"The labour ministry has amended the schemes run by the EPFO by a notification. This will enable the Employees' Provident Fund Organisation (EPFO) to make all payments like EPF and pension through digital mode," an official said.
A draft code prepared by the Labour Ministry envisages the constitution of a national social security council to regulate the social security schemes of the Centre and states, the Lok Sabha was informed today.
Once the Labour Code on Security and Welfare is put into effect, schemes like provident fund, pension and insurance schemes run under the EPF Act, 1952, and the sickness benefit scheme under the ESIC Act, 1948 will no longer exist in their present forms.
Just like in the west, the new policy will cover all the potential risks (income loss, death, illness etc) and also unemployment benefits for all. The government will meet the cost of the programme for the poor.
The Labour Ministry is again facing resistance from the trade Unions as it seeks to raise EPFO minimum equity limit to 15 percent, say sources.
Over 28,000 IT employees have signed an online petition asking the Labour Ministry to stop IT companies from holding them to a three-month non-negotiable notice period.
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.
Prime minister Narendra Modi‘s new year‘s eve announcement, on interest subvention for housing loans for the poor and the middle-class, was soon followed by rate cuts by various banks, including the government-owned State Bank R
"We have started this campaign from November 26, 2016 in respect of workers of organised and unorganised sectors who do not have bank accounts," Labour Minister Bandaru Dattatreya told reporters here.
Labour Ministry today said it 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.
Labour Ministry today notified the amendments in the Industrial Employment (Standing Orders), paving the way for fixed-term employment in the apparel manufacturing sector.
The Labour Ministry raised the limit of investments by the Employees' Provident Fund Organisation (EPFO) in the Exchange Traded Funds (ETFs) in 2016-17 to 10 percent of its investible deposits from 5 percent in the last fiscal.
"We have already issued a notification raising the EPFO investment limit of ETFs to 10 per cent from the current 5 per cent of its investible deposits," Labour Minister Bandaru Dattatreya told reporters at a press conference here.
Labour Ministry is likely to move a Cabinet note on the Labour Code on Industrial Relations (IR) for its approval this week.
Employees Provident Fund Organisation (EPFO) had provided 8.8 perecnt rate of interest on EPF deposits for 2015-16 despite Finance Ministry's ratification for 8.7 per cent.
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.
The Ministry has implemented National Career Service (NCS) project through which it aims to provide employment related services to youths using technology.
On Universal Account Number (UAN) for PF members, Dattatreya said 7.44 crore UANs have been issued and 1.33 crore digitally authenticated Aadhar has been collected as on today and further 2.80 crore members are now active on UAN portal.
Labour Ministry today expressed serious concern over comments from some organisations on certain provisions of the Child Labour Bill that prohibits employment of children below 14 years, terming these as "ill-informed".
Retirement fund body EPFO is likely to consider a proposal to increase proportion of its investments in exchange traded funds (ETFs) in its trustees' meet on July 26.
The ministers' group has been constituted to talk with the trade unions on their charter of demands, which includes government's steps to deal with price rise, a universal social security cover for workers, stopping disinvestment of PSUs and opposition to FDI in railways and defence.
Labour Ministry and central trade unions are at loggerheads over raising the investments of retirement fund body EPFO in stock markets through Exchange Traded Funds (ETFs)
Labour Ministry is of the opinion that the retirement fund body EPFO should increase investments in the stock markets through ETFs, as the exercise has started giving returns
The Labour Ministry has amended the Employees' Pension Scheme 1995 to provide the entitlement of minimum monthly pension of Rs 1,000 in perpetuity to its over 50 lakh pensioners
Speaking at the Plenary session of International Labour Conference (ILC) in Geneva, Aggarwal said this is being achieved by bringing in the necessary-ease in compliance-of provisions related to labour, the Labour Ministry said in a statement.