High Court Orders BOI to Pay Dues to Employee Following Compulsory Retirement

 

An employee who is given mandatory retirement in contravention of the law and then reinstated will be eligible to receive full pay and other benefits for the time they were out of work, according to a division bench of the Madhya Pradesh High Court. 

This verdict followed the Bank of India's (BOI) appeal of a single-judge decision that mandated the bank reimburse an employee for the time he was unemployed owing to mandatory retirement. 

Narmada Prasad Chaudhary, who began working for the Bank of India in July 1974, is at issue in this case. He was prematurely retired from his job by the bank in January 2002. In the High Court, Chaudhary contested the ruling and prevailed.

The Supreme Court upheld the High Court's verdict after the bank appealed the decision there. Chaudhary was consequently given his position back in September 2009.

 However, the bank failed to factor in the more than seven years he was unemployed as a result of the mandatory retirement when determining his post-retirement compensation. 

The computation of his pay and retirement benefits was impacted by this omission.

Chaudhary then filed an appeal with the High Court once more. A one-judge panel decided in his favor in this matter, directing the bank to reimburse him for his lost income, perks from his promotion, and other obligations during his leave of absence. 

This verdict was contested by the bank management, and a division bench heard the case. Chief Justice SK Kait and Justice Vivek Jain led the division bench, which affirmed the ruling of the lower court. 

During Chaudhary's forced retirement, they mandated that the Bank of India give him his full salary, benefits from his promotion, and other entitlements. Additionally, the bank was ordered by the court to pay him 8% interest on the amount owing.

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This Gold Bond scheme to be discontinued by Government

At a post-Budget media briefing on February 1, Finance Minister Nirmala Sitharaman said that the Sovereign Gold Bond (SGB) program, which was introduced in 2015 as a substitute for actual gold, would be withdrawn. Concerns regarding the program's effect on present investors and potential market repercussions were raised when the government stated that the high borrowing costs of the bonds were the primary cause for their termination. 

Why Government has Discontinued?

Ajay Seth, the secretary of economic affairs, clarified that the SGB program was first intended to decrease gold imports and raise money from the market. However, SGBs have evolved into a costly borrowing instrument for the government. No fresh tranches have been released this fiscal year, even though the FY25 Budget allocated ₹18,500 crore to SGBs, which is less than the ₹26,852 crore in the interim Budget

The SGB plan, which was introduced in November 2015, gave investors an interest-bearing investment option as an alternative to holding actual gold. The bonds have an 8-year maturity duration, and after 5 years, they can be partially redeemed. The interest rate was first set at 2.75% annually and then changed to a fixed rate of 2.5% throughout the duration of the bond.

Impact on Existing Investor

 Current SGB holders will continue to receive their rewards even though the plan will no longer accept new investments. The government has affirmed that redemptions will take place in accordance with the original plan and that existing bonds will continue to pay the guaranteed 2.5% yearly interest until maturity. SGBs are still marketable on the secondary market through stock exchanges for investors who wish to sell before they mature.

Since its inception, total issuances under the SGB scheme have reached ₹45,243 crore as of FY23, with an outstanding value of approximately ₹4.5 lakh crore recorded by March 2023. The discontinuation primarily affects prospective new investors.

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7th Vs 8th Pay Commission Calculator: What will be the Fitment Factor? How much will the salary increase? See the complete pay structure of Pay Level

The wait for the 8th Pay Commission for government employees and pensioners is now on. It is being speculated that the salary of the government employees (Central government employees) will increase by 20% to 30%. According to the government, more than 50 lakh central employees and 65 lakh pensioners are going to get the benefit.

According to government indications, the 8th Pay Commission may come into effect from 1 January 2026. The previous 7th Pay Commission (7th CPC) was implemented from 1 January 2016, and usually every 10 years a new pay commission is implemented. Accordingly, the 8th CPC is expected to come into effect from January 2026.

Fitment Factor plays the most important role in determining the basic salary of government employees. In the 7th Pay Commission, it was 2.57, due to which the minimum salary increased from ₹ 7,000 to ₹ 18,000. Now in the 8th Pay Commission, there are three different estimates regarding fitment factor - 1.90 or (1.92), 2.08 and 2.86.

This will decide what the new salary of government employees will be. If the fitment factor is 2.86, then the minimum wage can increase from ₹ 18,000 to ₹ 51,480. 

How is basic salary decided?

