Monday, August 20, 2012

Contributory Pension for an 
Assured Future

The decision to introduce contributory pension scheme in the state will not be withdrawn, said CM. He was speaking at the meeting of the representatives of service organizations held to discuss the proposal. CM made it clear that if any person inducted into service in April next year dies, the heir who applies for job through die in harness scheme will be given the monthly salary of the person who died till the heir is given a job. By bringing in such a scheme the Government is spending Rs 1200 crore every year towards the pension of those who are inducted into Government service. While implementing the new scheme, no allowances of any Government employee will be lost instead they are assured pension after retirement. Recommendations of employees regarding contributory pension will be taken into consideration by the Government and the same will be brought to the attention of the Centre. The minimum pension as pointed out the by the service organizations would be given prime importance while discussing the issue with the centre. The Union Government in 2004, and later, implemented the contributory pension scheme in most states of India and also in public sector undertakings, leaving only Kerala, West Bengal and Tripura. But since the Central Government has given clear direction regarding the scheme the State Government has got no options left. CM said that if such a step is not taken then it would be almost impossible to give pension. Increasing the pension age and implementing contributory pension scheme has got no connection. Both are separate issues. CM reassured that pension age will be hiked only after consultation with the youth. According to the new contributory pension scheme a government employee needs to share a fixed percentage of his or her basic pay and the dearness allowance combined, which will be reciprocated by an equal share by the government. The amount will be deposited in the account of the employee, the major share of which will be invested in securities of Union, State or similar other institutions.

Sunday, August 19, 2012

Education Loan is a 
Right of every Student

New Delhi: Finance Minister P. Chidambaram Saturday said an education loan is a right of every student and the officials with the public sector banks (PSBs) who are found rejecting a large number of applications may be penalised for denying the loans. 'Bank account is a right of an individual. It is not a gift of a bank and bank loan is a right of every student,' Chidambaram told reporters here after meeting with the chiefs of public sector banks (PSBs) adding that the issue of education loans is close to his heart. 'No application from a deserving candidate, if he/she meets the parameters, should be turned down by the (bank) officer receiving it. If a loan is not given, the decision can be taken only at one level higher to the officer receiving the loan application,' Chidambaram said. This was the first meeting between Chidambaram and the chiefs of PSBs since he took over charge of the finance ministry Aug 1.  The agenda of meeting contained four issues relating to education loans including expansion, time-bound disposal of applications, education loans for meritorious students admitted under management quota and loans for professional diploma courses.  According to Chidambaram, under the new policy if an increase in education loan rejections is detected then there can be punitive actions against the branch manager. 'One case of application rejection or two cases may be an oversight issue, but if the branch reaches a critical number like five or ten cases of rejection then there can be action against the manager,' said Chidambaram. 'It is very important that every students who meets the parameter must get a loan because it's a right.'
The PSBs are working up on the modalities surrounding the Budget announcement of a credit guarantee fund for education loans. They are also working on a mechanism for rating of institutions, courses and students for loan disbursement.

Tuesday, August 14, 2012