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.
‘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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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”.
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.
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.
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
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
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.
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.
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.
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