Premature Closure. On the issue of premature mine closure, the DOM notes that there should be some avenue for communication between the national government and the operators of a major mining project about contingency plans for ‘premature closure’ resulting from the incidence of civil unrest in the project area. The Department is aware that this issue may not be suitable for inclusion in a multi-stakeholder planning process, but that a contingency plan still needs to be developed as part of an overall Mine Closure Policy. In summary, the proposed DOM policy and planning framework has significant implications for sustainable development and mine closure planning on Lihir. Under the policy, LMC will be required to be an active participant in the preparation and development of a Community Sustainable Development Planning process covering the whole of the mining project cycle including preparations for mine closure. Lihir Management Company Limited December 31, 2004 Lihir Gold Mine — Mine Closure Plan Update 2004 C.6 MINE REVENUES AND DEVELOPMENT FUNDING
Premature Closure. In group conversations it is common for the first perspective or two to be considered fully, and discussion to terminate prematurely before wider (and sometimes unusual) perspectives are considered. The moderator should be conscious of this, and before moving on from a seemingly solved topic ask questions such as ‘are there any more issues that need to be considered?’ Timing. The moderator should attempt to ensure that the workshop is conducted to time, and that all relevant topics intended to be considered, are considered. This may involve a need to terminate a discussion prematurely (the lesser of two evils). Atmosphere. It is important that the moderator ensures that the atmosphere is neutral, and is conducive to free and xxxxx discussion. If the atmosphere is tense, some participants may effectively withdraw (be silent), while high emotion may lead to personal and political game playing. The moderator may wish to set rules out at the outset, emphasizing a need for participants to be polite and respectful to others. Summarising. It can be useful for the moderator to conclude the discussion of each point by summarising their understanding of what the key issues are and what are the points of consensus and conflict. This allows participants to confirm the interpretation of their position and make points of clarification. This will also aid the work of the rapporteur and help ensure an accurate representation of opinions. Rapporteurs’ Guidelines It is the role of the rapporteur to make detailed notes of the discussions in their (breakout) groups). Each rapporteur will then be asked to produce a final report of the meeting, which will be provided to the Newcastle project members who will be drafting the final meeting report. It is important that the rapporteur records the discussions accurately, and observes the process. Some specific points to remember… Non-involvement. Rapporteurs are reminded that they are observers of the process and not participants, and so they should attempt to remain as unobtrusive as possible. Discussion content. Rapporteurs should attempt to note down the general content of discussion – which may be aided by referring to the moderators’ workshop protocol. This is the main output for use by the conference organisers within the conference itself. Full details will be analysed subsequently when the recordings are transcribed. Observations of participants. Rapporteurs should also attempt to indicate in their notes – even i...
Premature Closure. The EPF is a not a savings bank type of account, where money can be easily withdrawn or account closed. Premature closure has tax implications. The income-Tax act outlines that PF withdrawals by employees after completing five years of contributions is only tax free. However there an exception, if the employee has not rendered continuous service of five years, but the service is terminated by reason of the employee's ill health or discontinuance of the employer's business, then the amount will be tax-exempt. If the PF is withdrawn before 5 years of subscription, the employer/employee contribution and interest are subject to below deductions/Taxations. • The employer's contribution to PF along with the interest accrual thereon closure of EPF is taxed as under the heads "salary" for that financial year. • Interest on the employee's contribution is taxable under the heads "other income" for that financial year. VOLUNTARY PROVIDENT FUND (VPF) KEY HIGHLIGHTS In EPF, employee and employer contribute 12% of basic each. The employee has an option to increase his contribution over and above the 12%. He could provide an additional contribution of 20% or 30%. However, employer would not be matching this additional contribution. The employer contribution continues to be only 12% in any case. This investment option where the employee contributes additional amount to EPF is the Voluntary Provident Fund (VPF). Every financial aspect of the VPF is the same as EPF. No separate account is needed, these contributions are made to existing EPF account. The additional contribution by the employee qualifies for Tax exemption under section 80C. However, the ceiling of such exemption would ₹1.5 Lakh. Since the maturity/interest are tax free (as part of EEE) and compounding has a long play, this is a good tool for building long term retirement corpus. How to invest in VPF? • To invest in VPF, check with your payrolls and give a suitable declaration for this additional PF contribution at the beginning of the year • Once declaration is given, it cannot be changed at the later part of the financial year • This declaration is applicable for only ONE year Thus, by deciding at the beginning of the financial year and contributing additional % of income as VPF, one investor can easily avail tax exemption upto ₹1.5 Lakh without need for investment in any additional tax saving instruments. VPF being in EEE regime and offers years of compounding is a good option to utilize the full limits of
