The Central Board of Trustees, which is the apex decision-making body of the Employees' Provident Fund Organisation, met on Monday and approved the interest rate.
The four Left parties that support the United Progressive Alliance government have already rejected the Bill, which has been approved by the Cabinet. Instead, they have asked for separate Bills for agricultural and non-agricultural workers.
Replying to a Calling Attention Motion, labour minister Oscar Fernandes, however, said there will be no amendment to the Employees' Pension Scheme 1995 in the wake of Sixth Central Pay Commission as the two issues are not related. He said two committees, including one headed by a special secretary, have been set up to review the EPF scheme and ensure that it brings better benefits to the employees.
Labour Minister Oscar Fernandes on Friday lashed out at the Communists for being 'unfair' in accusing the government of coming out with economy stimulus packages only to bail out the corporate sector without paying any heed to the fate of the retrenched workers.
A sample study conducted for the period August-October 2008 by department of commerce for 121 export related companies also revealed loss in export orders to the tune of Rs 1792 crore (Rs 17.92 billion), he said during Question Hour in Lok Sabha.
Such employees will get an allowance in cash equal to half of their wages computed on the basis of average salary for their entire service, labour minister Oscar Fernandes said during the question hour. Such employees will get an allowance in cash equal to half of their wages computed on the basis of average salary for their entire service, labour minister Oscar Fernandes said during the question hour.
Labour Minister Oscar Fernandes while addressing an Assocham event today said by pushing the digitisation of communication technology to make mobile phones affordable to the farmers of the country, the government would work along with private companies.
Government has no plans to appoint a regulator for overseeing labour conditions in BPO companies, Labour Minister Oscar Fernandes said on Wednesday. "Since labour laws are already applicable to BPOs and are regulated accordingly, the Ministry of Labour and Employment has no proposal to appoint a regulator for BPO companies," he said in a written reply to a question in Rajya Sabha.
As part of the Congress' strategy to draft in union ministers for full-time party work in the run up to the Lok Sabha polls, Labour Minister Oscar Fernandes has reportedly resigned. Fernandes is said to have taken the decision in order to devote himself full time to party work. The move came shortly after the Election Commission released the schedule for the five-phase Lok Sabha polls earlier on Monday. Fernandes is the second minister after Jairam Ramesh to have resigned.
Congress President Sonia Gandhi has pulled up the central government for slow implementation of the UPA's 20-point programme, sources in the government say.
The government has deferred the decision on fixing the Employees' Provident Fund (EPF) rate of interest for the current fiscal till the next meeting of the Employees' Provident Fund Organisation.
The EPF Board on Saturday once again deferred decision on the contentious issue of interest rate for its four crore subscribers till the next meeting to facilitate more consultations between the Labour and Finance ministries.
The motion was given by Gurudas Dasgupta (CPI), Rupchand Pal and Santashri Chatterjee (both CPI-M) who were sharply critical of the government's "insensitive" attitude to large scale retrenchment and wage cuts and spoke of job losses to the tune of 20 lakhs (Rs 2 million) in the country.
Employees Provident Fund Organisation fails to arrive at a decision on interest rate.
The Employees Provident Fund Board may examine the option of investing five per cent EPF corpus money in stock markets, Union Labour Minister Oscar Fernandes said on Tuesday. Ahead of the meeting of EPF Central Board of Trustees to finalise the interest rate for 2007-08, Fernandes said that the option to make investment in the capital market was "still open".
Bowing to pressure from Left- backed trade unions, the Employees Provident Fund Board agreed on Monday to continue paying 8.5 per cent interest rate to its nearly 4 crore subscribers for fiscal 2006-07 as well.
The EPF Board on Saturday failed to clinch the contentious issue of interest rate for the current fiscal for its four crore subscribers and rejected finance ministry's proposal to invest 5 per cent of the EPF money in the equity market.
Besides managing retirement funds, EPFO may come out with a scheme to provide housing to its over 5 crore (50 million) subscribers on additional contribution of 10 per cent by them from their basic wages every month.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
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