For the payment of ex-gratia, there is no ceiling and also the % may get varied from year to year and is purely at the discretion of the management. President of Ghana, Nana Addo calls for a united front in nation building, Alban Bagbin is Speaker of Parliament for the 8th Parliament of Ghana, Our democracy has never been this ugly – Hon. Scheme of ex gratia payment of difference between compound interest and simple interest ..” Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specific loan accounts . In accordance with the said OM the employees of BDL, as specified below, are eligible for payment of ex-gratia for each Financial Year at the rate of (8.33%) of the salary (Basic+DA+Special Increment) earned by them during the financial year concerned subject to the following considerations: Bonus is a payment made beyond the salary and perks and usually linked to productivity or performance. Ex-gratia is most often used in a legal context. Q7: I am still awaiting the Contractor’s submission of their ex-gratia calculation. When something has been done ex gratia, it has been done voluntarily, out of kind or grace.In law, an ex gratia payment is a payment made without the giver recognising any liability or legal obligation.. Doing a simple calculation from a nationalistic and moral perspective with the struggling Ghanaian economy in mind. Our findings has also revealed that,  GHS100,000 is provided to every MP to buy a car every four years and other countless fringed benefits yet we have bad roads, poorly resourced education system right from the basic schools, our economy is struggling, our people are drinking from rivers and streams and employees are battling with tarrifs and high cost of living. Political leaders such as Members of Parliament, Ministers and the like are awarded huge lump sum as Ex-gratia after every general election every four years. Ex-gratia payment is a cash payment given in gratitude without any contractual or legal obligation. Format For Submission Of Information By Lending Institutions; Statutory Auditor Certificate Employer may wish to pay some amount (As acknowledgement of the worker’s contribution) out of the revenues of the firm in case the profits do not support to pay the bonus. CPF contribution is payable on the ex-gratia cash payment that is given as a token of appreciation for the employee's past services/contributions to the employer. The lending institution will provide ex-gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs. And will be paid another one after the 2020 general elections. One of such recommendations was that, the salary relativity difference of the three arms of government as approved late former president of Ghana John Atta Mills as recommended by The Ewurama Addy Committee should be restored. Politics is now a venture for enriching oneself, family and friends and to enjoy all the attractive fringe benefits. All Rights Reserved. When the employer wishes to pay the employees an amount after paying the maximum bonus of 20% on wages. If this meaning is valid, then it means, an ex gratia could pass for a gift from the people of Ghana to article 71 class of public workers. The Government of India has announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for period upto six months to eligible borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Let the discussion begin., the politicians and the general public start the discussion, Ghana needs our effort and contribution to this matter. Admittedly this is slightly finger in the air, but it does seem to be an average starting point in reality in our experience, to be adjusted up or down for other factors as set out below. In the context of business, it literally means “Extra” which is more than regular salary or wage. Ex-gratia is most often used in a legal context. When calculating your settlement agreement ex gratia payment amount, we start with a baseline level of 2 months’ gross pay. 25,000 + parents Rs.25,000 / 30,000) 5. What is Ex-Gratia? Therefore, it is about time that, Ghana takes another look at the laws regarding ex-gratia and how much we pay as a nation every four years and whether every member of a given parliament which is dissolved should earn an ex-gratia even if he or she is re-elected into parliament. Knowledge is Power. Even if the loan has ended by now, the borrower will get pro-rata benefit for the period it was active between March 1 and August 31. Interest calculation. The committee raised one important issue which had to do with the award of too much ex-gratia to beneficiaries. Q8: Some of the Contractor’s staff were in receipt of the COVID-19 Temporary Wage Subsidy Currently, Ghana has 123 ministers in Ghana and 271 more members of parliament some of whom are ministers. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. Most of the cases Ex-gratia is paid along with annual bonus, since the Payment of Bonus Act, puts a cap on 20% bonus to employees, the employer and employee agree to pay a higher amount than 20%, and coined a new term of ex-gratia, which is paid along with Bonus. Conveyance Allowance: 2. When something has been done as ex gratia, it has been done voluntarily, out of kindness or grace. Ghana is likely to pay a whopping GHS 100,000 per head for close to 260 MPs and Ministers. Ex-Gratia will calculate on Guaranteed Cash (gross salary) divided by 30days * days of ex-gratia 8th July 2014 From India, Hyderabad. BSNL Employees VRS calculator is developed to calculate the ex gratia amount to the employees opting for Voluntary Retirement Department of Telecommunication is finalising the modalities to implement the VRS Scheme to BSNL employees. On completing a specific period of existence, executing a large export order or any other event which marks significance, employer may pay some amount as Ex-gratia. Examples. BSNL MTNL VRS Benefits Calculation Rules. Ex-gratia is most often used in a legal context. Sorry Mails Were Not Send.Please Try Again with Correct Captcha. 