The decision to drop the proposal was taken last month during a meeting that Finance Minister Arun Jaitley held with labour ministry officials.
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.
The EPFO had decided that 8.15 per cent interest from its debt income would be credited immediately and the remaining 0.35 per cent capital gains from the equity sale would be given later, subject to its redemption.
Talking about sunrise sector, the Finance Minister said, India is beginning to create impact in pharma sector.
Verma, who till recently was strongly opposed to any cut in EPF rates, however, appeared to have softened his stand as he cited the current lower interest rate regime in the country.\n\n\n\n
Union Labour Ministry has announced pension scheme for unorganised labour hands like mine and cine workers.
The the scheme has a subscriber base of 35 million.
Retirement fund body EPFO has retained 8.5 per cent interest rate on employees' provident fund (EPF) for 2019-20 for its over six crore members as decided earlier, and also began crediting the same into their accounts on Thursday. A large number of the members of the Employees' Provident Fund Organisation (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent interest for 2019-20, from Friday, a senior official told PTI. The official further said the labour ministry has already sent the direction to credit the 8.5 per cent interest on EPF for 2019-20 to the EPFO, and the body has already started crediting interest into the members' account for the last financial year.
'Revision of the base year for both CPI and GDP are long overdue.' 'The basic data that went into the 2011-2012 series were mainly from surveys done in 2011 or earlier.' 'We have since seen the emergence of new sectors like platform-based work and online marketing.' 'The employment surveys and the consumption surveys need to reflect these adequately.'
The portal, which has been tentatively named by the labour and employment ministry as the National Portal for COVID-19 Affected Unorganised Migrant Workers, will gather the details of all the unorganised sector workers who are stranded in relief camps, residential or industrial clusters.
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
Workers' attitude is changing and they want to work more and demand more wages. They want more productivity.
After taking benefit of the scheme, jobs increased by around 11 mn in establishments that took loans.
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.
The government has taken "serious note" of complaints against an Indian company, involved in alleged mistreatment of 77 Indian labourers in Sri Lanka, and directed its mission in Colombo to make immediate arrangements for their return.
Contract workers are paid much less than regular workers. This year's Economic Survey estimates wages are on an average 20 times higher in the formal sector than in the informal sector. Arindam Majumder reports.
Improved monsoon, solid fiscal performance, and capex push by the public and private sectors augurs well for India's macroeconomic stability and growth, the finance ministry's monthly economic review for June 2023 said. But the report said that while India's domestic fundamentals remain strong, negative cross-border spillovers and adverse global developments could act as a deterrent in achieving the high growth path this financial year. "An improved matching of aggregate supply and aggregate demand in the Indian economy underpins the progress made in the control of domestic inflation and the consequent strengthening of macroeconomic stability," the review said.
According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
ESI subscribers to get Covid unemployment allowance within 15 days of claim. Payment will be made into bank account of the insured and Aadhaar will be used for identification.
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
More than 70 per cent of Indian youth aged between 15 and 29 can't!
All institutions registered with the United Arab Emirates's labour ministry will have to pay their workers' wages and salaries from September this year through a new system that seeks to protect the rights of workers in the country.
There are differences between the ministries of labour and finance on the issue.
The divestment department has proposed that public sector units involved in mining ores alone should qualify for 'natural asset' status while imposing additional norms concering employment of labour.\n\n\n\n
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate. Speaking at an event organised by the Calcutta Chamber of Commerce in Kolkata, he however said that GST has led to a lot of simplification. "The ideal GST is one that has a single rate, and it was meant to be revenue neutral.
Finance Minister Nirmala Sitharaman on Thursday said the government will consider the Production Linked Incentive (PLI) scheme for Chemicals and Petrochemicals sector to make India a manufacturing hub for such products. In view of stringent pollution control regulations and rising labour cost, she said, global manufacturers in the chemical industry are looking at diversifying their products and production capability and India stands out as an alternative destination for manufacturing. Besides, India offers a large domestic market, she said while addressing the third edition of the summit on 'Global Chemicals and Petrochemicals Manufacturing Hubs in India'.
A day after OBC leader Swami Prasad Maurya resigned from the Uttar Pradesh cabinet citing apathy towards the backward classes, Dara Singh Chauhan too resigned as minister in the Yogi Adityanath government.
Even as the labour ministry gave an in-principle approval to the civil aviation ministry's proposal to classify pilots as executives instead of workmen, the pilots' unions said they would respond strongly to the move.
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.
'Pay Rs. 30 and insure free treatment up to Rs. 30,000.' That is the latest slogan of the Manmohan Singh government, which has provided such a unique insurance cover to those below the poverty line (BPL) for the first time in the history of the country.
The crucial meeting of Employees Provident Fund Organisation board began in New Delhi on Wednesday to decide whether to continue with the 9.5 per cent interest rate for its 3 crore (30 million) subscribers.
The department for promotion of industry and internal trade (DPIIT) has suggested to the home ministry to allow limited activity in certain sectors such as heavy electricals and telecom equipment with reasonable safeguards. In a letter to Home Secretary Ajay Kumar Bhalla, the department said that these activities are essential to improve the economic situation and provide liquidity in the hands of the people.
Issuing a slew of directions, a bench of Justices S Ravindra Bhat (since retired) and Aravind Kumar asked the central and state governments to pay Rs 30 lakh as compensation to the next of kin of those who die while cleaning sewers.
The Brookings Institution, a think tank associated closely with the US administration, recently expressed keen interest in it.
The active cases comprise 2.04 per cent of the total infections.
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