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Surya Sarathi Ray

Articles By Surya Sarathi Ray

810 Articles

Negative returns: Panel pulls up EPFO for investing in falling market

The parliamentary standing committee on labour has asked the Employees Provident Fund Organisation (EPFO) why the retirement fund body continued to invest in equity market, even when the market was falling in March-April.

Fixed-term employment needed, but its abuse should be prevented: Bhartruhari Mahtab

The committee has recommended the threshold of employees for industrial units to resort to lay-off without government permission be raised from 100 to 300.

Bhartruhari Mahtab, Chairman, Parliamentary standing committee on labour

‘Lay-off freedom for more units to promote formalisation of labour’

Santosh Kumar Gangwar, minister for labour and employment, discusses how the recently enacted labour codes will serve the interests of both the industry and workers and catalyse economic growth. Excerpts from an exclusive int

Steel ministry moots Rs 3,346-crore aid to up domestic output

An industry source said the proposed PLI scheme was aimed at helping the industry further develop or consolidate its capacity to manufacture electrical and automotive grades of steel and achieve self-reliance.

As part of the stimulus schemes, a production-linked incentive (PLI) of 3-5.1% of the incremental output value will be offered to the domestic industry for steel grades in which local production is very limited.

Govt envisages broader social security net for workers

The Bill enables the Centre to frame schemes to provide social security benefits to unorganised workers, gig workers, platform workers and self-employed workers or “any other class of persons”.

SAIL asked to divest non-core assets, focus on core activity

SAIL is also not pursuing Chhattisgarh Mega Steel, incorporated as a Special Purpose Vehicle (SPV) with the objective of fast tracking developmental processes for setting up of an ultra mega steel project.

SAIL sold 1.43 million tonne steel in August this year, up 35% over the corresponding month last year.

EPS overhaul: Personal pension accounts on the cards

The plan requires roughly a third of the total Employees’ Provident Fund (EPF) contribution on behalf of new employees with a monthly salary above Rs 15,000, to go to their personal pension accounts, rather than the EPF.

army family pension latest news, family pension rules government of India, pension rules after death of pensioner, Indian navy, army family pension latest news, circulars & notifications department of ex-servicemen welfare

Employees of IT majors lead in availing EPF advances under Covid window

Of the total 685 exempted establishments whose employees have availed the benefit, 182 are controlled by government, 444 private and 59 establishments were in the co-operative sector.

EPFO, ESIC, new contributors, EPFO subscribers

Mining reforms: Industry vocal against ‘premature’ repeal of existing leases

The proposal to develop national mineral index on the lines of national coal index is redundant, according to FIMI; but CII and ISA agree with some caveats.

Industry body CII said all the cases saved under section 10A(2)(b) where all the conditions have been fulfilled by applicants, must be expeditiously granted by the government in a time-bound manner.

Gradual revival? EPF base gradually recovers after April contraction

The number of contributing establishments and members to EPFO increased to 4.98 lakh and 4.54 crore in August from the lows of 3.33 lakh and 3.84 crore, respectively, in April, the government data showed.

Still, the August number for both contributing members and establishments are still a little away from the January numbers in which 5.4 lakh establishments and a little over five crore members contributed to the retirement fund.

Government revises BOT model for highway projects to lure investors

Other key changes that have been brought in the revised MCA include flexibility to foreclose the contract with mutual consent.

Focus on limiting liability to 100% of total project cost for both NHAI and developers is largely beneficial for NHAI given the huge claims raised by developers in the past, many of which were at a multiple to the total project cost.

After 3 months of surge, employment under MGNREGS slows; 60% less jobs in August versus July

The government allocated Rs 61,500 crore for this scheme in the budget for 2020-21, and it later increased the allocation by Rs 40,000 crore amid the pandemic to support the rural economy.

Delhi government to launch job portal, employers and job seekers both can register themselves, aam aadmi party

NMDC board approves demerger of steel unit, poised for privatisation

The Cabinet Committee on Economic Affairs had given its go-ahead for the “strategic disinvestment” of the unit in late 2016.

But, the Centre was firm on its decision as it obtained that a private strategic partner might bridge the knowledge deficit since NMDC is a pure-play miner.

