Some unions have opposed EPFO investing in share markets.
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.
The UAE government has revoked the ban that people who left their jobs or cancelled their resident visas faced.
Accusing the labour ministry of "playing hide and seek" with their demands, the bank unions on Tuesday threatened to go on an indefinite strike.\n\n\n\n
In a placatory move, the labour ministry also said it was contemplating permitting withdrawal of all accumulations by Employees' Provident Fund Organisation's subscribers on grounds like purchase of house, serious illness, marriage and professional education of children.
Since the imposition of lockdown on March 25 by the government to contain the COVID-19 spread, businesses have been facing liquidity or cash crunch, leading to difficulties in paying their mandatory provident fund dues.
The committee has termed the Employee Provident Fund Organisation's data on number of pensioners subscribed to the Employee's Pension Scheme, 1995 as 'inflated and imaginary'. Top officials of the labour ministry and the provident fund organisation were unable to explain how calculations for pensionary liability were arrived at without knowing the number of pensioners in the country.
At present, someone short of the retirement age can completely withdraw the PF money.
Ussue will be raised at the meeting of the Central Board of Trustees of the Employees Provident Fund Organisation on Tuesday.
The active cases comprise 2.04 per cent of the total infections.
States may set it higher, not lower; planned link to cost of living.
One is a singer, one works at a farm, another sells milk -- meet India's Blind World Cup winning team
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'.
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.
Labour Ministry has notified new investment pattern for EPFO.
Major portfolios like home, finance and education were on Tuesday allocated to People's Democratic Party ministers by Jammu and Kashmir Chief Minister Mufti Mohammed Sayeed who will himself hold the charge of home ministry.
The labour ministry will soon submit a detailed plan on providing social security to 37 crore (370 million) workers in the unorganised sector to a Group of Ministers, which is examining the proposal and slated to meet next week.
In the draft rules, among 681 listed professions, armed security guards, supervisors, surveyors, and carpenters (class I) are proposed to be treated as highly skilled professionals; electricians, tailors and drivers are skilled; cooks and cobblers as semi-skilled and dairy coolies, office peons and sweepers as unskilled.
The Employees' Provident Fund Organisation and the Labour Ministry are in touch with the Prime Minister's Office for the purpose, a senior official said.
Companies with 10 employees may also come under EPF Act.
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.
The Left unions want concrete action and not just 'assurances'.
The finance ministry appears to have ruled out subsidising Employees Provident Fund Organisation, despite the labour ministry struggling to bridge the Rs 927 crore (Rs 9.27 billion) deficit to pay 9.5 per cent interest to about Rs 4 crore (40 million
'We need to find out whether any structural element has got fatigue.' 'We want to increase the lifespan of the bridge.'
The Union cabinet approved the wage board proposal in December.
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.
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.
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Fund managers will be given more flexibility to invest in corporate bonds.
The Budget session of Parliament is likely to conclude on Thursday, a day ahead of schedule.
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.
'Now, we have a minimum pension of Rs 1,000 annually.'
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.
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