1. Ex-gratia is … This huge funds can be used to impact on the lives of the people. Thanks for Applying. Discussions on the gargantuan Ex-gratia for Parliamentarians, Ministers of state, and others every four years in Ghana is beginning to attract the attention of the citizenry once again. Scheme for Grant of Ex-gratia Payment. The calculation can be shown as follows: Compound interest on Principal – Simple Interest on Principal = Ex – Gratia payment Housing Loan Interest: 4. Copyright © 2019-2020 NewsGhana24. The bank/ lending institution will provide ex-gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. Training request sent successfully. Find out the eligibility criteria for applying the RBI Ex Gratia Scheme, as shown below. Annual CTC means the total cost incurred on an employee in a year. In law, an ex gratia payment is a payment made without the giver recognizing any liability or legal obligation.– Relyonsoft.com. 2 crores (aggregate of all the borrowings / facilities from all “In view of the unprecedented and extreme Covid-19 situation, the object of the scheme is to provide ex gratia payment of difference between compound interest and simple interest by way of relief for the period from March 1, 2020 to August 31, 2020 to borrowers in specified loan accounts. For instance, an MP who has consistently been re-elected in the last four general elections to parliament per the current arrangements has received at least three ex-gratia benefits. The sudden attention may be attributed to the hardship facing the people and the need to mobilize resources for Ghana’s efforts at improving the general well-being of the people. The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. Ex-Gratia -- company is willing to pay salary to the employee in the case of the employer wants to relieved. Guidance on how ex-gratia payments are managed and resolved, and how actual and non-financial losses are assessed by UK Visas and Immigration, Immigration Enforcement and Border Force. RBI Ex Gratia Payment Scheme (Loan) This article explains the Online procedure to apply for the RBI Ex Gratia Scheme, Eligibility, Date, and Interest Calculation on the official website. Thanks for contacting us. Do you have a story for us or need a promotion/advertisement? For example, if the service tenure of a person is 15 years and 7 months, then he/she would get the gratuity of 16 years. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). The organization gives ex-gratia for the employees, because they are not covered under Payment of Bonus Act. 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Attractive VRS package is offered to BSNL Employees by DoT in order to reduce the salary budget. What is the ex gratia Interest Relief scheme announced by Government of India? In a related envelopment, Mr. Frimpong Yaw Addo, the Manso Adubia Constituency MP has called for the need to start a serious national discourse on the matter. The present economic state of the country, needs to look at the viz-a-viz the huge sums that the country pays every four years to members of parliament, MPs and other article 17 class of public workers to save the country from paying ex-gratia to such persons who get paid the ex-gratia and win elections then get back to parliament again. (Supported Formats .pdf,.doc,docx) Max Upload Size 100Kb. If this meaning is valid, then it means, an ex gratia could pass for a gift from the people of Ghana to article 71 class of public workers. These figures are mere estimates and the actual total may be far more than this by the time the payments are made. In a management perspective, the employer may consider it for arriving at a cost to employ so many employees at any given point of time. Will get back to you soon. Ex-Gratia Payment Scheme. An ex-gratia payment will be credited to their loan accounts. This discussion thread is closed. ||About Us|| Contact Us, Your email address will not be published. Any other reason that is NOT a binding on the employer, but the employer “wishes” to make such a payment to employees. We at Relyon consistently strive to update you with latest informations. In 2015, former president John Dramani Mahama instituted a committee which was tasked to among other things led by Prof. Dora Francisca Adu Buandor to review emoluments of article 71 class of public workers. In law, an ex gratia payment is a payment made without the giver recognizing any liability or legal obligation. The income department has launched an online income tax calculator for the financial year 2020-21 after the same is announced by the Finance Minister while presenting the Union Budget 2020 to compare tax payable as per the old income tax regime and new income tax regime to give an idea of the estimated impact of the new provisions. Gratuity Calculator – Online Gratuity Calculator to find Gratuity Amount Any employee of a private company that provides EPF facilities is eligible to receive an amount as gratuity after completing 5 years of service. Professional Tax Paid: 3. The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme on … Calculations of the Ex-Gratia Amount It is the differential amount between the Compound Interest and the Simple Interest charged during the moratorium period. 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