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Mumbai, Mar 26 () Gems and Jewellery Export Promotion Council (GJEPC) has announced a Rs 50 crore welfare fund for its workforce, amid the COVID-19 pandemic that has brought business to a standstill. "The world is undergoing unprecedented difficult times in the wake of COVID-19. India too is grappled with this deadly pandemic. During these hard times it becomes pertinent and mandatory to take care of our employees," GJEPC chairman Pramod Agrawal said in a statement. The gems and jewellery sector in the country employs over 50 lakh workforce. "In our endeavour to combat the situation, we have decided to create a corpus of Rs 50 crore from our own reserves for the welfare initiatives of workforce employed in this sector in the current scenario," Agarwal added. He also appealed to all its members to take care of their employees during the lockdown and demonstrate a united and humane approach. Meanwhile, GJEPC vice chairman Colin Shah said the Finance Minister's announcement that companies with an annual turnover of less than Rs 5 crore will not be levied any interest, penalty or late fees with respect to GST till June 30, will help MSMEs in the gem and jewellery sector. As the outbreak of the COVID-19 pandemic and the lockdowns across cities create large scale economic disruption, Finance Minister Nirmala Sitharaman on March 24, announced various measures including extending the deadline for filing income tax and GST returns. The extension of timelines for GST returns for three months -- March to May, to the end of June without any late fees, penalty and interest for enterprises with turnover less than Rs 5 crore will provide significant relief for SMEs who are likely to be subject to intense liquidity pressures. SM DRRDRR

Gems, jewellery sector announces Rs 50-cr welfare fund for its workforce

Mumbai, Apr 7 () Producer Sajid Nadiadwala on Tuesday announced that over 400 employees, including daily wage workers, of his Nadiadwala Grandson Entertainment (NGE) will be given a bonus and also pledged to donate to the PM-Cares Fund and the Chief Minister's relief fund. Nadiadwala said their employees will be given a bonus so as to empower them to participate and donate more to fight the coronavirus pandemic in the country.In addition to this, financial aid of Rs 10,000 plus a bonus will be given to every daily wager associated with NGE."We have announced a bonus for each of our employees, to strengthen their hands, so that they too can contribute. Hereby paying back to society and fulfilling their responsibilities towards our country and humanity, as compassionate global citizens," Nadiadwala said in a statement."It gives me immense pride to inform that each and every employee of NGE, working at various levels, has pledged to donate to the PM Cares Fund and the Chief Minister's Relief Fund," he added.According to the press release, Nadiadwala Grandson Entertainment and Nadiadwala Grandson Foundation have contributed towards PM-CARES fund, Maharashtra Chief Minister's relief fund, Motion Pictures and TV Producers Welfare Trust, Shree Bhairav Seva Samiti and Film Industry Welfare Trust. JUR SHDSHD

Sajid Nadiadwala announces bonus for employees; pledges to contribute to various relief funds

New Delhi, Mar 30 () State-owned Software Technology Parks of India (STPI) on Monday said its employees will donate one-day salary to the PM-CARES Fund in the wake of COVID-19 pandemic. As of now, it has collected Rs 15.48 lakh as contribution from all its employees, a statement said. STPI, which has a headcount of 980 in India, said its employees are voluntarily donating their one-day salary to support the fight against the deadly coronavirus. The number of deaths around the world linked to the new coronavirus has touched nearly 34,000. In India, the tally of confirmed coronavirus cases has crossed the 1,000-mark. STPI has also urged the IT/ITes industry to refrain from terminating their employees, including casual and outsourced staff, and ensure that they are treated as 'on duty' during their period of absence to enable timely disbursal of wages/ salaries to them at this critical moment. It also called on the companies to undertake social and community welfare measures and augment the efforts of the government in tackling the crisis. "Indian IT industry has brought many laurels to the nation and today it stands resilient to COVID-19 crisis by ensuring business continuity to clients. We at STPI are committed to extend our support to the nation to fight this pandemic. Each and every employee of STPI will donate its one-day salary," STPI Director General Omkar Rai said. STPI also recommended that companies should leverage CSR funds for implementing suitable measures while commending the efforts of the IT/ITes industry for allowing the majority of employees to work from home and adhering to the standard hygiene practices, wherever offices are operational. STPI is an autonomous society set up by the Ministry of Electronics and Information Technology (MeitY) in 1991, with the objective of encouraging, promoting and boosting software exports from India. SR SHWDRR

