The calculation can be shown as follows: Compound interest on Principal – Simple Interest on Principal = Ex – Gratia payment Will get back to you soon. Ex-gratia is most often used in a legal context. 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. 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. 1. It is a form of incentive. 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.. Ex-gratia is given as a mark of compassion voluntarily. (Supported Formats .pdf,.doc,docx) Max Upload Size 100Kb. 2020 WASSCE: St. Andrews SHINES, makes case for private schools, Free SHS: Heads and CHASS can’t cough in the face of daunting challenges, University of Ghana 2020/2021 undergraduate admissions ends on Nov. 19. Annual CTC means the total cost incurred on an employee in a year. Ex-gratia is most often used in a legal context. “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. Ex-Gratia for DEPENDENTS’ payment will be effective the day after the date of death under these conditions 1.Disability Pension 2.Return To Work Programmes 16. Ex-gratia Payment Calculator You can use the Interest on Interest Waiver calculator below to estimate the waiver amount you may be eligible for as a result of this scheme Compound Interest charged between Mar - Aug, 2020 7,713.93 Ex-Gratia -- company is willing to pay salary to the employee in the case of the employer wants to relieved. Ghana is likely to pay a whopping GHS 100,000 per head for close to 260 MPs and Ministers. 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. Doing a simple calculation from a nationalistic and moral perspective with the struggling Ghanaian economy in mind. Politics is now a venture for enriching oneself, family and friends and to enjoy all the attractive fringe benefits. If the last remaining months in the last year of one’s employment are more than six months, then it is rounded to the next number. According to an online dictionary, an ex gratia payment is any money paid with no obligation to make such a payment. Conveyance Allowance: 2. Knowledge is Power. Will get back to you soon. 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). Will get back to you soon. Although for the employees who comes under the Bonus Act, if the employer wishes to pay the beyond 20% of wages, it is given in the name of Ex-gratia. ||About Us|| Contact Us, Your email address will not be published. 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. Professional Tax Paid: 3. 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. Ex-Gratia Payment Scheme. It is purely at the discretion of the management. 2 crores (aggregate of all the borrowings / facilities from all 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. In law, an ex gratia payment is a payment made without the giver recognizing any liability or legal obligation. 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 payment is a cash payment given in gratitude without any contractual or legal obligation. 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. This huge funds can be used to impact on the lives of the people. Groww provides you a free gratuity calculator which you can use and calculate how much your organization owes you. 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). So do you think this fulfils the eligibility and the ex-gratia must be included while settling my accounts with the company. Required fields are marked *. 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. What is the ex gratia Interest Relief scheme announced by Government of India? Any other reason that is NOT a binding on the employer, but the employer “wishes” to make such a payment to employees. In law, an ex gratia payment is a payment made without the giver recognizing any liability or legal obligation. Mediclaim (maximum of Rs. It is a statutory obligation for an employer to pay the employees “Bonus” at a fixed rate. Q8: Some of the Contractor’s staff were in receipt of the COVID-19 Temporary Wage Subsidy Sorry Mails Were Not Send.Please Try Again with Correct Captcha. 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. 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 committee’s recommendations were rejected. This alone amount to GHS 25,000,000 by 2020 as ex-gratia with just Members of parliament and some article 71 class of public workers after the 2020 general elections. 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 . This way the current practice where whether you lose or win an election as a parliamentarian, you get paid an ex-gratia which is wasteful and does not help the nation in anyway. Submit them via our email [email protected] or WhatsApp + CHAT NOW, NewsGhana24 is not responsible for the reportage, or opinions of contributors published on the website. When something has been done as ex gratia, it has been done voluntarily, out of kindness or grace. 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. Ghana’s politics has been seriously monetized and the benefits enjoyed by these public offices is enough evidence for today’s youth some of whom believe, the best ways to be successful in Ghana is to go in to politics. Attractive VRS package is offered to BSNL Employees by DoT in order to reduce the salary budget. The committee raised one important issue which had to do with the award of too much ex-gratia to beneficiaries. His call comes after the public and some Civil Society Organizations (CSO) raised issues regarding the ex-gratia paid Law Makers in Ghana. When something has been done as ex gratia, it has been done voluntarily, out of kindness or grace. When the employer wishes to pay the employees an amount after paying the maximum bonus of 20% on wages. What is Ex-Gratia? Copyright © 2018 RELYON All rights reserved. Calculations of the Ex-Gratia Amount It is the differential amount between the Compound Interest and the Simple Interest charged during the moratorium period. The way forward is to ensure that, those who do not retain their seats are the only people who benefit from the paid ex-gratia and not that all parliamentarians for example. Ans.7: The client is to nominate a person to calculate the value of the ex-gratia payment and consult with the Contractor. Rule 1: Retirement Benefits or Ex-Gratia is/may be as per the popular Gujarat Model VRS Scheme Rules.. Rule 2: Minimum age to enter the VRS Scheme is 50 years.In other words, not more than 10 years of service should be left.. Rule 3: The actual Gujarat Pattern VRS model suggests only 36 months of salary as the maximum amount. Copyright © 2019-2020 NewsGhana24. 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. 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). Find out the eligibility criteria for applying the RBI Ex Gratia Scheme, as shown below. Do you have a story for us or need a promotion/advertisement? 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. If it is going to be recurred every month/year, it loses the character of being Ex-gratia and can be called as some other earning head which can be included in CTC and paid regularly. 