Stamps with Errors

We know that good stamps are always rare because of high demand and limited supply. Even postal department works a lot on absorbing excess supply. We can make our collection even rare and precious if we add some faulty or erroneous stamps in it. It is once again catch me if you can kind of concept because well established collectors generally have some private arrangement to get these kind of stamps but still if you keep on visiting GPO more often you can certainly have an access to faulty stamps. To begin with lets first of all try to understand different types of errors which a stamp can carry:

Perforation Error: This is the most common kind of error which a stamp may carry.

Source: http://setenantsofindia.blogspot.com/search/label/Error

Design Error: This kind of error may happen because of wrong spelling, wrong subject etc.

Value Error: This error happens when the stamps are priced incorrectly.

Double Impression: We can also call this error as double printing

Missing Colour: Certain times you can observe the same stamp with different shades. This is known as missing colour stamp.

There may be some more errors on the stamps but these are some of the commonly cited errors. So keep collecting and add value to the collection.

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Retrenchment Compensation

Retrenchment means the termination of service of a workman by the employer, for any reason other than a punishment inflicted by way of disciplinary action. Retrenchment however does not include the following:

1. Voluntary retirement of the workman
2. Retirement of the workman on reaching the age of superannuation
3. Termination in terms of non renewal of the contract
4. Termination due to continued ill health

Under Section 25F:

1. One month notice to the workman should be given
2. Reasons for retrenchment must be given in the notice
3. Payment to the workman must have been effected at the time of retrenchment and not after the retrenchment

Calculation of Retrenchment Compensation:

15 days (average pay) for every completed year of ‘continuous service’ or any part in excess of 6 months where average pay means:

1. If workman is getting monthly salary, on the basis of last 3 calendar months
2. If weekly wages, on the basis of last 4 completed weeks
3. If daily wages, on the basis of last 12 full working days

Continuous Service means:

1. Compensation is applicable only to workman who is in continuous service for one year
2. It includes service interrupted by sickness, authorized leave, accident or strike which is not illegal, or lock-out or cessation of work which is not due to fault of workman.

Taxibility:

Least of the following is exempt from tax

1. An amount calculated in accordance with the provision of section 25F(b) of the industrial dispute act (i.e. 15 days wages for every completed year of service)
2. Such amount as specified by the Government (Rs.5,00,000)
3. The amount received