COVID-19: STPI employees donate one-day salary to PM-CARES Fund

<a href="https://www.businessinsider.com/better-capitalism"></a><div type="image" title="ebt snap food stamps" height="1346" width="2000" msid="77489518" hostid="261"></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/jamie-dimon-mark-cuban-ray-dalio-billionaires-inequality-coronavirus-2020-5">Financiers, business leaders</a>, and <a href="https://www.businessinsider.com/capitalism-in-crisis-how-to-fix-capitalism-for-workers-2020-6">regular folks</a> are increasingly calling on political leaders to reshape <keyword id="6497689" type="UNKNOWN" weightage="60" keywordseo="Capitalism">capitalism</keyword> and address rampant racial inequality in the US.</li><li>As policymakers try to address the coronavirus pandemic, experts point to the ways past US policies boosted quality of life for white Americans while leaving Black Americans behind.</li><li>Researchers agree that white Americans greatly benefited from New Deal programs and post-World War II policy, while Black Americans were discriminated against; then, when Black Americans started to access <keyword id="6365564" type="UNKNOWN" weightage="60" keywordseo="welfare">welfare</keyword> benefits at a higher rate starting in the 1970s, there was backlash among conservatives.</li><li>These policies have had a cumulative effect over generations and help explain the massive wealth gap between Black and white Americans and the reason Black Americans are overrepresented in welfare programs.</li></ul>When President Donald Trump met with the Congressional Black Caucus in 2018, the topic of <keyword id="1461900" type="PERSON" weightage="60" keywordseo="welfare-reform">welfare reform</keyword> came up. One member of the caucus told Trump that enforcing stricter rules would be detrimental to her constituents, "Not all of whom are Black," according to <a href="https://www.nbcnews.com/news/us-news/trump-s-history-breaking-decorum-remarks-race-ethnicity-n837181">NBC News</a>.The president is said to have replied, "Really? Then what are they?" apparently assuming that a welfare recipient couldn't be white.In fact, far more white people have benefited from US welfare programs over the years — reflecting their greater share of the population — while Black people and other people of color have been denied them in various ways, multiple historians and researchers tell Business Insider.The coronavirus pandemic has exposed the underbelly of American inequality in many ways, with people of color disproportionately likely to be <a href="https://www.businessinsider.com/black-women-hurt-by-coronavirus-pandemic-survey-lean-in-data-2020-4">laid off, to be on the financial brink</a>, and to <a href="https://www.businessinsider.com/black-hispanic-people-coronavirus-deaths-under-65-cdc-report-2020-7">die from the virus</a>. That has helped prompt a growing chorus of <a href="https://www.businessinsider.com/jamie-dimon-mark-cuban-ray-dalio-billionaires-inequality-coronavirus-2020-5">financiers, business leaders</a>, and <a href="https://www.businessinsider.com/capitalism-in-crisis-how-to-fix-capitalism-for-workers-2020-6">regular folks</a> to call for a reimagining of American capitalism and for moves to end racial inequality. Some top economists are calling for a "<a href="https://markets.businessinsider.com/news/stocks/stanford-economist-us-needs-new-new-deal-great-depression-coronavirus-2020-4-1029113813#">New New Deal</a>" specifically targeting inequality, a platform to which the Democratic presidential candidate <a href="https://nymag.com/intelligencer/2020/05/joe-biden-presidential-plans.html">Joe Biden</a> seems open.If the country is to move forward in trying to lift Americans out of unemployment and poverty, policymakers might consider who has benefited most from past welfare policies and how such policies have helped produce today's world.Business Insider talked to four economic researchers and historians, and analyzed the past 90 years of welfare policy, when considering the question of who the status quo actually benefits.<a href="http://www.hunter.cuny.edu/polsci/faculty/schram/sanford-schram">Sanford Schram</a>, a political-science professor at CUNY Hunter, who wrote "Disciplining the Poor" and "Hard White," puts it bluntly: "I do think the federal government has been complicit in the perpetuation of race-based discrimination that has led to African Americans lagging behind whites. No question about it."<h2>The New Deal brought jobs to Americans, but different kinds of jobs for different races</h2>The US government has spent trillions of dollars trying to prop up its <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> during the coronavirus pandemic, but it has stopped short of a "<a href="https://www.businessinsider.com/wartime-economy-what-us-will-look-like-amid-coronavirus-outbreak-2020-3">wartime economy</a>"-style mobilization or the kind of massive public-works program that <a href="https://www.businessinsider.com/stanford-economist-us-needs-new-new-deal-great-depression-coronavirus-2020-4">some experts have said is badly needed</a> to stem double-digit unemployment.But the Black Lives Matter movement — given new urgency after George Floyd's killing by the police in Minneapolis in late May — has exposed <a href="https://www.businessinsider.com/new-deal-racial-inequality-worse-covid-19-response-do-better-2020-5">a separate problematic legacy</a> of the New Deal, the series of policies enacted by President Franklin D. Roosevelt to get the US out of the Great Depression of the 1930s. It was introduced in an era defined by segregation and explicit racism.It's true that Roosevelt appointed several Black leaders to prominent leadership positions within his administration, known as the "Black Cabinet," and his policies helped make thousands of jobs newly available to Black Americans, but as Ibram X. Kendi points out in "Stamped from the Beginning," policies enacted at the time reflected a racist culture.When the New Deal got Americans back to work, white Americans got the first pick at jobs, and when Black Americans did get jobs, they were given lower wages, according to the <a href="https://www.digitalhistory.uh.edu/disp_textbook.cfm?smtID=2&amp;psid=34473447">University of Houston's Digital History Project</a>."State and local governments administered almost all federal New Deal programs, and many of these state and local government leaders, especially in the South, were virtually all white ... and racist," <a href="https://www.civilrightsproject.ucla.edu/about-us/staff/gary-orfield-ph.d">Gary Orfield</a>, a professor of education, law, political science, and urban planning at the University of California at Los Angeles, told Business Insider.<div type="image" title="great depression" height="1500" width="2000" msid="77489520" hostid="261"></div>Also, Black people were <a href="https://openscholarship.wustl.edu/cgi/viewcontent.cgi?article=1409&amp;context=csd_researcharch">excluded</a> from key <a href="https://www.cambridge.org/core/journals/social-science-history/article/left-out-policy-diffusion-and-the-exclusion-of-black-workers-from-unemployment-insurance/BB47A78FB42748203E43CBDF1AABE8F2/core-reader">benefits</a> created during this period. The Social Security Act of 1935, for instance, prohibited domestic and agricultural workers (an outsize number of whom were Black or Latino) from receiving benefits.Black workers were also excluded from progressive labor regulations passed during that time, <a href="https://www.hillsdale.edu/faculty/paul-moreno/">Paul Moreno</a>, a history professor who is the dean of social sciences at Hillsdale College, told Business Insider.The National Labor Relations Act of 1935 — commonly known as the Wagner Act for Sen. Robert Wagner, who proposed it — bolstered the strength of worker unions, but many major unions of this era either excluded Black workers or discriminated against them."Many unions had explicit clauses in their constitutions that said that only whites could be members," Moreno said. "So you could have a situation where an employer was forced to bargain with an exclusively white union and he'd have to fire all of his Black employees."Because discrimination was still legal when it came to jobs, Black Americans were routinely denied well-paying positions and were much more likely to be hired for low-wage work, according to Orfield, the professor at UCLA."A lot of policies were designed that simply left out Black Americans who were sharecroppers and were doing low-wage work, which was excluded from some of the labor regulations," he said.<div type="image" title="New Deal, 1930s" height="1471" width="2222" msid="77489524" hostid="261"></div>Elsewhere in the economy, interpretation of New Deal policies wound up hurting Black Americans. The Federal Housing Administration was created in this era, with the goal of creating affordable housing for as many Americans as possible. But local interpretation of this mission resulted in "redlining," a policy in which mortgage credit was denied in majority-Black neighborhoods.The FHA continued to encourage racist policies into the postwar era, when the American suburbs were being built. In 1948, the Supreme Court outlawed "<a href="https://www.mappingprejudice.org/what-are-covenants/index.html#what">restrictive covenants</a>" — a clause that essentially prevented Black Americans from buying property from white owners — yet the FHA still encouraged builders to write them into their agreements well past 1948, according to Orfield.