A part of Rs 6.5 lakh cr corpus may be used to set up Workers' Bank.
The Employees' Provident Fund Organisation's key advisory body, Finance and Investment Committee, would meet next month to take a view on parking 3 to 5 per cent of its large corpus of Rs 2.57 lakh crore (Rs 2.57 trillion)in the capital market.
The active cases comprise 2.04 per cent of the total infections.
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Fund managers will be given more flexibility to invest in corporate bonds.
The amendment now makes it compulsory for corporate PF trusts to comply with the Employees Provident and Miscellaneous Provisions Act, 1952, and to claim exemptions under Section 17 of the same Act.
Central trade unions on Wednesday decided to hold a nationwide demonstration on January 20 against the government's notification of 8.5 per cent EPF rate for the current fiscal.
'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.'
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'.
'Now, we have a minimum pension of Rs 1,000 annually.'
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.
Taking note of the 'indigent circumstances' in which former athlete Santhi Soundarajan has been living, the Sports Ministry has sanctioned an assistance of Rs 60,500 to fund her NIS Diploma Course at the SAI Centre in Bengalore.
The next general election is more than three years away. Yet, the Centre appears to be reluctant to take any bold move that might annoy influential sections of the electorate.
At present, laws on wages do not cover workers getting a monthly wage of more than Rs 18,000
In order to check frequent strikes by bank employees, the government on Tuesday extended the period of public utility status of banking services and made it mandatory for workers to give six months notice before proceeding on strike.
The Budget session of Parliament is likely to conclude on Thursday, a day ahead of schedule.
'We need to find out whether any structural element has got fatigue.' 'We want to increase the lifespan of the bridge.'
There have been several occasions when workers have raised an industrial dispute with employers demanding compensation for being retrenched due to continued illness
More women are leaving their homes than ever before to hunt for jobs in India's overcrowded employment market, the first government study of its kind released in New Delhi showed.
Around 50 to 55 lakh job seekers, on an average, annually register with the employment exchanges for over two lakh notified vacancies.
Union minister for coal and mines Mamata Banerjee on Monday announced 15 per cent interim relief for coal miners and employees and said no collieries would be closed and no retrenchment would be made.
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.
To provide better working conditions and social security to workers in the unorganised sector, an empowered group of ministers on Friday cleared a draft of the unorganised sector workers bill that provides for pension and insurance to the workforce.
Over 10 lakh workers who quit or lost jobs so far this fiscal got a major relief on Monday with the government taking a decision to pay 8.5 per cent interest on employees provident fund.
About a million railway employees participated in the strike ballot of NFIR. In December, 800,000 employees participated in the strike ballot conducted by another leading union, the All India Railwaymen Federation, with 96 per cent voting in favour of a strike.
For Indian equities, this will a good stabilising hedge against the speculative investor breed, which is largely dominant in Indian equity markets.
Retirement fund body EPFO net added 14.81 lakh subscribers in August 2021, reflecting a growing trend in net payroll for the first five months of this fiscal. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Wednesday highlights that it added around 14.81 lakh net subscribers during the month of August 2021, a labour ministry statement said. The data reflects a growing trend in net payroll for the first five months of the current financial year, it added.
The Finance Ministry has been pitching for EPFO funds to be invested in the equity markets to maximise their yields.
Despite the labour ministry's claims that it is vigourosly chasing the employees provident fund defaulters, the money that employers owed to the fund mounted to Rs 1,758 crore till July, but EPFO might be able to realise only Rs 571 crore.
Seven of the meetings will be held in late November or early December at the finance ministry, as is the norm.
While some trade union leaders have welcomed the move, industry has opposed it, fearing an increase in its wage bill
The 15% invested every month in equity would be allotted to subscribers in the form of units.
The company stated that it was taking steps for cost rationalisation across all businesses to maintain liquidity and due to a prolonged slowdown it had to take a few tough measures.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
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.
