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Conduct special audit of PF trusts: Panel to labour ministry

Conduct special audit of PF trusts: Panel to labour ministry

A parliamentary panel has asked the labour ministry to conduct special inspection or audit of private EPF trusts that have been found to be investing their workers' retirement savings in own firms through mutual funds.

Cabinet nod likely to double gratuity cap to Rs 20 lakh

Cabinet nod likely to double gratuity cap to Rs 20 lakh

The proposed amendment is being brought to bring the maximum ceiling amount to Rs 20 lakh in line with the 7th Central Pay Commission's recommendations as accepted by the government.

Gratuity ceiling for private sector employees to be raised to Rs 20 lakh

Gratuity ceiling for private sector employees to be raised to Rs 20 lakh

Formal sector workers may soon be eligible for up to Rs 20 lakh tax-free gratuity as central trade unions have agreed on the proposal in a tripartite consultation with the Labour Ministry.

Labour Min, FinMin agree on 8.65% EPF interest: Dattatreya

Labour Min, FinMin agree on 8.65% EPF interest: Dattatreya

Labour Minister Bandaru Dattatreya on Tuesday said 8.65 percent interest rate on EPF deposits for this fiscal will soon be ratified by the Finance Ministry and there is no difference of opinion on the issue.

 

Budget may levy new cess to provide social security to coolies

Budget may levy new cess to provide social security to coolies

Government may announce a new cess in the forthcoming Union Budget 2017-18 to cover around 20,000 railway coolies under social security schemes run by the retirement fund body EPFO.

Govt to launch campaign to open workers' bank accounts today

Govt to launch campaign to open workers' bank accounts today

Labour Ministry will launch a campaign in association with Department of Financial services to open bank accounts of workers, who do not have one till date, in the organised as well as unorganised sector on Saturday.

7,000,000 jobs could disappear in India by 2050, says study

7,000,000 jobs could disappear in India by 2050, says study

As many as 550 jobs have disappeared every day in last four years and if this trend continues, employment would shrink by 7 million by 2050 in the country, a study has claimed.

ESIC to extend services in unorganised sector as well: Bandaru Dattatreya

The Employees State Insurance Corporation (ESIC) will extend its health services to 20 crore workers in organised as well as unorganised sectors in 3 to 4 years, Union Labour Minister Bandaru Dattatreya said on Monday.

Employee provident fund may get 8.6% interest in 2016-17 down from 8.8% in 2015-16

Employee provident fund may get 8.6% interest in 2016-17 down from 8.8% in 2015-16

Over 4 crore EPFO subscribers may get a lower interest at a rate of 8.6 percent on their PF deposits for current financial year as Labour Ministry is expected to toe the Finance Ministry line to cut the rate.

'Govt considering EPFO's voluntary pension scheme proposal'

'Govt considering EPFO's voluntary pension scheme proposal'

The Labour Ministry is actively considering proposal of a voluntary pension scheme mooted by the Employees' Provident Fund Organisation (EPFO), a senior government official has said.

Govt hikes minimum wage; Unions stick to September 2 nationwide strike call

Govt hikes minimum wage; Unions stick to September 2 nationwide strike call

Seeking to dissuade labour unions from a nationwide strike on September 2, the government Tuesday announced 42 percent minimum wage hike and a two-year bonus, but the trade bodies rejected these measures as "completely inadequate" and stuck to their call.

EPFO set to hike proportion of ETF investments

EPFO set to hike proportion of ETF investments

Retirement fund body EPFO will on July 7 take a decision on increasing investments in stock markets through ETFs, as they have started giving returns, Labour Minister Bandaru Dattatreya said Tuesday.

Government's U Turn on EPF

The government could give 8.8% interest rate on 2015-16 EPF. to know more watch the full news story.

Modi govt revises EPF interest rate again; hikes it to 8.8%

Modi govt revises EPF interest rate again; hikes it to 8.8%

This is the third rollback on EPF. Last month the government was forced to withdraw the Budget proposal to tax a certain portion of withdrawals.

Third PF roll-back: Govt raises EPF interest rate to 8.8% from 8.7%

Third PF roll-back: Govt raises EPF interest rate to 8.8% from 8.7%

In yet another roll back, Finance Ministry has retracted its earlier decision of lowering the EPF interest rate for 2015-16, and agreed  to return to 8.8 percent as earlier.

Executive order soon for Rs 10,000 minimum wage for contract workers

Executive order soon for Rs 10,000 minimum wage for contract workers

The Centre will issue an executive order to ensure contract workers get a minimum wage of Rs 10,000 per month, Union Minister of State for Labour and Employment Bandaru Dattatreya said on Sunday.

Some relief for Vijay Mallya: Labour Ministry gives clean chit to Kingfisher Airlines

Some relief for Vijay Mallya: Labour Ministry gives clean chit to Kingfisher Airlines

The Labour Ministry on Tuesday gave a clean chit to Vijay Mallya's now defunct Kingfisher Airlines in connection to non-payment of EPF stating that there was no complaint against the airlines.

Labour Ministry to probe Kingfisher Airlines' PF contributions

Labour Ministry to probe Kingfisher Airlines' PF contributions

Beleaguered businessman Vijay Mallya, who is facing legal proceedings for allegedly defaulting on loans of over Rs 9,000 crore from various banks, is currently under scanner by multiple agencies, including CBI.

EPFO trustees may fix interest on PF for 2015-16 on Nov 24

EPFO trustees may fix interest on PF for 2015-16 on Nov 24

Retirement body EPFO's trustees are likely to consider and approve a proposal to fix rate of interest on PF deposits for over five crore subscribers for the current fiscal in their meeting scheduled on November 24.

Air India may see another strike as pilots oppose Labour Ministry move

Air India may see another strike as pilots oppose Labour Ministry move

National carrier Air India is staring at yet another industrial unrest with a majority members of one of its pilots' unions favouring a strike against a Labour Ministry notification on exclusion of flight commanders from the workmen category.