<div type="image" title="racist sign, 1940s" height="1740" width="2222" msid="77489527" hostid="261"></div>White veterans of World War II were given zero-down-payment, 30-year guaranteed mortgages under the GI Bill."With zero cash, you, white veterans, could get into owning a brand-new home," Orfield told Business Insider. "That door was not open for Black and Latinos."A house someone bought at the time for $12,000 or $15,000 in mortgage payments, he said, might be worth $300,000 decades later."That's a gigantic wealth creator and a gigantic middle-class escalator," he said, one Black Americans missed out on and couldn't pass along to their children.<h2>Welfare reform greatly benefited Black Americans — and was almost immediately unpopular for it</h2>One of the largest government programs in the post-New Deal era, President Lyndon B. Johnson's "<a href="https://obamawhitehouse.archives.gov/1600/presidents/lyndonbjohnson">Great Society</a>" sought to remedy the racial wealth gap. During the 1960s, the median Black family income rose 53%, while Black employment doubled in professional, technical, and clerical occupations, and average Black educational attainment increased by four years, University of Houston history professors <a href="https://www.digitalhistory.uh.edu/disp_textbook.cfm?smtid=2&amp;psid=33333333">write</a>. The proportion of Black people below the poverty line went from 55% in 1960 to just 27% by 1968.<div type="image" title="President Lyndon Johnson" height="1667" width="2222" msid="77489531" hostid="261"></div>Even at the height of the Great Society, Black Americans constituted only about 27% of all welfare recipients, according to <a href="https://afro.illinois.edu/directory/profile/schajua">Sundiata Keita Cha-Jua</a>, an associate history professor at the University of Illinois at Urbana-Champaign. Most recipients were white Americans."From the Great Society moving forward, one could say that white people, because of their numbers and percentage of the population, have always constituted the largest number of people" on welfare, Cha-Jua told Business Insider, adding that "Black people, Latinx, American Indians, because of their oppressed condition, have constituted a much greater percentage than their percent of the population."But as the anti-discriminatory practices from Johnson's presidency were enforced and Black Americans were allowed to participate in new benefit programs, there was a dramatic shift in public perception about government subsidies — to the negative."Public assistance was not as demonized until African Americans began to exercise their right to use it, ironically," Schram said. "And that's when welfare started to be seen as this inferior program for nonwhite people who didn't play by the white middle-class rules of work and family."This shift was propelled forward by President <keyword id="191987" type="PERSON" weightage="60" keywordseo="Ronald-Reagan">Ronald Reagan</keyword>, whose campaign speeches about the <a href="https://www.npr.org/sections/codeswitch/2013/12/20/255819681/the-truth-behind-the-lies-of-the-original-welfare-queen">now-debunked</a> "<a href="https://www.nytimes.com/1976/02/15/archives/welfare-queen-becomes-issue-in-reagan-campaign-hitting-a-nerve-now.html">welfare queen</a>" stoked racist fear among white Americans.<div type="image" title="Ronald Reagan" height="1767" width="2826" msid="77489534" hostid="261"></div>"He really tightened the eligibility requirements," Schram said. "He made it more difficult for you to get welfare even after you started to work."For example, Reagan <a href="https://aspe.hhs.gov/aid-families-dependent-children-afdc-and-temporary-assistance-needy-families-tanf-overview-0">cut spending</a> to the Aid to Families with Dependent Children program, which provided cash assistance to low-income children whose father or mother was absent from the home, incapacitated, deceased, or unemployed. This forced struggling mothers and families further into poverty, <a href="https://www.washingtonpost.com/archive/politics/1984/07/29/reagan-welfare-cuts-found-to-worsen-families-poverty/077278f9-a875-4791-9c34-d1cf3cd148b5/">research funded by The Ford Foundation found</a>.The social-welfare-policy researcher <a href="https://profiles.howard.edu/profile/35131/sandra-edmonds-crewe">Sandra Edmonds Crewe</a>, who is the dean of Howard University's School of Social Work, described such policies by conservative policymakers as a direct response to Black participation in the system."There is always a backlash that comes after progression — always," Crewe told Business Insider, likening the backlash against welfare expansion to the resurgence of white nationalism in response to Barack Obama's presidency.Instead of receiving an opportunity to be lifted out of poverty, many Black Americans remained disenfranchised.Reagan's legacy, however, was solidified by a Democratic president, <keyword id="10212" type="PERSON" weightage="60" keywordseo="Bill-Clinton">Bill Clinton</keyword>, who promised to "change welfare as we have come to know it." By <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4487675/">replacing</a> the Aid to Families with Dependent Children program with a Temporary Assistance for Needy Families block grant, he dramatically reduced the size of welfare programs. "TANF really did change welfare as we knew it," Schram said.<div type="image" title="Bill Clinton" height="3150" width="4721" msid="77489539" hostid="261"></div>Before Clinton, about 75% of people who were eligible for welfare were receiving it. But by 2000, four years after Clinton's program was enacted, only about 25% were, Schram's research found.In other words, at a time when Black Americans were given significantly more access to public assistance, measures were enacted to make assistance harder to access."When we do get included in the <keyword id="465398" type="PERSON" weightage="60" keywordseo="welfare-state">welfare state</keyword>, in the Great Society programs, we are stigmatized for it," Cha-Jua, who is Black, said.<h2>How this legacy is playing out today</h2>The racial wealth gap in the US not only persists — it's <a href="https://www.pewsocialtrends.org/2020/01/09/trends-in-income-and-wealth-inequality/#:~:text=The%20greatest%20loss%20%E2%80%93%2039%25%20%E2%80%93,doubled%20from%201989%20to%202016.">growing</a>. For every $100 in wealth held by a white family today, a Black family has just $10, per research from <a href="https://www.federalreserve.gov/econres/notes/feds-notes/recent-trends-in-wealth-holding-by-race-and-ethnicity-evidence-from-the-survey-of-consumer-finances-20170927.htm">the Federal Reserve's 2017 "Survey of Consumer Finances."</a>A recent analysis of homeownership by the <a href="https://fredblog.stlouisfed.org/2019/04/hidden-figures-in-homeownership/?utm_source=series_page&amp;utm_medium=related_content&amp;utm_term=related_resources&amp;utm_campaign=fredblogign=fredblog">Fed</a> noted that homeownership by race seemed similar to the <a href="https://www.federalreserve.gov/econres/notes/feds-notes/recent-trends-in-wealth-holding-by-race-and-ethnicity-evidence-from-the-survey-of-consumer-finances-20170927.htm">wealth distribution by race</a>.The difference in homeownership can also be seen at the geographic level, per research from the <a href="https://www.urban.org/urban-wire/mapping-black-homeownership-gap">Urban Institute</a>.Today, white people still make up a plurality of those on welfare programs such as TANF or the Supplemental Nutrition Assistance Program. A Department of Agriculture report from November estimated that <a href="https://fns-prod.azureedge.net/sites/default/files/resource-files/Characteristics2018.pdf">35.7% of SNAP recipients in the 2018 fiscal year were white</a>, 25.1% were Black, 16.7% were Hispanic, 3% were Asian, and 1.5% were Native American (0.8% were listed as multiple races, while 17.4% were listed as "race unknown").Enrollment by race for Medicaid and the Special Supplemental Nutrition Program for Women, Infants, and Children show similar enrollment as those in SNAP.Black people make up just 13.4% of the US population and are therefore overrepresented in welfare programs. When asked why this was the case, Crewe of Howard University had a simple answer: "systemic inequality."Without more intervention, inequality will continue to reproduce itself, Crewe said. Orfield of UCLA agreed.This is especially true today, as Congress decides whether to give Americans cash assistance after the temporary $600 increase weekly unemployment benefits expired July 31.Black and brown workers are more likely to report being in financial hardship right now.A <a href="https://docs.google.com/document/d/19UkIM_LtTUj02El9Hw7U03-ybv0sCGUNTYGdnrHz7FU/edit">survey</a> by the organization Lean In with Survey Monkey in early April people found that Black women were twice as likely as white men to say they were laid off or furloughed during the pandemic. New <a href="https://app.powerbi.com/view?r=eyJrIjoiNzRhYjg2NzAtMGE1MC00NmNjLTllOTMtYjM2NjFmOTA4ZjMyIiwidCI6Ijc5MGJmNjk2LTE3NDYtNGE4OS1hZjI0LTc4ZGE5Y2RhZGE2MSIsImMiOjN9">analysis</a> by the global advisory firm <a href="https://www.stout.com/en/">Stout Risius Ross</a> found that only 26% of African American tenants said they felt highly confident they could pay their mortgage payments on time right now, compared with almost half of white Americans, <a href="https://www.cnbc.com/2020/07/27/how-the-eviction-crisis-will-impact-each-state.html">CNBC</a> reports."My view of this," Orfield said, "is if you're in a society that's completely stratified by race and ethnicity, basically what you've got is a system that guarantees inequality unless you specifically decide to change it."

