Tamil Nadu govt suspends earned leave encashment, freezes DA till july 2021

The has decided to suspend encashment of Earned Leave for its officials, teachers and other staff and has also frozen their at the current level till July 2021.

The decisions were taken to manage the fiscal strain due to Covid-19 relief measures, said the state Government. According to State government officials, the move will help the government save over Rs 7,000 crore at a time when Covid-19 has hit its finances.

Under the current rules, Government employees and teachers can surrender and encash 15 days every year or 30 days every two years of their Earned Leave. The government has suspended this facility, initially for a year, in view of the fiscal stress arising from the Covid-19 pandemic, according to the Government Order.

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“All surrender requests and bills pending as on date irrespective of their stage of Sanction and disbursement shall not be processed. In cases where sanction orders have been issued, they are to be cancelled and Earnted Leave re-credited to the leave account of the respective employees,”

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HDFC Life reports 17% decline in pre-tax profit to Rs 284.47 cr in Q4

reported a 17 per cent decline in to Rs 284.47 crore in the quarter ending March (Q4FY20) compared to Rs 345.28 crore in the same period last year. Similarly, the net profit of the insurer declined 14 per cent to Rs 311.65 crore from Rs 364.68 crore in the same period last financial year on account of loss in investment income and higher provisions.

The investment income of the private company went into the negative territory. In Q4FY20, the insurers investment losses was to the tune of Rs 10,229.92 crore compared to an investment income of Rs 3,755.65 crore. Provisions for diminution in value of investments rose to Rs 375.85 crore in Q4 compared to Rs 17.32 crore in the year-ago period.

In light of the covid-19 situation, the insurer has made adequate impairment provisions on the investments to the extent necessary and an additional death claim provision of Rs 41 crore, over and above policy level liabilities.

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The insurer is also looking to raise Rs 600 crore through non-convertible debentures (NCDs) to augment

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