSNL,
New Delhi.
( On visit to Chhattisgarh Circle )
(Through CGMT, C.G. Circle, Raipur)
Respected Sir,
We on behalf of Circle Council (Staff Side), heartily welcome your goodself on first visit of Circle. On the auspicious occasion of All India BSNL Basketball Tournament, being organised at Bhilai during 9th and 10th January 2014. Taking advantage of this occasion we respectfully wish to draw your kind attention towards certain issues which are centric to C.G. Circle.
(1) We wish to respectfully submit that more than 2000 Contract Workers are being inhumanly exploited by the Contractor, and some Executives. Neither Minimum Wage is paid nor Social Security measures like EPF/ESI implemented, laboures are paid much less than what is due to them after continued persuation by the Unions, Orders were got issued by the Corporate Office on minimum wage, social security measures and procedures for payment etc. But unfortunatly C.G. Circle/ SSA managements conveniently shy away from its responsibility to implements Order as Pricipal Employer as per Government Acts and instructions. Very recently EPF Commissioner,Chhattisgarh Region, Raipur passed a verdict directing BSNL management to deposit Two Crores Seventy Nine Lacs towads EPF contributions, as because verdict was brazenly ingnored by the management, many Bank accounts of SSA heads reportedly freezed by the EPF authority. It is noteworthy that print and electronic media have widely highlighted the lapses of BSNL authority as a Principal Employer. Kindly look in to the matter and ensure that orders/ instructions issued by the Corporate Office are implemented and clear and strong communication may please be made to C.G. Circle to ensure that Labour Laws and issues are dealt with extreme sensitivity and caution. It would not be out of place to urge that responsibility for such violation of labour laws may kindly be fixed to stop recurrence of such lapses.
……………..
We shall be highly obliged if aforesaid issues are considered sympathetically in the interest of Workforce and Company.
With Regards,
(S.M. Chilamwar) (S.C. Bhattacharya)
Leader, Staff Side & Secretary, Staff Side &
C.S., NFTE BSNL C.S., BSNLEU