How decades of US welfare policies lifted up the white middle class and largely excluded Black Americans

<ul><li>Prime Minister Narendra Modi will launch a new digital payment solution called <keyword id="11766571" type="UNKNOWN" weightage="20" keywordseo="e-RUPI">e-RUPI</keyword>.</li><li>Banks will issue electronic vouchers for customers to redeem welfare benefits without having to share bank account details.</li><li>The <keyword id="11772195" type="UNKNOWN" weightage="20" keywordseo="e-voucher">e-voucher</keyword> solution has the potential to eliminate fraud and corruption.</li></ul>The Prime Minister of India, Narendra Modi will be launching 'e-RUPI', an electronic voucher-based digital payment solution at 4:30 p.m IST on Monday. The person-specific, and purpose-specific, payment solution is developed by the National Payments Corporation of India (NPCI) on its Unified Payment Interface (UPI) platform in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority. What is e-RUPI? According to a statement from the Prime Minister’s Office, e-RUPI is a cashless and contactless digital payment e-voucher in the form of a QR code or SMS string delivered to the beneficiary's mobile phone. The e-voucher can be redeemed at the service provider without needing a card, digital payment app or internet banking service. The e-RUPI is a one-time payment mechanism that does not require any physical interface for transactions and is considered safe as it's prepaid in nature. It ensures that the payment to the service provider is made only after the transaction is completed without involving any intermediary. How is e-RUPI different from a virtual currency? e-RUPI can be used to make payments to a specific person, for a specific purpose, and is not transferable. On the other hand, a virtual or digital currency is just like normal currency but in digital form and can be used for any transaction. How are these vouchers issued? The vouchers will be issued by partner banks but the bank account details of the beneficiary are not needed. NPCI has built the e-RUPI system on its UPI platform and anyone who needs to issue the voucher would need to approach partner banks with issuing authority. Entities giving the e-RUPI voucher will have to submit the details of specific beneficiaries and the purpose of the payment to the banks. The beneficiary's identification will be based on their mobile number and name. What's the need for e-RUPI? The Indian government says that e-RUPI is expected to ensure a leak-proof delivery of welfare services and minimise fraud and corruption. Since it removes the middlemen and there's no direct cash involved, it eliminates the possibility of the fund being used for a purpose other than intended. It can be used for delivering services under government welfare schemes like drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs and diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies etc. Not only government schemes but the voucher can also be used by the private sector for employee welfare and corporate social responsibility (CSR) initiatives. SEE ALSO - <a href="https://www.businessinsider.in/stock-market/news/windlas-biotech-to-raise-395-402-crore-through-public-listing-price-band-fixed-at-448-460/articleshow/84854594.cms">Windlas Biotech to raise ₹395-402 crore through public listing, price band fixed at ₹448-460</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

e-RUPI explained —  India’s new electronic voucher-based payment system to reduce leakage in welfare programmes

<ul class="summary-list"><li>The <keyword id="6362470" type="General" weightage="100" keywordseo="sec" source="Orion">SEC</keyword> wants fund managers to back up their environmental and social claims.</li><li>Environmental, social, and governance funds have grown rapidly, becoming a $3 trillion market.</li></ul>The Securities and Exchange Commission wants to rein in ESG funds that exaggerate their environmental and social bona fides as trillions of dollars flow into the market. The <a href="https://www.sec.gov/files/ia-6034-fact-sheet.pdf">agency proposed</a> requiring funds that say they have an environmental, social, and governance strategy to back up their claims by disclosing how they select companies and vote at annual meetings. Funds with an environmental focus would also have to report the greenhouse-gas emissions linked to the portfolio. The proposal comes as ESG funds balloon into a $3 trillion market with little transparency or rules around what it means, fueling misleading claims, greenwashing, and confusion for investors, the SEC said. "When I think about this topic, I'm reminded of walking down the aisle of a grocery store and seeing a product like fat-free milk. What does 'fat free' mean? Well, in that case, you can see objective figures, like grams of fat, which are detailed on the nutrition label," SEC Chair Gary Gensler said on Wednesday during a meeting to consider the proposal. "When it comes to <keyword id="8374461" type="General" weightage="60" keywordseo="esg-investing" source="Orion">ESG investing</keyword>, though, there's currently a huge range of what asset managers might disclose or mean by their claims." The SEC has been preparing for a crackdown on companies, asset managers, and advisers that say they are incorporating issues such as climate change and diversity and inclusion into their business strategy. Last year, the agency <a href="https://www.sec.gov/news/press-release/2021-42">formed</a> a Climate and ESG Task Force to scrutinize those claims, and in April it proposed that public companies disclose their carbon footprints and any plans to shrink them. On Monday, the SEC <a href="https://www.sec.gov/news/press-release/2022-86">announced</a> its first ESG-related settlement with the asset-management arm of BNY Mellon, which said that all of its investments in certain mutual funds had undergone an ESG quality review — even though that wasn't always the case. BNY Mellon Investment Advisor paid a $1.5 million fine, and the SEC said the firm had taken remedial steps, including changing certain processes and policies. The fine and SEC's latest rule marks the end of a month that <a href="https://www.businessinsider.com/esg-sustainable-investing-hsbc-backlash-2022-5">rocked the ESG market</a>, which is increasingly under fire from red-state officials and some top executives who argue that it's being used to fulfill a left-wing political agenda. Supporters say ESG funds are delivering higher returns and can steer capital into more sustainable investments. The ratings giant S&amp;P Global <a href="https://www.indexologyblog.com/2022/05/17/the-rebalancing-act-of-the-sp-500-esg-index/">last week removed Tesla</a> from its ESG Index as part of an annual review, citing employee accusations of racial discrimination and poor working conditions at a factory in Fremont, California, as well as the electric-vehicle maker's handling of a government investigation into deaths and injuries linked to its autopilot cars. Elon Musk, Tesla's CEO, <a href="https://twitter.com/elonmusk/status/1526958110023245829?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1526960512231153664%7Ctwgr%5E%7Ctwcon%5Es2_&amp;ref_url=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Ftesla-dumped-by-s-p-esg-index-and-musk-cries-label-is-a-scam-11652893098">tweeted</a> that "ESG is a scam," adding that the oil giant ExxonMobil still made S&amp;P's index. Ken Pucker, a senior lecturer at the Fletcher School at Tufts University, told Insider that while an ESG disclosure framework was important, he was skeptical that the market would lead to better environmental and social outcomes. "If the outcome we're seeking is planetary welfare, such as mitigating climate change and water scarcity, do I think enhanced disclosure will suffice? The answer is unequivocally no," he said. "I'm concerned the growth of ESG investment will dampen the need for regulatory intervention. Will government think we don't need to fix the rules because the investment community has grown ESG assets?"