Facing shortage, Odisha steel units want iron ore exports curbed

All these three mines belong to JSW Steel, which is dispatching almost the entire production to their own plants, they said.

In July, 2020 Odisha disptached only 3 MT against 8 MT dispatch in July 2019.

Payroll: EPFO says June data on par with pre-crisis level, butrejig raises questions

Nearly 81% of the addition to the June payroll came from the top ten industries, including expert services; building and construction; electronics, mechanical or general engineering products manufacturing; engineering; and tr

MGNREGA: Worker incomes double to Rs 1,000 per month

The push to the scheme has been higher in Haryana, Uttar Pradesh, Bihar, West Bengal, Odisha and Gujarat, where work allocation increased more than 50% on year in the first four months, CRISIL noted.

On Monday, CRISIL Research had painted a rather rosy picture of the rural income scenario.

Highway toll collection per km declined 7% in FY20

India had 29,666 km highway length and 566 toll plazas, as on March 2020, where toll was collected. The toll rate is revised annually in April for majority of the stretches.

In line with SIMS, closer vigil on imports of coal, aluminium and copper

The government’s move to launch similar mechanism will also help domestic producers of coal and non-ferrous metal such as Vedanta, Nalco, Hindalco and Hindustan Copper to chalk out their strategies for substituting imports.

RINL, Posco form joint working group under pact to build 5-MTPA greenfield steel plant in Vizag

The PMO had earlier instructed the steel ministry to “hold discussions with the concerned ministries/parties to facilitate domestic manufacturing of high-grade steel with the help of Japanese and Korean companies”.

In the preliminary discussions, the ministry gave the delegation assurance of uninterrupted supply of iron ore, a key raw material in steel-making and the required land for the proposed unit, being envisaged in line with the PM’s 'Make in India' programme.

Highway construction at creditable 22km/day in April-July

A year ago, MoRTH had constructed 1,886 km, NHAI 1,099 km and NHIDCL 30 km. Rating agency Crisil, in a recent note, said highway construction could fall by 10-13% in 2020-21 from 10,237 km in 2019-20.

A creditable, near-normal 976 km of national highways were constructed in June.

Jobless: India’s unemployment rate rises to nine-week high of 9.1%

However, since then the rural unemployment rate has been on the rise to stand at 8.37% for the week ended August 9 and further to 8.86% in the week ended August 16.

Overall, India’s employment was 37.6% in July. In June, the employment rate was 35.9%, 29.2% in May and 27.2% in April. In March, India’s employment rate was 38.2% and in January, it was 39.8%.

One nation, one ration card: Many states yet to come on board but govt committed to roll it out by March 2021

While some states, not agreeing to so far, want the co-existence of the hybrid system — under which a ration card holder is entitled to lift the share using either the old system or the new system; some other states want in

The Centre had earlier said by March 31, 2021, all states will be added to the scheme.

Labour Bill: Centre still wary of hire-and-fire clause – Key proposals

The code will also extend the provision for a mandatory 14-day prior notice for strikes and lock-outs, now applicable to public utility services, to other firms, to encourage resolution of disputes through tripartite negotiat

The Centre has been adopting a policy of blowing hot and cold when it comes to labour reforms.

India’s unemployment rate rises to five-week high, check latest numbers

According to CMIE, the labour participation rate for the week ended August 9 stood at 40.62%, which was overall at 40.7% in July.

Steel demand in India reviving, thanks to resurgent rural economy: ISA President

India may be one of the world’s largest economies by GDP, but our per capita steel consumption is very low.

steel usage, low-cost homes, dharmendra pradhan,

Labour panel seeks more clarity on Centre’s social security fund for unorganised sector

For better focus and efficiency, the social security fund should also be utilised to provide hospitalisation, health insurance and life insurance benefits, and old-age pension, the committee said.

The committee has sought a definite road map towards a right-based social security cushion for all workers and has asked the government to give a specific time-frame for effective implementation of the scheme.

Social security fund: Identify resources for unorganised sector cover, says Parliamentary panel

The social security code proposes to empower the central government, by notification, to constitute the Social Security Fund or funds for provision of social security and to be administered by the central government.

The committee is also likely to propose the government to bring in the agricultural workers and domestic workers under the coverage of the proposed social security fund.
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