The All India Insurance Employees' Association has opposed the government directive seeking to open up top posts in the state-owned insurers to the private sector, saying this would lead to greater private influence and "eventual privatisation".
From appointment letters becoming mandatory to gig workers receiving social security to enhanced rights for women and contract labour, the changes reflect India's attempt to balance ease of doing business with stronger worker welfare.
A nationwide strike called by central trade unions saw a mixed response across India, impacting various sectors and states differently, with some areas experiencing disruptions while others remained largely unaffected.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
Trade unions have decided to launch a phased, consistent struggle to press for the withdrawal of the labour codes and go on a countrywide general strike in February next year, a statement said on Tuesday. The date of the strike will be announced on 22nd December 2025 in the next meeting of the joint forum of central trade unions, a statement said.
The government aims to cover around 60 million people in the age category, irrespective of income, with an assured 5 lakh annually to be shared within the family.
'Given that the population is almost evenly split, the Indian economy cannot grow without women participating in the workforce.' 'While women's participation has increased, it is still well below 40 per cent,' says Kartik Narayan, CEO of the professional networking and jobs platform, Apna.
The debate over working hours flared up after Infosys Co-founder N R Narayana Murthy called for 14-hour workdays.
The scheme, which will be effective from July 1, 2019 would benefit 36 million employees and 1.28 million employers. The ESI Act applies to factories with 10 or more workers and provides for medical, cash, maternity, disability and dependent benefits to employees drawing a salary of up to Rs 21,000 per month.
'Some of the astounding proposals, if translated into statutory provisions, would be suicidal.' 'This would not be a wonder cure for increasing insurance penetration and only result in mushrooming growth of players like paan kiosks with deleterious consequences.'
'Corporates now have multiple funding sources beyond banks, and many are sitting on large cash reserves.'
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
The RBI advisory follows a labour ministry request earlier this year seeking the central bank's expertise to identify gaps in EPFO's investment strategy and fund management practices, including accounting, risk management, and internal governance.
State-owned Life Insurance Corporation (LIC) is not keen on a composite license but it is looking to buy less than 50 per cent stake in a standalone health insurance company to enter the health insurance segment such that they have a say in the management of the company, without having to run the company, sources in the know said. "LIC doesn't need a composite licence. "Even if it is introduced, they will not opt for it.
While Employees State Insurance Corporation data shows job creation in February had dropped, Employees' Provident Fund Organisation said it had actually shown robust growth.
The Employees' Provident Fund Organisation (EPFO) is considering raising the monthly minimum wage ceiling from Rs 15,000 now to improve the coverage and bring millions of informal workers under its purview. The last increase in the minimum wage ceiling was in 2014 to Rs 15,000 from Rs 6,500.
'40 percent of voters in Bihar will be excluded.'
rediffGURU Rohit Gupta, co-founder and COO of College Vidya, provides a list of competitive exams that can help you land a job in the public sector.
State-owned Life Insurance Corporation (LIC) announced on Monday that it had signed up tech giant Infosys to develop a next-generation digital platform that will act as the foundation for new high-value business applications, such as customer and sales super apps, portals, and digital branches. The financial terms of the deal remain undisclosed. The tie-up with Infosys is part of LIC's "long-drawn" strategy, said a senior executive of India's biggest insurer, who noted that the IT giant "won the bid to develop the next-generation platform through a request for proposal (RFP) process".
State-run Life Insurance Corporation of India (LIC) has committed Rs 600 crore for its digital transformation journey, Sunder Krishnan, chief risk officer said on Wednesday. The insurance giant is also aiming to become completely "paperless" in two years. "We have hired a large system integrator for more than Rs 400 crore, a consultant for digital transformation for Rs 100 crore, and Rs 100 crore for agency transformation.
Last week, Employees' State Insurance Corporation, a health insurer under the ministry of labour and employment, had said that its portals are facing technical problems, causing inconvenience to users.
While a giant, it's a nimble-footed one, and is growing at a speed that even some of its private sector peers find enviable.
Between FY18 and FY24, it doubled its balance sheet. Despite being a late entrant in some segments, it has been able to grab market share, observes Tamal Bandyopadhyay.
The government on Thursday announced an ambitious scheme to provide social security to eight million employees insured under Employees State Insurance Corporation and their families.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
The Employees State Insurance Corporation on Thursday decided to increase the wage ceiling for coverage under the ESI Act from Rs 7,500 to Rs 10,000.
'We deposited money just yesterday, but they did not say anything...'
The government on Thursday assured that it will continue with the 9.5 per cent interest on Employees Provident Fund and said it was because of 'wise' investment decisions that it was able to offer such a rate.
Retirement fund body EPFO added 16.26 lakh subscribers on a net basis in November 2022, which is 16.5 per cent higher compared to a year ago, the labour ministry said on Friday. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Friday by the ministry highlighted that the EPFO has added 16.26 lakh net members in the month of November 2022. The data indicate a 25.67 per cent increase in net additions compared to the previous month in October 2022, a labour ministry statement said.
Kamal has a crisp pen when it comes to writing short and yet powerful film dialogues. But while speaking ex tempore -- and that has been his style -- he looks every bit a confused man, observes N Sathiya Moorthy.
The government on Saturday announced a string of measures, including a pension for dependents of those having lost their lives due to COVID-19, among other benefits for the families who lost their earning members to the pandemic.
Gig workers are usually spoken of in the context of the sharing economy, like Uber, Ola drivers, delivery persons for Zomato and Swiggy and so on. This is the first time such workers will be covered under India's social security law.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Kumar, a 1992-batch Indian Administrative Service officer of Tamil Nadu cadre, is currently an additional secretary in the ministry of electronics and Information Technology.
Applicants for Indian citizenship under the Citizenship (Amendment) Act 2019 (CAA) can submit any of nine documents, including valid or expired passport, ID cards and land tenancy records, to prove he or she is a national of Afghanistan or Bangladesh or Pakistan.
Neo banks, along with mid-sized banks, are establishing global capability centres (GCCs) in India, mirroring the expansion strategies of larger global counterparts. This trend is being seen as the next major wave in the country's banking, financial services, and insurance (BFSI) sector.
The employees associations of Industrial Finance Corporation of India have requested the government to merge it with a strong bank or financial institution.
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19, the National Statistical Office (NSO) said in a report.
Gross enrolments of new subscribers with the ESIC were 1.49 crore during 2018-19.
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19.
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