The SEC wants ESG funds to show proof that they're not just greenwashing to draw in investor dollars

<ul><li>Prime Minister Narendra Modi's thanked Alia Bhatt, Aayushman Khurana, Madhuri Dixit, Tata Group, Coal India and others for their contribution to <keyword id="8972802" type="UNKNOWN" weightage="20" keywordseo="pm-cares">PM CARES</keyword>.</li><li>Prime Minister Narendra Modi's mother Heeraben Modi donates ₹25,000 from her personal savings to PM CARES Fund</li><li>Around 2,56,000 employees from India's largest bank, State Bank of India (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>) have decided to pledge their salary to Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund. The total sum amounts to ₹100 crore.</li><li>The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has decided to donate ₹25 crore.</li><li>The National Agricultural Coorperative Markering Federation (NAFED) had donated ₹5 crore.</li><li>Jindal Steel and Power (JSP) made a contribution of ₹25 crore.</li></ul>Prime Minister thanked Alia Bhatt, Aayushman Khurana, Madhuri Dixit, Karan Johar and others from the film fraternity is a tweet for their support towards the newly-formed Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund. 
	<div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/1134082549041393672/QbihPzrL_normal.png" favoritecount="13613" retweetcount="1904" status="Every effort counts, every contribution matters. I thank leading film personalities @MadhuriDixit, @bhumipednekar,… https://t.co/F7vuQhM66c" createdat="1585674560000" id="1245035461761892352"></div>



 He also threw a shout out to government-owned enterprises like Coal India, the Ministry of External Affairs and the Wives Welfare Association for showing leadership and compassion during the Coronavirus outbreak and their collective contributions to the fund. 
	<div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/1134082549041393672/QbihPzrL_normal.png" favoritecount="8771" retweetcount="1449" status="Rising to the occasion for a healthier India, showing leadership and compassion. Thank you @IRSAssociation,… https://t.co/aNAtCljd5h" createdat="1585674521000" id="1245035300323094528"></div>



 Modi also acknowledged Tata Group's contribution of ₹500 crore and thanked Ratan Tata for his gesture. 
	<div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/1134082549041393672/QbihPzrL_normal.png" favoritecount="14410" retweetcount="2658" status="Admirable commitment to service and national development shown by the Tata Group. I welcome their gesture of contri… https://t.co/aOGpLbO9Z4" createdat="1585674828000" id="1245036586548359168"></div>



 List of everyone who donated to PM CARES Fund Modi's mother, Heeraben Modi, who is currently 95 years old, donated ₹25,000 from her personal savings to PM CARES. In an interview, Modi once said that Heeraben was the pillar in his life and has played a crucial part in his success. <div type="image" title="baimodi_edited" msid="74915240" hostid="261" caption="&amp;lt;p&amp;gt;Prime Minister Narendra Modi&amp;#39;s mother Hiraba donates ₹25,000 from her personal savings to PM CARES Fund&amp;lt;/p&amp;gt;"></div>

 The Dalai Lama also announced that he's announced that he will donating to PM CARES through the Dalai Lama Trust, although he did not disclose the amount. "As a token of my sympathy and support, I am making a donation from Dalia Lama Trust to the PM CARES Fund set up to provide relief during crises such as this," he said. Employees from India's largest bank, the State Bank of India (SBI) have also pledged to donate two days' salary to the PM-CARES Fund. The collective effort from around 2,56,000 employees with amount to ₹100 crore. The Indian Farmers Fertiliser Cooperative Limited (IFFCO) is donating ₹25 crore to PM-CARES as well as conducting ground donation drivers in villages across the country. In Delhi, the National Agricultural Cooperative Market Federation of India (NAFED) wrote out a cheque of ₹5 crore to the fund. India's richest man <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> is also in the mix having pleded ₹500 crore ($66.4 million) to PM-CARES through his company, <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>. In comparison, Ambani's net worth is a whopping $39.9 billion. According to the company, this money will go towards sponsoring 5 million free meals over the next 10 days. PM cares donations by celebrities Actor Anushka Sharma and Cricketer <keyword id="6354486" type="UNKNOWN" weightage="20" keywordseo="virat-kohli">Virat Kohli</keyword> pledged their support earlier today, March 30 to help "ease the pain of fellow citizens." 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="AnushkaSharma" handlename="Anushka Sharma" image="http://pbs.twimg.com/profile_images/1195210447172952064/oZyMahy-_normal.jpg" favoritecount="23321" retweetcount="1616" status="Virat and I are pledging our support towards PM-CARES Fund &amp; the Chief Minister's Relief Fund (Maharashtra). Our he… https://t.co/CU9SVN2Jda" createdat="1585546272000" id="1244497382684819458"></div>































 Actor Kartik Aryan also took to Twitter to announce that he is pledging ₹1 crore in fight against Coronavirus in India. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="TheAaryanKartik" handlename="Kartik Aaryan" image="http://pbs.twimg.com/profile_images/1192821355013644290/R0duNRKC_normal.jpg" favoritecount="20197" retweetcount="4005" status="It is the absolute need of the hour to rise together as a Nation. Whatever I am, whatever money I’ve earned, is onl… https://t.co/w0U6rgk9Fd" createdat="1585546614000" id="1244498818600558595"></div>































 T-Series Bhushan Kumar announced that the company has pledged ₹11 crore to the PM-CARES Fund on March 29. Kabir Singh producer Murad Khetani also stepped forward to pledge ₹25 lakh to the PM-CARES Fund and another ₹25 lakh to the Maharashtra Relief Fund. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="itsBhushanKumar" handlename="Bhushan Kumar" image="http://pbs.twimg.com/profile_images/1225348487979552773/z5jQsEiP_normal.jpg" favoritecount="13220" retweetcount="3026" status="Today, we are all at a really crucial stage &amp; it’s extremely important to do all we can to help. I, along with my e… https://t.co/8Is8pjyQnD" createdat="1585460086000" id="1244135893834682369"></div>





































 <keyword id="2823" type="PERSON" weightage="20" keywordseo="Akshay-Kumar">Akshay Kumar</keyword>, known for his blockbuster hits like Kesari, Pad Man, and Hera Pheri, pledged to donated ₹25 crore from his savings to the newly formed Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (<a href="https://www.businessinsider.in/india/news/narendra-modi-announces-new-fund-pmcares-for-people-to-donate-towards-govt-fight-against-coronavirus/articleshow/74863818.cms">PM-CARES</a>). 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="mrsfunnybones" handlename="Twinkle Khanna" image="http://pbs.twimg.com/profile_images/896049725241081857/8VCRlpsy_normal.jpg" favoritecount="77162" retweetcount="15535" status="The man makes me proud. When I asked him if he was sure as it was such a massive amount and we needed to liquidate… https://t.co/5u2aD72fd9" createdat="1585399438000" id="1243881516855447554"></div>









