Formula of Fitment Factor: 

New Basic Salary = Existing Basic Pay × Fitment Factor 

Below table gives a comparison of salary increase as per 7th and 8th Pay Commission-

Salary increase expected in 8th Pay Commission

Pay Level 7वें वेतन आयोग (Basic Pay) 1.92 फिटमेंट फैक्टर 2.08 फिटमेंट फैक्टर 2.86 फिटमेंट फैक्टर

Level 1 ₹18,000 ₹34,560 ₹37,440 ₹51,480

Level 2 ₹19,900 ₹38,208 ₹41,392 ₹56,914

Level 3 ₹21,700 ₹41,664 ₹45,136 ₹62,062

Level 4 ₹25,500 ₹48,960 ₹53,040 ₹72,930

Level 5 ₹29,200 ₹56,064 ₹60,736 ₹83,512

Level 6 ₹35,400 ₹67,968 ₹73,632 ₹1,01,244

Level 7 ₹44,900 ₹86,208 ₹93,392 ₹1,28,414

Level 8 ₹47,600 ₹91,392 ₹99,008 ₹1,36,136

Level 9 ₹53,100 ₹1,01,952 ₹1,10,448 ₹1,51,866

Level 10 ₹56,100 ₹1,07,712 ₹1,16,688 ₹1,60,446

Will DA (Dearness Allowance) be zero in the 8th Pay Commission? 

In every new pay commission, Dearness Allowance (DA) is reset initially. 

Currently, DA is running at 53% in the 7th Pay Commission, but in the 8th Pay Commission it will be reset to zero and then gradually increased.

How much will pensioners benefit? 

At present the minimum pension is ₹9,000 per month. 

The maximum pension of government employees is fixed at 50% of the basic salary. 

Currently the maximum pension is ₹ 1,25,000 per month. In the 8th Pay Commission it can be up to ₹ 3 lakh.

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State Bank of India(SBI) SO Recruitment 2025 Notification Out, Apply Online

The official notification for the hiring of applicants for the positions of Specialist Officer-Manager and Dy. Manager has been made public by the State Bank of India. There are 42 positions available for the SBI Bank SO Recruitment 2025. On February 1, 2025, the SBI Bank SO Recruitment 2025 Notification was made public, and online applications were accepted from February 1 through February 24, 2025.

Overview
Recruitment Organization	State Bank of India
Post Name	Manager, Dy. Manager
Total Vacancies	42
Notification Date	1 February 2025
Post Category	Specialist Officer

Important Dates
Apply Start Date	01 February 2025
Apply Last Date	24 February 2025
Interview Date	Notify Later

Application Fee
General/ OBC/ EWS	Rs. 750/-
SC/ ST/ PWD	Rs. 0/-
Mode of Payment	Online

Vacancy, Qualification
Age Limit (Manager): 26-36 Years. (As on 31.07.2024) Age Limit (Dy. Manager): 24-32 Years. (As on 31.07.2024)
Post Name	Vacancy	Qualification
Manager (Data Scientist)	13	B.E/ B.Tech in Related Field
Dy. Manager (Data Scientist)	29	B.E/ B.Tech in Related Field

Selection Process
1. Shortlisting 2. Interview Test 3. Document Verification 4. Medical Examination

SBI Bank SO Recruitment 2025 Notification PDF - Click Here

SBI Bank SO Recruitment 2025 Apply Online - Click Here

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State Bank of India(SBI) recruitment for post of Chief Officer (Security), Salary Rs 31.2 Lacs

The position of Chief Officer (Security) at State Bank of India (SBI) is open. Below are all the details pertaining to this recruiting. Candidates who are interested and qualified may apply using the link below.

Job Profile

• Drawing up security policies of the Bank and arranging for their review.
• Ensuring maintenance of the security systems in the Bank in a state of high efficiency – as the Head of Bank’s security
• function.
• Providing specialised and professional support to the Top Management in all security related matters for ensuring
• security and safety of Bank’s property, customers and staff, always.
• Vetting Disaster Recovery Plan for Corporate Centre Departments/ Establishments, from security angle.
• Ensure adequate training of all security officers and Bank Guards.
• Provide support to the Top Management in ensuring a proper promotion and posting profile of all security officials.
• Enhancing security consciousness in the Bank.
• Ensure security audit of all Local Head Office Premises and Corporate Centre establishments.

