The Employees’ Provident Fund Organisation (EPFO) may find it impossible to resist attempts by subscribers to inflate their pension entitlements to levels far beyond its capacity to provide these, raising the spectre of bankruptcy and a grave risk to the monies deposited by millions of workers in the assorted schemes administered by the body.
EPFO’s returns from the equity market fetched annualised return of 21.87% till October-end, over three times what it received from its investment in corporate bonds.
Some senior government functionaries including the human resource development minister Prakash Javadekar have said the accelerated pace at which the EPF subscriber base has expanded this year reflected a pick-up in job creation.
BMS has been demanding a complete withdrawal of the IR Code, considered to be the mother of all labour reforms that the present dispensation had embarked on immediately after assuming office by amalgamating 44 central extant labour laws into four codes with the aim of ensuring the “ease of doing business”.
When a country goes digital, it experiences a similar evolution of needs. I would divide this hierarchy into four layers. The first is ICT infrastructure, which is the foundation of a digital economy.
Even as only nine non-coal blocks have successfully been auctioned, the mines ministry hopes mineral-rich states will put at least 45 additional blocks under the hammer in the remaining period of the current fiscal.
Given the lukewarm response to the auction of non-coal mines, the government is set to make the terms more attractive for investors.
As its steel production gap with Japan is on the wane, India is within the touching distance to become the world’s second largest steel producer.
NCLAT on Wednesday said it will look into the resolution plan in the Synergies Dooray Automotive case,
India is set to auction molybdenum mines for the first time in its history.
Under pressure from trade unions including the RSS-affiliated BMS, the government may water down some of the important reform proposals in the draft code on industrial relations (IR).
State-run firm GAIL (India) has spoken against the preference given to domestic steel when it comes to government procurement.
In April-August this year, the construction’s pace was 21 km/day. The NHAI has been assigned to construct 6,000-km highways in FY18 and award 10,000 km projects.
Lacunae in the auction system for non-coal mines came to the fore at a recent meeting of the stakeholders who form part of the 29-member committee set up to review the decade-old National Mineral Policy (NMP), 2008, by the mines ministry at the direction of the Supreme Court.
With 45 of the 74 non-coal mines put on the block failing to find takers, the Centre is set to tweak the auction norms, including relaxation of the end-use policy and minimum bidders’ criteria.
The pace of building highways accelerated to 20.80 km a day in the April-August period of 2017-18 from 7.36 km a day in the same period last fiscal, but fell short of 22.3 km per day achieved in 2016-17.
Public sector steel companies RINL and SAIL have resolved their dispute over supply of forged wheels to Indian Railways, agreeing to share the orders from the national transporter.
National steel policy has set a target of achieving 300 MT domestic capacity by 2030-31.
Pension corpus doubled in 5 years to FY16; reflects jobs, salaries in period
Luxury has its origin in the word “luxe”, which means ‘dazzle’. So anything that dazzles is luxury.
With the social security cover being broadened, the government has abandoned a plan to make employees’ provident fund contribution optional for workers with relatively low wages.
Public sector lender Central Bank of India (CBI) has filed an insolvency petition in the National Company Law Tribunal (NCLT) against solar panel manufacturer Moser Baer Solar (MBSL) under Section 7 of the Insolvency and Bankruptcy Code.
Dubbing the road transport and highways ministry’s target to award 25,000-km highways for the current fiscal ‘hypothetical’, a parliamentary standing committee has suggested the Nitin Gadkari-led ministry to set goals that can be achieved within the stipulated time-frame.
To accelerate job creation in the formal sector, the government may enhance its contribution to the Employees’ Provident Fund (EPF) for new employees under the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) by additional 1% of their basic pay.
Retirement fund body plans to reduce charges to 0.4% of basic pay from the current 0.65%.
The National Highways Authority of India (NHAI) is confident of exceeding the targets set by the ministry of road transport and highways (MoRTH) for the current fiscal despite its failure to meet targets for construction and awards of highways during the first quarter of FY18.
The National Highways Authority of India (NHAI) is unlikely to borrow from the Employees’ Provident Fund Organisation (EPFO) in the current fiscal in an effort to rein in cost of funds.