 Actor Sonam Kapoor followed a more subtle approach by lauding the initaitive and confirming that she will be be making a donation. However, did not disclose the amount. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="sonamakapoor" handlename="Sonam K Ahuja" image="http://pbs.twimg.com/profile_images/1145948449193566208/SvvELvMl_normal.jpg" favoritecount="1646" retweetcount="84" status="This is an excellent initiative. And I will be donating. 🙏🏽🇮🇳 https://t.co/xpLAzalhgg" createdat="1585453373000" id="1244107734754025474"></div>



































 Others like Priyanka Chopra and husband Nick Jonas, Sara Ali Khan, R Madhavan and Katrina Kaif followed the same approach. PM CARES donations by singers Punjabi singer Guru Randhawa announced a ₹20 lakh pledge and asked people to “help each other” during these trying times. His contemporary Diljit Dosangh, also pledged to donate ₹20 lakh. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="GuruOfficial" handlename="Guru Randhawa" image="http://pbs.twimg.com/profile_images/1239256783408906240/iMVG7uJ3_normal.jpg" favoritecount="3936" retweetcount="961" status="I pledge to contribute Rs 20 lacs from my savings to @narendramodi sir’s PM-CARES Fund. Let’s help each other 🙏🏻 I… https://t.co/n7J308xt7d" createdat="1585402078000" id="1243892590467936256"></div>
















 PM CARES donations from sportsmen From the sporting arena, Indian cricketer Suresh Raina is donating ₹52 lakh but only ₹31 lakh is going towards the PM-CARES fund. The other ₹21 lakh is going to Raina’s home state, Uttar Pradesh, towards the chief minister’s Disaster Relief Fund. "That's a brilliant fifty," Modi responded to Raina's contribution. Soon after, the Board of Control for Cricket in India (BCCI) also pledged ₹51 crore to the fund. 
	
	
	
	
	
	
	
	<div type="twitter" handle="ImRaina" handlename="Suresh Raina🇮🇳" image="http://pbs.twimg.com/profile_images/1227208077415288832/dQloczSs_normal.jpg" favoritecount="74231" retweetcount="14567" status="It’s time we all do our bit to help defeat #COVID19. I’m pledging ₹52 lakh for the fight against #Corona (₹31 lakh… https://t.co/UCOQ5EFiRI" createdat="1585397402000" id="1243872976883376130"></div>
















 
























 Pledge campaigns for donations to PM CARES Organisations like PhonePe and Motiwal Oswal are also doing their part during this time of crisis. The online payments platform PhonePe has launched a ₹100 crore pledge campaign in which they will add ₹10 to everyone’s donation. "This will inspire and enable a number number of Indian to donate to PM-CARES," according to Modi. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="PhonePe_" handlename="PhonePe" image="http://pbs.twimg.com/profile_images/1228394203421372416/4X3QZazb_normal.jpg" favoritecount="261" retweetcount="102" status="Join our #100CrorePledge &amp; donate to the PMCARES FUND using contactless UPI payments. Remember no contribution is t… https://t.co/b6Z4yD3rMh" createdat="1585405072000" id="1243905146087542785"></div>









































 Paytm, the online payment platform led by Vijay Shekhar Sharma, followed suit with its own ₹500 crore pledge. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="vijayshekhar" handlename="Stay Home, Stay Safe" image="http://pbs.twimg.com/profile_images/813598012173754368/MnHjJnCv_normal.jpg" favoritecount="18358" retweetcount="3731" status="We at @Paytm are aiming ₹500 crore towards PM CARES Fund. Not just when you donate on Paytm, we will add up to ₹1… https://t.co/vPXt3hlqAO" createdat="1585412377000" id="1243935786338115584"></div>





































 Indian companies donate to PM CARES Banking magnate Uday Kotak announced that he will be donating ₹25 crore out of his own saving and another ₹25 crore on behalf of Kotak Mahindra Bank. "It's time to protect lives and livelihood," he said. 
	
	
	
	
	
	
	
	<div type="twitter" handle="udaykotak" handlename="Uday Kotak" image="http://pbs.twimg.com/profile_images/532114039342505984/y0x0ooJy_normal.jpeg" favoritecount="6454" retweetcount="1199" status="It is time to protect Lives and Livelihood. Jab Jaan hai to Jahaan hai. https://t.co/AhKb1Yr8n1" createdat="1585468385000" id="1244170700589395968"></div>
















 L&amp;T, the Mumbai-based multinational, also announced a donation of ₹150 crore in addition to setting aside ₹500 crore to support its 1,60,000 contract workers. Pradeep and Pankaj Rathod from the Cello Group, known for its glassware, bottles and tiffin-ware, donated ₹3.5 crore to the fund. "Such support from the world of commerce and industry is extremely valuable," said Modi. The online stock trading platform, Motilal Oswal, is donating ₹5 crore to the PM-CARES Fund. According to Oswal, “Health is wealth.” Jindals' JSW Group, led by Sajjan Jindal, contibuted over ₹100 crore to the national Coronavirus fund to help in the relief efforts. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="MrMotilalOswal" handlename="Motilal Oswal" image="http://pbs.twimg.com/profile_images/1124698615153340418/_rnyIAMp_normal.jpg" favoritecount="1430" retweetcount="321" status="At this time when all of us need to help our fellow Indians in whatever way we can, @MotilalOswalLtd pledges to con… https://t.co/AehKZpINC6" createdat="1585403586000" id="1243898914681393157"></div>









































 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="ParthJindal11" handlename="Parth Jindal" image="http://pbs.twimg.com/profile_images/531456067004542976/gW2LzOKD_normal.jpeg" favoritecount="4382" retweetcount="1093" status="Chairman of the @TheJSWGroup and chairperson of @JSWFoundation Papa @sajjanjindal and Ma @SangitaSJindal have dec… https://t.co/8JFTWpUs5E" createdat="1585463852000" id="1244151689713778689"></div>





































 The ayurvedic consumer goods company Patanjali, founded by Baba Ramdev, has given ₹25 crore to the PM CARES Fund and set up five quarantine centers for those who have testing positive for Coronavirus. Indian tech giant Infosys, will be donating ₹100 crore through the Infosys Foundation, the company's arm for philanthropic efforts. Branches of government doing their part National Highways Authority of India (NHAI) officials are putting up one day's salary towards PM CARES. Coal India Limited (CIL) has pledged ₹220 crore and NLC India has promised ₹25 crore. All of Indian Railway's employees have pledged one day's salary to the newly-formed Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund, according to union minister Piyush Goyal. Collectively, the contribution will amount to ₹151 crore from Indian Railways Ministry. Similarly all of the employees of the Airport Authority of India (AAI) collectively raised ₹20 crore to do their part during the crisis. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="AAI_Official" handlename="Airports Authority of India" image="http://pbs.twimg.com/profile_images/877857676109033472/JvXlewA7_normal.jpg" favoritecount="1345" retweetcount="391" status="#AAI employees raised ₹20 cr as an initial contribution to the #PMCARES Funds to fight the menace of #COVID19. Coll… https://t.co/WytKLioEsX" createdat="1585463322000" id="1244149467294486533"></div>





