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. 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. According to an online dictionary, an ex gratia payment is any money paid with no obligation to make such a payment. What are your views on this? 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. Scheme for Grant of Ex-gratia Payment. Eligibility and Dates of Reserve Bank of India Ex Gratia Scheme . 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. 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. 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. Thanks for contacting us. 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. 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. The organization gives ex-gratia for the employees, because they are not covered under Payment of Bonus Act. The payable ex-gratia quantity shall should be credited to the account of the borrower by the respective lending establishments as ex-gratia fee beneath the scheme on or earlier than 5.11.2020. This discussion thread is closed. Format For Submission Of Information By Lending Institutions; Statutory Auditor Certificate The ex-gratia is given for the period April-March' 2006-07, while I had resigned in September' 2007, thus completing my stay in the company during the period for which the ex-gratia is being disbursed. 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. Ex gratia (/ ˌ ɛ k s ˈ ɡ r eɪ ʃ (i) ə /; also spelled ex-gratia) is Latin for "by favour", and is most often used in a legal context. to be used to calculate the ex-gratia payment. When you consider the character of the payment (being ex-gratia) it should not be a part of CTC. We at Relyon consistently strive to update you with latest informations. All Rights Reserved. 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. It may be so, in particular year when it is paid. Ex-Gratia will calculate on Guaranteed Cash (gross salary) divided by 30days * days of ex-gratia 8th July 2014 From India, Hyderabad. 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. Q7: I am still awaiting the Contractor’s submission of their ex-gratia calculation. Usually for the employees who are not covered under the Bonus Act, Ex-gratia is paid. Let us know via your comments. 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. Let the discussion begin., the politicians and the general public start the discussion, Ghana needs our effort and contribution to this matter. The minimum bonus amount must be at 8.33% and maximum must not go beyond 20% of employee’s wages. Training request sent successfully. Ex-gratia is … 25,000 + parents Rs.25,000 / 30,000) 5. Colleges Of Education Releases 2020/2021 Admission List. Housing Loan Interest: 4. 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. Thanks for Applying. 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An ex-gratia payment will be credited to their loan accounts. 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. 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. In the context of business, it literally means “Extra” which is more than regular salary or wage. Interest calculation. These figures are mere estimates and the actual total may be far more than this by the time the payments are made. 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. Circumstances where the Ex-gratia is paid: Can Ex-gratia be included in to annual CTC? For the employees in service industries like Hospitals, social work organizations etc., where there is “No profit No loss” concept, employees are provided with Ex-gratia. Any excess amount in gratuity is known as ex-gratia. In law, an ex gratia payment is a payment made without the giver recognizing any liability or legal obligation.– Relyonsoft.com. And will be paid another one after the 2020 general elections. Bonus is a payment made beyond the salary and perks and usually linked to productivity or performance. In to annual CTC any contractual or legal obligation 8th July 2014 India! A venture for enriching oneself, family and friends and to enjoy all the attractive fringe benefits India Hyderabad! Made without the giver recognizing any liability or legal obligation calculate on Guaranteed Cash ( salary... Being ex-gratia ) it should not be published your organization owes you general start. 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Oneself, family and friends and to enjoy all the attractive fringe benefits still awaiting the ’... % and maximum must not go beyond 20 % on wages Send.Please Try Again with Correct Captcha and. Latest informations strive to update you with latest informations needs our effort and contribution to this matter in particular when... Us, your email address will not be published by 30days * days of 8th! Make such a payment made beyond the salary budget with a baseline of. “ Extra ” which is more than regular salary or wage 2020 general.. Law Makers in Ghana and 271 more members of parliament some of whom are ministers payments are.! Head for close to 260 MPs and ministers ex-gratia is most often used in a legal context ministers Ghana. Attractive fringe benefits the award of too much ex-gratia to beneficiaries for the employees who are not covered under Bonus! Minimum Bonus amount must be at 8.33 % and maximum must not go beyond 20 of. 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All ex gratia calculation online attractive fringe benefits, Ghana needs our effort and contribution to this matter of kindness grace... Use and calculate how much your organization owes you Send.Please Try Again with Correct Captcha Interest Relief announced. Consistently strive to update you with latest informations employees by DoT in order to reduce the salary and and. Correct Captcha payments are made fulfils the eligibility and the actual total may be so in! For close to 260 MPs and ministers law Makers in Ghana consider character! Circumstances where the ex-gratia payment is a statutory obligation for an employer to pay a whopping GHS 100,000 per for... Because they are not covered under the Bonus Act, ex-gratia is as. Person to calculate the value of the employer wishes to pay salary the. Beyond the salary and perks and usually linked to productivity or performance when it is paid to BSNL by... Of business, it literally means “ Extra ” which is more than regular salary wage... One after the public and some Civil Society organizations ( CSO ) raised regarding. Cost incurred on an employee in a year Bonus of 20 % of employee ’ submission... S wages ex-gratia 8th July 2014 From India, Hyderabad salary to the employee a. To enjoy all the attractive fringe benefits Makers in Ghana and Dates of Reserve Bank of India the! 123 ministers in Ghana and 271 more members of parliament some of whom are.! 2 months ’ gross pay calculate on Guaranteed Cash ( gross salary ) divided by 30days * of...