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<strong><br /></strong><ul><li><strong>The Union government is likely to double or even triple the minimum monthly <keyword id="6354432" type="UNKNOWN" weightage="20" keywordseo="Pension">pension</keyword> of retired organised sector employees.<br /></strong></li><li><strong>The recommendation for the same was made by a three-member committee constituted by the labour ministry.<br /></strong></li><li><strong>The central board of EPFO, and the committee are expected to deliberate upon the way to go about the committee’s recommendation on Monday and Tuesday.</strong></li></ul>Pensioners now have one more thing to be happy about besides not having to work through this terrible summer. The Union government is <a href="https://www.livemint.com/Politics/gQ2c7DqE4FL6hiJtE4wCBK/Govt-to-double-minimum-pension-for-organized-sector-employee.html">likely </a>to double or even triple the minimum monthly pension of retired organised sector employees. The recommendation for the same was made by a three-member committee constituted by the labour ministry, three months ago. <br /><br />As per the committee, the existing minimum pension of ₹1,000 per month should be immediately raised to ₹2,000 and further deliberations should be made on the possibility of increasing it upto ₹5,000. <br /><br />A ₹1,000 pension per month means as little as ₹33 per day which, considering the high cost of living, is insufficient even for a rural pensioner. The Union Cabinet had approved ₹1,000 as the minimum pension in 2014 and had later extended it upto 2015. From then onwards, it has never been revised.<br /><br />The issues of pension are undertaken by Employees' Provident Fund Organisation (EPFO) that is the institution that manages social security funds of workers in the (semi) organised sector in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. All establishments across the country that are ‘organised’ or have 20 or more employees whose basic wages are up to ₹15,000 are covered under the social security schemes run by this institution. <br /><br />Each month, an organised sector employee contributes 12% of his basic salary to EPFO as provident deduction, and the same amount is contributed by the employer. From the employer’s contribution,<a href="https://economictimes.indiatimes.com/news/economy/policy/epfo-nod-likely-soon-for-minimum-rs-2k-eps-pension/articleshow/64724411.cms"> 8.33%</a> goes to employees’ pension scheme and the rest to the provident fund.<br /><br />The central board of EPFO and the committee are expected to deliberate on the way to go about with the committee’s recommendation over Monday and Tuesday. Though the decision is not final yet, the committee is strongly in favour of it. <br /><br />Ravi Wig, who is also a central board member of the EPFO, is hopeful that the labour ministry will stand in their favour since the previous additional secretary heading the committee has been promoted as the position of a secretary in the labour and employment ministry.<br /><br />Of the six million pensioners that fall under the <a href="https://epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/EPS95_update102008.pdf">Employee’s Pension Scheme (1995)</a>, about four million get less than ₹1,500 per month while the government boasts of three trillion in its pension funds. Considering these figures, if the minimum pension is even doubled, it would help lakhs of pensioners, but it will also add <a href="https://www.businesstoday.in/current/economy-politics/minimum-pension-under-employees-pension-scheme-likely-to-be-doubled/story/279522.html">₹30 billion </a>to the government budget, annually.<br />

