It's high time we now turn the popular question on its head -- when there is no growth in jobs for several years, how can the real GDP grow at 7 per cent per annum, says Mahesh Vyas.
LIC, EPFO and PSBs are likely to be asked to subscribe to bonds.
The organised sector workers covered under private PF trusts, which manage their employees' retirement fund themselves, will be able to transfer their PF accounts online from July this year.
Ushering in a big wave of reforms by implementing the four labour codes, setting up the national social security fund to cover over 38 crore informal sector workers and improving the ease of doing business will top the agenda of the labour ministry in the New Year. In a major move, the ministry launched the e-Shram portal on August 26, 2021 for creating a national database of over 38 crore informal sector workers. It will help the government to ensure last-mile delivery of benefits of various social security schemes to the informal-sector workers.
The filing of online provident fund accounts transfer claims on changing jobs for subscribers of the retirement fund body EPFO has become a reality now.
The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees, had decided to provide 8.65 per cent rate of interest on EPF deposits last December.
The online application of such claims would enable EPFO to eventually settle those within three days.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
The government has approved payment of 8.75 per cent rate of interest on PF deposits in 2013-14 for over five crore subscribers of retirement fund body EPFO.
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.
This facility will be available to all those subscribers whose Universal Account Number (UAN) is activated and seeded with the KYC details like bank account and Aadhaar number.
Only NIIF has stayed the course as a viable infrastructure financing institution.
There will be tripartite pact with member, bank/housing agency and EPFO.
The Prime Minister's Office has decided to set up a panel, led by former chief statistician T C A Anant, to deliberate on whether the enterprise-level quarterly data, which is released by the labour bureau, should be discontinued.
The new form does not require attestation by employer and can be submitted directly to the concerned EPFO offices
'How is the scheme running despite running such massive deficits?' 'This is because the number of new members are much more than earlier members who are drawing pension.' 'If this was done by a private organisation, it would have been called a Ponzi scheme in which the contribution by new members is being used to pay off old members,' says Harsh Roongta.
As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. Hence, it was lowered to 8.65 per cent
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.
ASK Wealth Advisors says 5 million, CMIE's estimate is 2 million and Ghosh & Ghosh said it was 7 million!
The decision to suspend this benefit will hit 32 lakh pensioners.
Indicating a faster-than-expected recovery, remittances from migrant labourers and the number of first-time EPFO registrations have crossed the pre-lockdown levels in September, according to a report. Another silver lining is the massive 60 per cent increase in the number of Jan Dhan accounts to over 41 crore and the balances in them, which also indicate the fall in crimes during the lockdown months, SBI Research said in a report on Tuesday. After a significant reduction in remittances due to the lockdown in April, it improved in June and July, and the numbers in September have crossed the pre-pandemic level in February.
The Employees Provident Fund Organisation will be seeking approval from its apex decision-making body, the Central Board of Trustees, to implement a finance ministry order to invest up to 15 percent of the fund in equity. The new pattern that was notified last year comes into force from April 2010.
The Employees Provident Fund Organisation's apex decision making body, the Central Board of Trustee on February 25 had decided to pay 8.5 per cent rate of interest to subscribers for 2012-13.
The rest 25% would be paid to the subscriber at the age of 58.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
While looking to give a boost to the mutual fund sector with some contribution from about Rs 5.5 lakh crore (Rs 5.5 trillion) corpus being managed by Employee Provident Fund Organisation, Sebi feels that age restrictions would safeguard investors from 'unnecessary risks' during years closer to their retirement.
The EPFO, which has 50 million subscribers, provides annual interest of 8.75 per cent on provident fund deposits.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
There is an attempt to brush aside the results of all surveys that point to a deteriorating jobs situation. This is counter-productive, says Mahesh Vyas.
Raising the issue during Zero Hour in the Rajya Sabha, Tapan Kumar Sen (CPI-M) said the move is a 'retrograde step' and asked as to why interest rates on employees' lifetime savings are getting cut when RBI has increased interest rates.
Indian economy is expected to grow by 10 per cent or more in the current fiscal, and 8 per cent plus in the next fiscal year, Niti Aayog Vice-Chairman Rajiv Kumar said on Tuesday. Addressing a book launch event, Kumar further said that seven years of the Modi government has laid a strong economic foundation for businesses to thrive in India. "There was a hiccup (in economic growth) for two years due to COVID-19 pandemic.
As per the recommendations of the 2nd National Commission on Labour, the ministry is codifying existing 44 central labour laws into four codes by simplifying, amalgamating and rationalising the relevant provisions of the legislations.
The government has reduced the stipulated period for settlement of various claims like PF withdrawal, pension and insurance by the retirement fund body EPFO to 20 days from the existing 30 days.
Saddled with huge arrears from the PSUs and the private sector, the Employees Provident Fund Organisation on Tuesday launched an action plan, including the attachment of property and freezing of bank accounts.
The interest offered by the Employees' Provident Fund Organisation (EPFO) is likely to rise this year, say sources in EPFO. Currently, the interest rate stands at 8.25 per cent.
