Category: FINANCE
-
How to Save for a Car Down Payment Quickly
Buying a car is a significant financial milestone, and one of the best ways to make it more affordable is by saving for a substantial down payment. A larger down payment can reduce your monthly payments, lower your interest rate, and decrease the total amount you pay over the life of the loan. Here are…
-
Andhra Pradesh Guaranteed Pension System (APGPS) Act, 2023 – Explained
The Andhra Pradesh Guaranteed Pension System (APGPS) Act, 2023, aims to enhance the financial security of government employees subscribed to the National Pension System (NPS). This new legislation provides a guaranteed pension for retirees, offering a safety net that bridges any shortfalls in pension benefits while also ensuring fiscal sustainability for the state. Key Features…
-
Revision of Dearness Allowance Rates for Central Government Employees Effective from 01.07.2024
In a significant update for Central Government employees, the Department has issued an Office Memorandum confirming the revision of Dearness Allowance (DA) rates. Effective from July 1, 2024, the DA will increase from 50% to 53% of the Basic Pay. This adjustment is aimed at providing additional financial support to employees amid rising living costs.…
-
Tamil Nadu Government Hikes 3% DA for State Employees from July 2024
The Tamil Nadu government has announced a significant increase in the Dearness Allowance (DA) for state government employees and pensioners, effective from July 1, 2024. This 3% hike, raising the DA from 50% to 53%, comes as part of the government’s efforts to mitigate the impact of inflation and the rising cost of living. Key…
-
Supreme Court Order on Notional Increment for Central government Pensioners
Overview On October 14, 2024, the Department of Personnel & Training (DOPT) issued a significant Office Memorandum (O.M) in response to the Supreme Court’s order regarding the grant of notional increments for pension calculation. This development is crucial for Central Government employees who retired on June 30th or December 31st and is guided by the…
-
NPS Benefits for Central Government Employees upon Resignation: DOPPW O.M 07.10.2024
On October 7, 2024, the Department of Pension and Pensioners’ Welfare (DOPPW) issued an Office Memorandum highlighting the entitlements for Central Government employees covered under the National Pension System (NPS) upon their resignation. This memorandum, referenced as No. 57/03/2022-P&PW(B)/8361 (3), is set to govern the service-related matters under the NPS framework. Key Highlights 1. Rule…