 Indian President Ram Nath Kovind has also pledged one month of his salary towards the fund that will help fight the Coroanvirus pandemic in India. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="rashtrapatibhvn" handlename="President of India" image="http://pbs.twimg.com/profile_images/921303478684790784/FLIFCZxh_normal.jpg" favoritecount="9652" retweetcount="1341" status="President Ram Nath Kovind pledges to donate one-month salary to PM-CARES Fund to help the nation tide over the cris… https://t.co/EH8czooIw7" createdat="1585462054000" id="1244144145914003458"></div>




































 The Indian Administrative Services (IAS) Association is contributing ₹21 lakh and has encouraged its members to donate a day’s salary as well. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="IASassociation" handlename="IAS Association" image="http://pbs.twimg.com/profile_images/1070320942784557056/LsgH95pr_normal.jpg" favoritecount="3322" retweetcount="839" status="@IASassociation decides to contribute Rs. 21 lakhs to the PM-CARES Fund as its initial contribution to combat COVI… https://t.co/GLjNRfMpYw" createdat="1585395546000" id="1243865190803750912"></div>









































 Members of other branches of the government like the Central Reserve Police Force (CRPF) are also donating one to two day’s salary in the fight against Coronavirus in India. Officials from the Central Bureau of Investigation (CBI) have also pledged one-day's salary to PM-CARES. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="iamkash_kr" handlename="Kashyap Kadagattur 🇮🇳" image="http://pbs.twimg.com/profile_images/1166388395318247424/PPqGxPF4_normal.jpg" favoritecount="141" retweetcount="29" status="We in CRPF contributed our one day's salary to PM Relief Fund. Some of us contributed two day's salary as we felt w… https://t.co/veZ0nYlprM" createdat="1585400917000" id="1243887720067297281"></div>









































 Central Board of Indirect Taxes and Customs (CIBC) has pledged to donate ₹8 crore, and the Sports Authority of India has promised ₹76 lakh. See also: <a href="https://www.businessinsider.in/india/news/narendra-modi-announces-new-fund-pmcares-for-people-to-donate-towards-govt-fight-against-coronavirus/articleshow/74863818.cms">Narendra Modi announces new fund for people to donate towards govt fight against coronavirus</a> <a href="https://www.businessinsider.in/india/news/ratan-tata-donates-500-crore-for-covid-19-for-testing-kits-and-protective-gear-for-health-workers/articleshow/74862906.cms">Ratan Tata donates ₹500 crore for Covid-19 for testing kits and protective gear for health workers</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-collects-1-5-crore-in-17-hours-to-feed-daily-wagers-who-are-out-of-work/articleshow/74806506.cms">Zomato collects ₹1.5 crore in 17 hours to feed daily wagers who are out of work</a>

PM Modi thanks Alia Bhatt, Tata Group, Aayushman Khurana and others for supporting PM CARES

New Delhi, Mar 31 () State-run REC on Tuesday pledged Rs 150 crore under PM CARES fund to fight against COVID-19. "REC Limited... has pledged to donate Rs 150 crore to the Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund to support India's fight against coronavirus", a PFC statement said. Besides, the one-time contribution to the newly-formed emergency fund, REC's employees will voluntarily contribute one day's salary to the Prime Minister's National Relief Fund (PMNRF). REC is committed to participating in corporate India's response to COVID-19 through funds, community welfare plans and through leveraging its expertise to offer assistance, the company said. On Monday, Power Minister R K Singh had tweeted, "We feel honoured to share that the public sector undertakings of the ministries of power and MNRE have decided to contribute Rs 925 crore to the PM CARES fund with Rs 445 crore being deposited on 31st of March and remaining in the first week of April." REC is a financier of the power-sector projects under the administrative control of Ministry of Power. KKS ANSANS

REC contributes Rs 150 cr to PM CARES fund

New Delhi, March 31 () Food ordering and delivery platform Swiggy on Tuesday said it has set up a relief fund called 'Swiggy Hunger Savior Covid Relief Fund' for the safety and welfare of its delivery partners and their families. The corpus for the fund will be created by Swiggy with primary contributions from the founders, senior leaders, employees and investors, as well as donations from customers and well-wishers, Swiggy said in a statement. As a start, Swiggy Chief Executive Officer Sriharsha Majety has committed 50 per cent of his annual salary towards this fund, it added. The company aims to raise Rs 10 crore for this fund and has already raised over 4 crore through initial contributions from Swiggy, its founders and employees, Swiggy said. "To assist our delivery heroes during these testing times, we have initiated this special fund which will be supported by Swiggy and our investors. I am overwhelmed by this collective initiative to support one another while also doing what we do best, which is serving customers," Majety said. Through the fund, delivery partners are now covered with Income-Protection Insurance where up to 14 days of income is insured if tested positive with COVID-19, the statement said. The fund will also be used to provide sustenance support through food and grocery care packages to the partners and their families who are facing hardships, it added. AKT HRS

