After taking benefit of the scheme, jobs increased by around 11 mn in establishments that took loans.
Employees' Pension Scheme has been asked to fold up and hand over subscribers to National Pension System
The Minimum Wages Act was enacted in 1948.
According to a proposal by the Union labour ministry, 10 per cent of the employees or 100 workers will be needed at least to form a trade union
In what would surely come as intriguing information for policy-makers, a Labour Ministry survey has found that with an increase in education levels in the country, the unemployment rate was also increasing across age groups.
Some unions have opposed EPFO investing in share markets.
The Brookings Institution, a think tank associated closely with the US administration, recently expressed keen interest in it.
The outbreak and lockdown have thrown up a number of challenges, such as layoffs, pay cuts and a general slowdown. Many subscribers after their unsuccessful attempts to use the scheme have taken to social media to voice their complaints, as the EPFO website and grievance portal suffer outages and its customer helpline remains unreachable.
The the scheme has a subscriber base of 35 million.
The organisation can invest in bonds of private companies with dual 'AAA' rating, say new norms.
A day after being sworn-in, the new ministers took charge of their portfolios. Here's a look at the various new ministers on their first day at work.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
In the draft rules, among 681 listed professions, armed security guards, supervisors, surveyors, and carpenters (class I) are proposed to be treated as highly skilled professionals; electricians, tailors and drivers are skilled; cooks and cobblers as semi-skilled and dairy coolies, office peons and sweepers as unskilled.
According to the law, the contribution "should not be more than 5 per cent of the amount paid to gig workers. The government is likely to start seeking contribution from gig companies towards the fund from April 1, 2021.
The second annual employment and unemployment survey 2010-11, by the Labour Bureau, will show an improvement in the employment situation, officials said, while attributing the positive trend to a change in methodology, sample size and some extent to an improved labour situation in the country.
The Employees' Provident Fund Organisation and the Labour Ministry are in touch with the Prime Minister's Office for the purpose, a senior official said.
The implementation of four labour codes in one go from April 1 next year will usher in a new wave of reforms in industrial relations and also help in attracting more investments but employment generation will remain a key challenge in 2021. This year has also been a challenging year for the work force as well as for employers due to the outbreak of the COVID-19 pandemic. The government imposed a nationwide lockdown from March 25, which had an adverse impact on economic activities and resulted in exodus of migrant workers from large cities to their homes in the hinterland. Many migrant labourers lost their jobs and it took months for them to return back to their work places from their native places.
Just a few weeks ago, the Centre has come out with the long-awaited Motor Vehicle Aggregator Guidelines, which have drawn a dismayed response from the companies concerned.
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
In a placatory move, the labour ministry also said it was contemplating permitting withdrawal of all accumulations by Employees' Provident Fund Organisation's subscribers on grounds like purchase of house, serious illness, marriage and professional education of children.
While the special economic zones have seen several labour laws being by-passed within their geographical confines, that is not the case with the NMP.
The labour ministry had started quarterly surveys on employment after the global financial crisis hit the Indian economy in September 2008.
The government has found about 900,000 beneficiaries of its flagship job formalisation scheme, the PMRPY, were ineligible in the first place as they were part of the formal economy even before the inception of the scheme. The EPFO has also recovered Rs 222 crore so far from the employers concerned.
"It is felt there should be an arm's-length distance between the fund manager and the custodian of securities. There should be separation between fund manager, banker and the custodian," a senior labour ministry official said.
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Fund managers will be given more flexibility to invest in corporate bonds.
Every organisation will also prioritise the areas requiring mandatory inspection, and the cases forwarded by the CAIU will be on data and evidence basis.
Under the New Code on Wages Bill 2019, employers will be required to give the minimum wages, notified by either the state or the Centre, to the unorganised sector, too.
Under the new provision, an EPF subscriber being a member of a co-operative or housing society with at least 10 members can withdraw up to 90 per cent from the fund for purchase of a dwelling house or flat or construction of a dwelling house and acquisition of site.
The UPA government's decision to ensure a minimum pension of Rs 1,000 a month under the retirement fund body EPFO's scheme, which will immediately benefit 28 lakh pensioners, is going to be a reality soon.
The task force has favoured that Rashtriya Swasthya Bima Yojana should cover domestic workers, a Labour Ministry official said on Monday.
Employment generation and skill development along with issues like contract labour and social security are expected to dominate a conference of the Indian Labour Congress beginning in New Delhi November 23.
The Minimum Wages Act will be amended to enact a new centrally set minimum, in the wake of the National Advisory Council's suggestion on asymmetries in this regard between states on payments for work done on schemes under the National Rural Employment Guarantee Act.
Ussue will be raised at the meeting of the Central Board of Trustees of the Employees Provident Fund Organisation on Tuesday.
Labour Ministry has justified EPFO's declaring 9.5 per cent interest for 2010-11.
States may set it higher, not lower; planned link to cost of living.
The Labour Ministry has relaxed investment norms for retirement fund manager EPFO, but refrained from allowing the body to invest a part of its huge corpus of around Rs 5 lakh crore in equity markets.
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