Punjab cabinet resolved to implement 5th pay commission report, yet to be submitted
Punjab Newsline Network
Monday, 02 March 2009

CHANDIGARH: The Punjab cabinet which met here Monday under the Chairmanship of Chief Minister Parkash Singh Badal resolved to accept in principle the recommendations of the Fifth Punjab Pay Commission w.e.f. January 1, 2006 immediately after the report was submitted by the Commission to the state government. The commission was likely to give its report within next week, the spokesman added.

The employees unions of Punjab were demanding to implement the pay commission report before the announcement of elections. The teachers of Punjab colleges who are covered under UGC rules are also on strike for getting UGC pay scales.

It is learnt that the pay commission report is ready for the last two weeks but the state government didn't press for it though commission Chairman S.K.Tuteja was ready to submit the final report.

The state government which has announced to unveil the industrial policy has failed to bring it in the cabinet. However cabinet also approved One Time Settlement (OTS) scheme in order to provide relief to the existing sick Industrial units under the proposed new industrial policy 2009. Under the scheme the state level financial institutions like Punjab State Industrial Development Corporation, Punjab Agro Industries Agro Corporation and Punjab Financial Corporation would rehabilitate the sick units through OTS.

Under the OTS, loan upto Rs.1 lac would be charged as principle plus expenses outstanding (o/s), in case of loan from Rs.1 lac to Rs.5 lac it would be principle plus expenses o/s plus 20% of outstanding interest (interest would be 10% of o/s interest in case of death of all the promoters) as on the date of decision, for loans from Rs.5 lac to Rs.30 lac it would be principle plus expenses o/s plus 40% of o/s interest as on the date of decision. Likewise, for loans from Rs.30 lac and above it would be charged as principle plus expenses o/s plus 50% of o/s interest as on the date of decision and incase for loans where mortgaged assets are sole the formula would be principle plus expenses o/s plus 10% of o/s interest as on the date of sale. The relief on loans advanced to ex-servicemen and riot affected families for transport upto 2 vehicles prior to 1995 would be given the benefit of paying only the balance of principal amount of the loan.

In another decision, the Cabinet also approved to upgrade the post of Chief Coordinator in Udyog Sahayak to the rank of Additional Director with the same nomenclature for the implementation of Punjab industrial Facilitation Act, 2005 in the right earnest.

The state government also could,t announce the sports policy, media policy and youth policy as promsied by the deputy Chief Minister Sukhbir Singh Badal.