EPF is the major vehicle for the long-term savings of organised private sector employees.
Economists believe the declining trend would continue in the coming months. Average monthly income had gone up to Rs 17,228 in October 2008 probably due to the inclusion of festival bonuses, while it was Rs 16,934 in the previous month, it said.
The government's estimate that 300,000 to 500,000 people will lose their jobs -- is well below the projections of industry lobby groups, which put the number at around 1 million. The textiles and garments industry is the second-largest employer in India after agriculture. It directly employs 35 million people and indirectly provides livelihood to about 88 million people.
The decision will benefit over nine crore such account holders having total deposit of around Rs 32,000 crore.
The SOP said priority will be given to compelling cases of in distress, including migrant workers and labourers who have been laid off, short term visa holders faced with expiry of visas, persons with medical emergency/ pregnant women and elderly persons or those required to return to India due to death of family member, and students.
'During the lockdown if you terminate your employee, then you will face action under the NDMA.' 'This will be the first time something like this will happen in the history of India.'
Tomar had discussed the two proposals with trade unions on June 24 and assured that the government will take at least two weeks to take a decision.
Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
The government has not done its homework or made any attempt to forge a consensus on this matter that affects millions of people in the organised sector, says Harsh Roongta.
Part of the dues has been pending since 1995-96 - the inception year of the Employees' Pension Scheme administered by the EPFO. The Centre also owes the EPFO more than Rs 1,000 crore towards the minimum pension scheme it had notified in September 2014.
The model law will not require Parliament's approval.
In an order, the Home Ministry nullified a Labour Ministry circular which allows one per cent foreigners among the total work force in any project with a minimum of five and maximum of 20 people.
EPFO had started investing ETFs in August last year.
Obaid Rashid al-Zahmi, assistant under-secretary of the ministry of labour, said that a worker who had signed a limited contract (of three years for example), and completed the same, can get the sponsorship transferred without needing to furnish an NoC from the current employer.
Expat friendly new Saudi labour law increases annual leave from 15 to 21 days and to 30 days for those who have completed five years of service. The law also urges employers to pay end-of-service awards.
Around 50 to 55 lakh job seekers, on an average, annually register with the employment exchanges for over two lakh notified vacancies.
The asset manager is yet to resolve the impasse surrounding the payment of pension to its erstwhile employees who had opted for voluntary retirement in 2003.
Twenty garment factories have closed down in the last four years, leaving only eight operational
The Centre and states are looking to further tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing. A meeting of the law committee of the GST Council has been convened on Wednesday to discuss these issues, finance ministry sources said. The committee, comprising senior central and state tax officers, would also discuss the GST fake invoice frauds, further tightening of the GST registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing, they added. Also the provisions related to deemed registration under Goods and Services Tax (GST) law may be tightened to prevent the misuse of such provisions by fake dealers and the provisions related to suspension of registration may also be streamlined to make the procedure of suspension and cancellation of registration more efficient and faster, so that such fraud operators can be prevented in time from continuing to pass on fake credit down the chain.
He also announced an assistance of Rs 3,000 for accredited journalists while acknowledging their role in the dissemination of information on COVID19.
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.
The ministry of labour and employment plans to implement social security programmes only for the poorest of the poor in the unorganised sector, to begin with.
Many farmers in drought hit states are seeking MGNREGA work but the state government's coffers do not have enough fund to pay the salaries of these workers.
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.
However, the hike in salary for government officials may take some time as the Centre had earlier this year decided to put a freeze on any hike in the DA of its employees till July, 2021, owing to the Covid-19 pandemic.
As the COVID wave gradually shifts to rural areas, several states are gearing up to check its spread through self-proclaimed lockdowns by Panchayati Raj institutions, creating a database of migrants and providing free online medical consultation to the sick.
Workers being laid off will be entitled to full wages of 45 days for every year of service.
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.
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
Fresh guidelines issued by the Union home ministry on Wednesday permit industries operating in rural areas to run from April 30 with strict social distancing norms.
States may set it higher, not lower; planned link to cost of living.
New norms issued as per the Motor Vehicle Aggregator Guidelines 2020 have mandated a cap on surge price, preventing aggregators from charging more than 1.5 times of the base fare.
The United Arab Emirates may relax the 34 per cent ceiling on employment of workers of a single nationality in a company if negotiations between the Indian mission and the UAE government bear fruits.
From mistreatment, sexual harassment to low wages, domestic workers are in a poor state in India with hardly any legal protections, says Neeta Kolhatkar.
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.
While the number of active COVID-19 cases stood at 7,409, as many as 764 people have been cured and discharged, and one had migrated, it said. Of the total 273 deaths, Maharashtra tops the tally with 127 fatalities, followed by Madhya Pradesh at 36, Gujarat at 22 and Delhi at 19.
The number of contributors was 46.4 million in July and 44 million in September.
Javadekar asserted that the first 50 days have shown that Modi government's second term will be more effective and will build on the success of its previous tenure.