Perks of the trade: India may double or triple minimum monthly pension

Union Finance Minister <keyword id="19916618" type="General" weightage="100" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> has stressed that <keyword id="20268654" type="General" weightage="20" keywordseo="job-creation" source="keywords">job creation</keyword> is the most critical issue worldwide, particularly given the persistent <keyword id="20509546" type="General" weightage="20" keywordseo="economic-challenges" source="keywords">economic challenges</keyword> and rapid technological advancements that are reshaping the labor market.<br /><br />Sitharaman highlighted the need for urgent action and a comprehensive analysis to address these issues speaking on Thursday in the US at the plenary lunch during the discussion on "How Should the <keyword id="19899824" type="General" weightage="20" keywordseo="World-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="World Bank" meta.hostid="261" meta.entityid="World Bank">World Bank</keyword> Shape Its Future Strategic Direction and Help Clients Create More Jobs to Keep Pace with Evolving Megatrends," .<br /><br />The Finance ministry in an official statement stated "In her intervention at the plenary lunch, FM Smt.@nsitharaman, while speaking on the topic "How Should the World Bank Shape Its Future Strategic Direction and Help Clients Create More Jobs to Keep Pace with Evolving Megatrends," emphasised that jobs are the most pressing global issue, given the continued economic headwinds and rapid <keyword id="21387602" type="General" weightage="20" keywordseo="technological-change" source="keywords">technological change</keyword> that are redefining the skills required for youth to enter the job market".<br /><br />Sitharaman is on an official visit to the US from October 20 to 26, to participate in Annual Meetings of the International Monetary Fund (<keyword id="19896779" type="General" weightage="20" keywordseo="IMF" source="keywords">IMF</keyword>) and the World Bank, the 4th <keyword id="20754784" type="General" weightage="20" keywordseo="G20-Finance-Ministers" source="keywords">G20 Finance Ministers</keyword> and Central Bank Governors (FMCBG) Meetings, the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers, as well as the G7-Africa Ministerial Roundtable.<br /><br />On Thursday she pointed out that while the World Bank has previously conducted several studies on sectoral trends and their impact on employment--covering topics like "green jobs," employment changes due to AI, and the effects of demographic shifts, there is now a pressing need for a broader, multi-sectoral approach.<br /><br />According to Sitharaman, an in-depth analysis that examines the interplay of these emerging trends is crucial to understanding both job losses and opportunities.<br /><br />She also emphasized that this analysis should factor in the impact of <keyword id="20016973" type="General" weightage="20" keywordseo="geopolitical-shifts" source="keywords">geopolitical shifts</keyword>, such as the fragmentation affecting global supply chains, and how this influences critical sectors like food production, exports, and associated employment.<br /><br />The Finance Minister also highlighted the importance of looking beyond the traditional manufacturing-led growth model. With technological changes driving rapid shifts in the types of jobs that are needed, she urged the World Bank to explore alternative growth strategies and the kinds of jobs they would generate.<br /><br />Sitharaman believes that identifying these new pathways will be essential to ensuring sustainable economic development in the face of modern challenges.<br /><br />Furthermore, she called on the World Bank to strengthen its collaboration with countries to pinpoint high-priority sectors for <keyword id="20068989" type="General" weightage="20" keywordseo="skill-development" source="keywords">skill development</keyword>. She also emphasized that these efforts should be grounded in thorough data analysis and knowledge-based approaches to enhance <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>, align skills with market demand, and retain skilled labor.<br /><br />Finance Minister also stressed the importance of creating an outcome-focused roadmap with a clear implementation strategy. Such a roadmap, she said, would help ensure that the World Bank and its partner countries are well-prepared to meet the evolving demands of the global job market.<br />

Job creation, redefining skills most pressing issue globally amid rapid tech changes: FM Nirmala Sitharaman

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>The votes have been counted in Israel's national elections, and it's Benjamin Netanyahu's Likud party by a far wider margin than anyone expected. With 90% of votes counted, Likud has over 23% of the vote and 30 seats in the next Knesset compared to 24 seats and around 18% for Isaac Herzog's Zionist Union.</p><p><a href="http://www.businessinsider.com/the-israeli-election-is-too-close-to-call-2015-3"> Exit polls indicated a virtual tie.</a> They were wrong. Netanyahu, who many believed was on the verge of defeat just a few hours ago, now looks to be in a secure position to form a government.</p><p>Exit polls released at the conclusion of voting at 10 PM Israel time on Tuesday<span style="line-height: 1.5em;"> showed a very close race between Likud and the Zionist Union with a coalition of Arab parties placing third. Netanyahu and Herzog both declared victory, with each claiming they have the support needed to form a governing coalition.</span></p><p>Herzog <a href="http://www.haaretz.com/news/israel-election-2015/1.647304">reportedly began trying to build a coalition without Netanyahu</a> despite potentially finishing behind him. In an initial speech to his supporters, Herzog did not concede, and appealed to the other parties to form a "<a href="https://twitter.com/Gil_Hoffman/status/577956459268284417">socioeconomic reconciliation government</a>" that he would lead.</p><p>But Netanyahu had already <a href="https://twitter.com/netanyahu/status/577931835000274945">declared victory</a>, in a Hebrew-language tweet, proclaiming shortly after polls closed that his Likud party had won a "great victory against all odds."</p><p>He added that the "national camp" had won a "great victory," too, in reference to the Israeli right. The furthest right-wing of Israel's mainstream parties is projected to lose seats, with Naftali Bennet's Bayit HaYehudi party primed to drop to eight or nine seats from its current 12, and Avigdor Lieberman's Yisrael Beitenu barely making it past the threshold for inclusion.</p><p>A right-wing coalition now seems a certainty with Likud going from 18 seats to 30.</p><p><span style="line-height: 1.5em;">The election results deviate not just from the exit polls, but from <a href="http://www.haaretz.com/st/c/prod/eng/2015/elections/center/">weeks of polling that showed the Zionist Union holding a slight lead on Likud</a>. It turns out Netanyahu was in a dramatically much stronger position than just about anyone expected.</span></p><p><span style="line-height: 1.5em;">The vote wasn't a total loss for the Zionist Union, though. In the last election in early 2013, the Labor Party - one of the political parties that formed the Zionist Union - won 15 seats and did not field a credible prime ministerial candidate. Now, a Labor-led bloc has added 9 seats and is well positioned in the likely even that the next government doesn't last until the end of its four-year term.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/paul-krugman-politics-vote-economy-2014-12">KRUGMAN: People Are Too Busy For Politics So They Vote Based On Impressions</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="53NzBzcTpMisKNLlfEHlEXoECUqam99D" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Netanyahu is the clear winner in Israel's election