Important Dates

Important Events	Dates
Commencement of Online Registration of Application	01.02.2025
Closure of Registration of Application	24.02.2025
Closure for Editing Application Details	24.02.2025
Last Date for Printing Your Application	21.03.2025
Online Fee Payment	01.02.2025  to  24.02.2025
Last Date for Printing Call Letter (if shortlisted for interview)	N/A

SBI Chief Officer (Security) Recruitment Details

Vacancy	1
Minimum Age	NA
Maximum Age	57 years as on as on 31/12/2024
Maximum CTC	Rs. 31,20,000/-
Contract Period	03 Years + 02 Years

Basic requirement

• An officer served in the Rank of Brigadier or above in Indian Army. Or
• An officer served in the Rank of Commodore or above in Indian Navy. Or
• An officer served in the Rank of Air Commodore or above in Indian Air Force. Or
• An officer served in the Rank of Inspector General or above in Indian Police Service or Para-Military Services.

Selection Process

The selection will be based on shortlisting, Interview & CTC related negotiations.

• Shortlisting: Mere fulfilling minimum experience will not vest any right in candidate for being called for interview. The shortlisting committee constituted by the Bank will decide the shortlisting parameters and thereafter, adequate number of candidates, as decided by the Bank, will be shortlisted for interview. The decision of the Bank to call the candidates for the interview shall be final. No correspondence will be entertained in this regard. The shortlisted candidates will be called for interview.
• Interview: Interview will carry 100 marks. The qualifying marks in interview will be decided by the Bank. No correspondence will be entertained in this regard.
• CTC Negotiation: CTC related Negotiation will be done one-by-one, with the candidates in order of the merit list drawn on the basis of marks obtained in the interview.

Notification PDF -  Click Here

Apply Online Link - Click Here

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How much tax will salaried save on income after Budget 2025?

Salaried people will be able to save up to Rs 1,14,400 in income tax thanks to the new income tax bands that are envisaged under the new tax regime in Budget 2025. The income tax savings are based on the assumption that, under the new tax regime, an individual is only claiming a standard deduction of Rs 75,000. By claiming a deduction on his employer's National Pension System (NPS) payment, a salaried individual can save more money on taxes.

The proposed increased income tax slabs under the new tax regime will result in additional tax savings for salaried employees, according to this EY analysis. Under the new tax system, it is presumed that he or she will claim a standard deduction of Rs 75,000.

Gross taxable income	Current income tax payable	Proposed income tax payable	Income tax saved after Budget 2025
Rs 12,75,000	Rs 83,200	0	Rs 83,200
Rs 15,00,000	Rs 1,30,000	Rs 97,500	Rs 32,500
Rs 16,00,000	Rs 1,53,400	Rs 1,13,100	Rs 40,300
Rs 20,00,000	Rs 2,78,200	Rs 1,92,400	Rs 85,800
Rs 24,75,000	Rs 4,26,400	Rs 3,12,000	Rs 1,14,400
Rs 25,00,000	Rs 4,34,200	Rs 3,19,800	Rs 1,14,400

As per analysis, taxpayers opting for the new tax regime in the current FY 2024-25 will save more in the upcoming FY 2025-26 due to changes proposed in the income tax slabs under the new tax regime.

Budget 2025 has made significant changes to income tax slabs under the new tax regime while keeping the tax slabs unchanged in the old tax regime. This demonstrates that the government wants to encourage wider adoption of the new tax regime to ease the burden on both the taxpayers and the income tax authorities. The proposed changes will provide much needed tax relief to the lower and middle income bracket taxpayers. Now a salaried taxpayer whose net taxable income is Rs 12 lakh will pay NIL tax due to the enhanced tax rebate proposed in the Budget 2025. Even those taxpayers who fall in 30% tax bracket will now save taxes of Rs.1,14,400 (including cess) due to recalibration of the income tax slabs. For FY 2023-24, about 72% of the taxpayers opted for new tax regime. With the proposed changes in Budget 2025, it is expected that even a higher percentage of individual taxpayers will opt for new tax regime going forward."

Income Tax Calculator for 2025-26

Individuals opting for old tax regime

Individuals opting for the old tax regime will now have to claim minimum deductions/exemptions of up to Rs.8.5 lakh (including standard deduction of Rs.50,000) in a financial year. This amount of deduction is necessary so that the individual pays the same amount of tax under the old and proposed new tax regime.

Gross taxable income	Income tax payable under old tax regime	Proposed income tax under new tax regime	Deductions to pay same tax in both tax regimes
Rs 12,75,000	Nil	Nil	Rs 7,75,000
Rs 15,00,000	Rs 97,500	Rs 97,500	Rs 5,93,750
Rs 16,00,000	Rs 1,13,100	Rs 1,13,100	Rs 6,18,750
Rs 20,00,000	Rs 1,92,400	Rs 1,92,400	Rs 7,58,333
Rs 24,75,000	Rs 3,12,000	Rs 3,12,000	Rs 8,50,000
Rs 25,00,000	Rs 3,19,800	Rs 3,19,800	Rs 8,50,000

If the salaried taxpayer claims lower deductions than the amounts mentioned above, then he will pay more tax in old tax regime as compared to new tax regime.

