Friday, 28 September 2012

Bonus rates of PLI for the year 2009-10 declared

The rates of Bonus for the year ending 31.03.2010 on the Postal Life Insurance Policies on their becoming claim due to death or maturity declared vide Directorate of Postal Life Insurance Notification No.4-1/2008-LI dated 17th September, 2012 are as follows.

Type of Insurance Policy
Rate of Bonus
Whole Life Assurance (WLA)
Rs.85 per thousand sum assured
Endowment Assurance (EA)
Rs.60 per thousand sum assured
Money Back Policies (AEA)
Rs.55 per thousand sum assured
Convertible Whole Life Policies
Whole Life Bonus would be applicable but on conversion, Endowment Bonus rate will be applicable
Terminal Bonus
Rs.20 per sum assured of Rs.10,000 subject to maximum of Rs.1,000 for whole life policies and Endowment policies with term of 20 years and above.

The rate of Bonus for the year 2009-10 will be applicable from the date of receipt of this notification by the Circles and this will also be applicable to claim cases received but not settled till the date of receipt of this Notification.

Interim Bonus at the rates mentioned above will also be payable for all claims arising due to maturity or death until future valuation is completed.

Clarification on the admissibility of House Rent Allowance (HRA) during the Child Care Leave (CCL)

To view Ministry of Finance(Department of Expenditure) OM No.2(9)/2012-E.II(B) dated 27th August, 2012 please Click here.


Postal Workers on Strike in Brazil

Brazilian postal workers voted to strike last week (w/c 17 Sept.) after negotiations broke down between their union federation, FENTECT and the Brazilian post office, Empresa Brasileira e Telgrafos (ECT), known as Correios.
Negotiations had been ongoing since July before impasse was reached. The union's demands included starting wage increases to reflect the growth in Correios and to offset inflation, the hiring of 30,000 more staff, and an end to the outsourcing of postal work.
The union estimated at least 100,000 workers from at least twenty-six of FENTECT's unions walked out last week after ECT ceased bargaining. The dispute was referred to a mediator from the Superior Labor Court who offered a proposed settlement on Thursday. FENTECT reports that it was prepared to accept the mediator's proposal, but Correios rejected the deal. 

FENTECT has said that strikes may continue through this week as it seeks to reach a negotiated agreement. On Monday, 24 September, thousands of FENTECT members demonstrated in front of ECT headquarters in Brasilia. A second mediation hearing is scheduled for Tuesday 25 September. Correios, for its part, has demanded and received a partial injunction which subjects the union to steep fines if fewer than 40% of staff attend work.