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Business Insider</span></p><p class="caption">Given his stance on Communism, "The Gipper" would probably not be into this.</p></div><p></p></div></div>For the last two months Chinese President Xi Jinping has been using a phrase closely associated with Ronald Reagan to describe his economic plan to fix his country's slowing economy - "supply-side" structural reform.</p><p>The thing is, his use of the word has people around the world scratching their heads.</p><p>To Reagan supply-side economics was a way to combat the deadly combo of inflation and slow growth that plagued the US during his administration. He cut taxes and tried to enact policies that encouraged companies to invest and become more productive to promote growth.</p><p>China's problems, especially in its corporate sector, are very different. Instead of facing inflation, Chinese companies face deflation. That deflation is making it harder for them to pay a debt load that keeps mounting and gobbling up their profitability as a slowing economy reduces demand for their products.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>BAML</span></p><p class="caption">This chart shows China's producer price index (PPI) falling, which means businesses are getting paid less for their goods.</p></div><p></p></div></div>This is the Chinese corporate "zombie" scenario you may have heard of.</p><p>It's because of those differences, in part, that it's unclear exactly what Xi means when he says "supply-side." </p><p>It's also unclear simply because, aside from tax cuts, Xi hasn't really explained what it means beyond making sweeping generalizations about raising productivity and spurring growth. The first time the term was mentioned was at a government economic conference <a href="http://news.xinhuanet.com/english/2015-11/12/c_134810135.htm">back in November.</a></p><p>After that, J<span>ia Kang, head of China Academy of New Supply-side Economics, a private think tank, took to state media arm Xinhua to explain the term to the populace. </span></p><p style="padding-left: 30px;">Reforms on the supply side means sustainable growth instead of short-term demand management...</p><p style="padding-left: 30px;">The government should focus on improving the labor force to address shortages and rising costs, prudently deal with land use and diversify financial services, Jia said.</p><p style="padding-left: 30px;">Jia pointed out that the government should now shift their focus from reducing administrative approval to improving the quality and suggested optimizing ministerial functions and unifying development plans.</p><p>You get that? If you didn't you're not alone. According to The Economist, Communist Party insiders have been asking scholars at think tanks and universities to figure out exactly what supply-side economics <a href="http://www.economist.com/news/china/21684804-mystery-xi-jinpings-supply-side-strategy-reagans-chinese-echo">with Chinese characteristics should entail.</a></p><p>A lot of reforms - some new and some old - have been thrown around as part of this supply side move.</p><ul><li><span style="line-height: 1.5em;">Tax and cost cuts for big corporates bogged down with debt. </span></li><li><span style="line-height: 1.5em;">Sending some of China's overcapacity to other country's through its One Belt One Road infrastructure project with its neighbors. </span></li><li><span style="line-height: 1.5em;">Cutting housing inventories by moving rural workers into third and fourth tier cities.</span></li><li><span style="line-height: 1.5em;">Lowering borrowing costs for corporates.</span></li><li><span style="line-height: 1.5em;">Tax cuts on electric cars.</span></li><li><span style="line-height: 1.5em;">Reduce agricultural inventories.</span></li></ul><p><span style="line-height: 1.5em;">Now you may be thinking to yourself, a lot of these problems would be solved if China could spur demand - if more Chinese people, or people around the world, bought the excess goods in Chinese factories, for example.</span></p><p><span style="line-height: 1.5em;">You may be thinking to yourself, this is a demand problem, not a supply problem. And if you want to fix a demand problem you stimulate the economy with cash so people have more buying power. You lower interest rates and you put more cash in the system.</span></p><p><span style="line-height: 1.5em;">That's exactly how Xi does not want you to think. While the Chinese government has enacted some policies to put more money into the economy, like lowering rates, Xi has said over and over again that a large-scale stimulus like the hundreds of billions put to work during the financial crisis is not coming. Chinese people will have to deal with lower growth as is. This is the "new normal."</span></p><p>There are those in China's Communist Party who aren't sold on this. They've been told in no uncertain terms to shut up. In a book of unpublished Xi remarks released on Friday he reminded party leaders that no one is immune from prosecution under his wide-reaching years-long anti-corruption campaign, <a href="http://www.scmp.com/news/china/policies-politics/article/1897989/chinas-president-xi-jinping-sends-warning-influential">the South China Morning Post reported.</a></p><p>Experts say that is a cease and desist signal to any party officials who are not on board with Xi's agenda. </p><p>In other words, there is no side but the supply-side in China right now.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/turing-pharmaceuticals-ceo-martin-shkreli-daraprim-hedge-arrested-2015-12">The infamous pharmaceuticals CEO Martin Shkreli has been arrested</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5jMW9reTr5qxe5Vl3v3TW7Gkcs2u-7as" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "Labor ministery" and got 6 results

Perks of the trade: India may double or triple minimum monthly pension

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Job creation, redefining skills most pressing issue globally amid rapid tech changes: FM Nirmala Sitharaman

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