In the last budget, an individual taxpayer was required to claim the minimum deduction of Rs 4,83,333 to ensure that the tax payable in both the tax regimes remains the same. This includes standard deduction of Rs 50,000 under the old tax regime.

Hitesh Sharma, Partner, Vialto Partners, says, "The proposed amendments are likely to give a significant boost to taxpayers opting for the new tax regime (NTR). With the tax-free income limit now raised to Rs.12 lakh (Rs.12.75 lakh for salaried individuals) and revised slabs reducing overall tax liability, middle-class income group stand to gain the most. In FY 2023-24, 72% of taxpayers had already opted for NTR, up from 66% in the previous year. While this trend is likely to continue, taxpayers who benefit from deductions (such as HRA, home loans and investments) may still prefer the old tax regime. The proposed amendments would increase the spendable income and encourage tax filing compliance; however, it could also possibly contribute to discouraging investments in savings schemes."

Income Tax Calculator for 2025-26

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Expected DA for Bankers from February 2025

 

Expected DA Calculation Updated on 06.01.25 on the basis of CPI for the month of Nov'24 with the assumptions of CPI for the next month (Dec'24) as mentioned hereunder, as per the DA calculation norms of 12th BPS on revised basic pay. The CPI for the month of Nov'24 which was due to be released on 06.01.25 announced on 06.01.25 as 144.50 without any change in CPI from Oct'24. 

On assumptions if there is an increase of CPI index by 0.90 points in the month of Dec'24, keeping in view of on going regular rise in prices of commonly required daily needs / items and commodities which is making month over month difficult to manage family budget. Accordingly, on this assumption, we may expect there would be an increase of 1.94% DA in terms of 12th BPS on revised pay. Total 21.77% DA will become payable from Feb'25.

On assumptions if there is an increase of CPI index by 0.70 points each in the next months, we may expect there would be an increase of 1.87% in terms of 12th BPS on revised pay. Total 21.70 percentage of DA will become payable from Feb'25.

On assumptions if there is an increase of CPI index by 0.60 points in the month of Dec'24, we may expect would be an increase of 1.84% in terms of 12th BPS on revised pay. Total 21.67 percentage of DA will become payable from Feb'25.

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Central Bank of India Released Recruitment of Credit Officer for 1000 Posts

 

The formal announcement for the hiring of Credit Officers has been released by the Central Bank of India. 

The Central Bank of India Credit Officer Recruitment 2025 has 1,000 openings in total. The online application process will be available from January 30, 2025, to February 20, 2025. The announcement was made public on January 30, 2025. Applications for the Central Bank Credit Officer Recruitment 2025 are accepted from qualified applicants via the centralbankofindia.co.in website.

Central Bank Credit Officer Recruitment 2025 Important Date

• Apply Online Start Date: 30 January 2025
• Last Date to Apply: 20 February 2025
• Last Date for Fee Payment: 20 February 2025
• Exam Date: To be released

Central Bank Credit Officer Recruitment 2025 Application Fee

• General / OBC / EWS: Rs. 750/-
• SC / ST / PWD: Rs. 150/-
• Mode of Payment: Online

Central Bank Credit Officer Recruitment 2025 Age Limit

• Minimum Age: 20 Years
• Maximum Age: 30 Years
• Age Limit as on 30/11/2024
• The age relaxation will be given as per the rules.

Central Bank Credit Officer Recruitment 2025 Educational Qualifications

Post Name	Qualification
Credit Officer	Graduate (60% UR/EWS, 55% Other)

Central Bank Credit Officer Recruitment 2025 Vacancy Details

Post Name	Vacancy
Credit Officer	1000  (UR-405, SC- 150, ST-75, OBC-270, EWS-100)

Central Bank Credit Officer Recruitment 2025 Selection Process

The Central Bank Credit Officer Recruitment 2025 selection process includes the following stages:

• Written Exam
• Documents Verification
• Medical Test

Central Bank Credit Officer Recruitment 2025 Exam Pattern

Subject	Questions	Marks
Reasoning	30	30
English	30	30
GK (Banking)	30	30
Quantitative Aptitude	30	30
Total	120	120

Central Bank Credit Officer Recruitment 2025 Notification PDF & Apply Online Form Link

Notification PDF	Click Here
Apply Online	Click Here

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