Swiggy establishes COVID-19 relief fund for delivery partners, their families

<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li">The urban worker pension fund, the backbone of the country’s state pension system, is under threat, warns the Chinese Academy of Social Sciences</li><li class="generic-article__summary--li content--li">Number of citizens exceeding the normal retirement age reached 249 million at the end of 2018, some 18 per cent of the total population</li></ul>China’s main state pension fund will run out of money by 2035 due to a decline in the available work force, according to new research. The urban worker pension fund, the backbone of the country’s state pension system, held a reserve of 4.8 trillion yuan (US$714 billion) at the end of 2018. It is predicted to peak at 7 trillion yuan in 2027, then drop steadily to zero by 2035, a report by the World Social Security Centre at the government-supported Chinese Academy of Social Sciences has said. And the gap between contributions and outlays could be as high as 11 trillion yuan (US$1.64 trillion) by 2050, with each retired citizen supported by only one worker, down from the current level of two, the government think tank calculated. The report confirms long-standing concerns among the general public, especially among younger people, that China’s state pension system is financially unsustainable and highlights a major challenge for the government after four decades of restrictions on births. The number of mainland Chinese citizens older than 60, the normal retirement age at which men can claim pension benefits, reached 249 million at the end of 2018, some 18 per cent of the total population and close to three quarters of the population of the United States. China’s efforts in recent years to increase the population have failed so far. <a href="https://www.scmp.com/economy/china-economy/article/2182963/chinas-birth-rate-falls-again-2018-producing-fewest-babies" class="link-text">Births in China</a> fell to 15.23 million last year, the lowest since China relaxed its <keyword id="435124" type="PERSON" weightage="20" keywordseo="one-child-policy">one-child policy</keyword> in 2014 to allow couples to have a second child. China’s social security regulations require employers to pay up to 20 per cent of their employees’ salaries into the government pension fund, while employees are required to contribute 8 per cent of their wages. But while the contribution rates are mandatory, enforcement has been lax, with local governments allowing small businesses to pay less to ensure that they maintain high employment. Last year, Beijing announced it would take over collection of social taxes to ensure adequate contributions into the pension fund. However, the tougher policy was watered down almost immediately to help small business survive during the economic slowdown. China’s State Council announced last month that the employer pension contribution rate would be cut to 16 per cent as part of Beijing’s efforts to reduce the tax burden on businesses, though that move will cut income into the government pension funds. The combined level of local pension funds, managed by provincial and municipal authorities, was still positive last year, with incoming contributions exceeding pension payments. However, signs of stress have started to emerge, with some provinces already struggling to pay pensions. The central government created a special fund in July 2018 to shift pension funds from the richer coastal provinces like Guangdong and <keyword id="698896" type="ORGANIZATION" weightage="20" keywordseo="Zhejiang">Zhejiang</keyword>, where the working population is large, to pay pensioners in poorer provinces such Liaoning, where the number of retirees is large. Beijing is also mulling other measures to address the funding challenge, including extending the retirement age from the current 60 for men and 55 for women, but analysts argue it must make bold moves soon to avoid a crisis in coming years. Liu Xuezhi, a senior researcher with the Bank of Communications in <keyword id="6368000" type="LOCATION" weightage="20" keywordseo="shanghai">Shanghai</keyword>, said that the government should budget more funds for pensions rather than infrastructure projects. The government has budgeted 528.5 billion yuan (US$79 billion) to support social security payments this year, a rise of 9.4 per cent from a year earlier but a tiny amount compared to the country’s total pension expenditure. Wang Jun, the chief economist at Zhongyuan Bank, said Beijing’s decision to cut the corporate contribution rate for the pension fund is necessary to help the economy but that it should consider using other means, including the country’s US$3.1 trillion in foreign exchange reserves, to increase the available retirement funds while also asking state-owned firms to contribute larger portion of their profits to shore up the pension system. China’s urban worker pension fund was formed in 1997 when Beijing smashed the Soviet-style cradle-to-grave welfare system for state sector employees. Up to that point, employees working for state-owned enterprises, public servants and government officials did not make contributions to the pension fund. China’s current pay-as-you-go system relies on contributions from the current work force to pay current retirees. Those born in the late 1970s and the 1980s – the one-child generation – are now contributing a quarter of their salaries to the state-run funds but are the most likely to bear the brunt of necessary adjustments to pension benefits in the future. Yang Bing, a 41-year-old engineer in Beijing, said the pension funding shortage in the coming decades means he has to “work harder and save more”. “It’s better to prepare early by ourselves for the future rather than count on the government,” he said.

China’s state pension fund to run dry by 2035 as workforce shrinks due to effects of one-child policy, says study

New Delhi, Mar 27 () Ride-hailing major Ola on Friday launched a fund to support auto-rickshaw, cab, Kaali-Peeli and taxi drivers across India amid the ongoing 21-day lockdown. Besides, Ola co-founder Bhavish Aggarwal will forgo salary for one year that will go towards the fund. Launched under Ola Foundation, the 'Drive the Driver Fund' will support the drivers through contributions from the Ola group, investors and via a crowdfunding platform for citizens and other institutions, a statement said. "The proceeds of the fund will help towards the welfare and upliftment of drivers and their families who have been affected by the restrictions due to the COVID-19 pandemic," it added. Ola Group and employees are contributing an initial capital of Rs 20 crore to the fund and through the crowdfunding campaign, the intent is to raise up to Rs 50 crore. "The mobility industry has been brought to a grinding standstill during these stressed times, and the driver community has been finding it hard to pay for their family expenses without a source of income," the statement said. Ola's initiative aims to bring together multiple stakeholders in the ecosystem such as customers, investors and partner organisations to participate in supporting millions of drivers and their families across India, it added. This initiative will focus on key areas such as emergency support and essential supplies. In due course, Ola Foundation will also take up initiatives to support drivers in areas such as aid for children's education, among others. "Millions of drivers and their families have been affected, and even a humble contribution can have a lasting impact on their wellbeing. We invite all the stakeholders of the mobility industry to join us in every way you can, and support the people who move us in this difficult phase," an Ola spokesperson said. Ola has undertaken a number of measures, including launching a special COVID-19 insurance cover exclusive for their driver partners and their spouses. These steps are aimed at helping driver-partners and customers through the coronavirus outbreak. The number of positive coronavirus case in India has touched 724 till date. SR HRS

COVID-19: Ola launches fund to help drivers, CEO to forego a year salary

New Delhi, Mar 30 () Engineering and construction giant Larsen &amp; Toubro (L&amp;T) on Monday announced Rs 150 crore donation to the PM-CARES Fund to fight the coronavirus outbreak and said it has set aside over Rs 500 crore per month to support about 1.60 lakh contract workers. L&amp;T joins a list of other corporates including Tata Group and Reliance Industries who have come forward to offer their support to fight this unprecedented crisis. The company said it has set aside an outlay of over Rs 500 crore per month to support about 1.60 lakh contract workers by continuing to pay their wages during the ongoing lockdown and providing them with food and basic amenities at labour camps, while maintaining the COVID-19 prevention and containment protocol. "Responding to the call given by Prime Minister of India, the company will donate Rs 150 crore to the PM-CARES Fund," the company said in a statement. The diversified conglomerate said it is committed to participate in corporate India's response to COVID-19 through funds, community welfare plans and through leveraging its expertise to offer assistance. "We are helping India's fight against COVID-19 by way of immediate funding, and through a range of welfare initiatives including converting our training schools into Isolation Centers," Larsen &amp; Toubro Group Chairman AM Naik said. The group said, it is considering transforming all company-owned training centers and other select establishments into isolation wards. The company has also committed to offer use of its community Health &amp; Medical Centers 24X7 and use ambulances to transport patients to nearest hospitals, it said. L&amp;T Smart World &amp; Communication, a business unit of Larsen &amp; Toubro, has installed smart technologies in over 20 major cities, including Mumbai, Pune, Nagpur, Prayagraj, Ahmedabad, Visakhapatnam, Hyderabad and others. Besides, ensuring 24X7 availability of ambulances, doctors and other medical facilities to workmen and employees across locations, it is sending SMS alerts, in English, Hindi and other vernacular languages, to workmen and employees on COVID-19, its symptoms, testing facilities available locally. Besides, it is relaying various health advisories and related messaging to 1,20,000 employees, daily, it said adding it has closed all offices and other establishments as per government directives and is encouraging employees to work from home. The efforts also include formation of COVID-19 Response Teams across businesses to take timely action and Decision Response Team at corporate level to keep vigil on the evolving situation and take necessary actions. On Saturday, Tata Sons and Tata Trusts had contributed Rs 1,500 crore for the same cause. JSW Group on Sunday donated Rs 100 crore to the PM Fund. While, bllionaire Gautam Adani on Sunday announced a Rs 100 crore contribution by his group's philanthropy arm to the Prime Minister's Fund to fight coronavirus outbreak. Previously, Reliance Industries had made an initial contribution of Rs 5 crore besides opening India's first Covid-19 hospital in Mumbai as also giving free meals through NGOs to the needy and fuel to emergency vehicles transporting infected patients. NAM DRR

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