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Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Thursday said the future needs flexible workplaces, a work-from-home ecosystem and flexible work hours, adding that these should be used as opportunities for women's labour force participation. Addressing the National Conference of Labour Ministers of all states through video conferencing in Tirupati, Prime Minister <keyword id="6354642" type="General" weightage="100" keywordseo="modi" source="Orion">Modi</keyword> reiterated the various efforts by the government like <keyword id="14813046" type="General" weightage="20" keywordseo="pradhan-mantri-shram-yogi-maandhan-yojana" source="Orion">Pradhan Mantri Shram-Yogi Maandhan Yojana</keyword>, <keyword id="2747429" type="General" weightage="50" keywordseo="pradhan-mantri-suraksha-bima-yojana" source="Orion">Pradhan Mantri Suraksha Bima Yojana</keyword> and <keyword id="6524177" type="General" weightage="80" keywordseo="pradhan-mantri" source="Orion">Pradhan Mantri</keyword> Jeevan Jyoti Bima Yojana, that have given security cover to the workers. "These schemes have assured the labourers of the recognition of their hard work and contribution. The Emergency Credit Guarantee Scheme, according to a study, saved 1.5 crore jobs during the pandemic," he said during his speech. Modi further pointed out the e-Shram portal is one of the key initiatives to bring the labour force under the ambit of social security. "In just one year, about 28 crore workers from 400 areas have been registered on the portal. This has especially benefited construction workers, migrant labourers, and domestic workers," he said. The Prime Minister requested all the ministers to integrate state portals with the e-Shram portal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/takeouts-without-plastics-is-impractical-now-say-restaurants-with-few-or-no-eco-friendly-options/articleshow/93783273.cms">Takeouts without plastics is impractical now say restaurants with ‘few or no’ eco-friendly options</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/india-has-strong-forex-reserves-to-face-macro-difficulties-despite-the-recent-fall-sp/articleshow/93782057.cms">India has strong forex reserves to face macro difficulties despite the recent fall: S&amp;P</a>

Now, PM Modi bats for flexible workplaces and says they help women

The Indian government has several social security schemes in order to boost the financial security for the citizens and support the economic development of the country. Here is an overview of a few important social security schemes currently operating in India. <keyword id="2473706" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword> (PMJDY) Announced by the Prime Minister on 15th August 2014, Pradhan Mantri Jan Dhan Yojana aims at the comprehensive financial inclusion of all households in the country. The aim of the scheme is to facilitate universal access to banking facilities for all households. The scheme wishes to ensure at least one bank account to every household besides promoting financial literacy, pension facility, insurance and access to credit. PMJDY provides unbanked individuals easy access to banking services combined with an awareness regarding financial products by creating financial literacy programs. The additional facilities these bank accounts carry are RuPay debit card, accident cover of Rs 1 lakh, overdraft facility to those showing up satisfactory credit history over six months. <keyword id="2750528" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jeevan-Jyoti-Bima-Yojana">Pradhan Mantri Jeevan Jyoti Bima Yojana</keyword> (PMJJBY) The PMJJBY is provided for persons in between 18 and 50 years with a bank account. Aadhaar is the primary KYC for the bank account. The persons consenting to benefit from this scheme must enable auto debit from their account. This scheme provides Rs 2 lakh risk coverage in the event of the death of the individual on any reason. The annual premium for this scheme is Rs 330 which will be auto-debited from the subscriber’s bank account before 31st May of every year during the coverage period. <keyword id="2747429" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Suraksha-Bima-Yojana">Pradhan Mantri Suraksha Bima Yojana</keyword> (PMSBY) Available to people between the age group 18 and 70 years, the individuals must have a bank account to benefit from this program. This scheme provides a risk coverage of Rs 2 lakh for accidental death and Rs 1 lakh for partial disability. The annual premium of Rs 12 per year is auto debited from the individual’s bank account through auto debit facility. <keyword id="2746514" type="PERSON" weightage="20" keywordseo="Atal-Pension-Yojana">Atal Pension Yojana</keyword> (APY) APY is available for all persons with a savings bank or post office savings bank account between the age group of 18 and 40 years. The subscribers to this program will get a guaranteed monthly pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000. In the event of his death before 60 years, the pension will be given to his spouse till the original subscriber would have otherwise attained the age of 60. Pradhan Mantri Mudra Yojana There are three sub-schemes under this program. Shishu gives a loan of Rs 50,000; Kishore gives a loan anywhere between Rs 50,000 and Rs 5 lakhs and Tarun gives a loan anywhere between Rs 5 lakhs to Rs 10 lakhs. These loans do not need collaterals. This scheme intends to create the first generation of aspiring entrepreneurs and existing small businesses that wish to expand. Stand Up India Scheme The Stand Up India scheme provides a bank loan between Rs 10 lakh and Rs 1 crore to at least one borrower from the scheduled caste or scheduled tribe category and at least one woman borrower per bank branch for the purpose of setting up greenfield enterprises in any one of the sectors including manufacturing, services or trading. Pradhan Mantri Vaya Vandana Yojana This scheme is aimed at benefiting persons beyond the age of 60 against a full fall in their income due to some unexpected market conditions. Under this scheme an initial lump sum payment of any amount between Rs 1,50,000 to Rs 7,50,000 will entitle the individual for a monthly pension of Rs 1,000 per month to Rs 5,000 per month depending on the payment made. A guaranteed return of 8% per annum will be paid to the individual on a monthly basis.

Here’s a snapshot of social security schemes in India

<keyword id="2750528" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jeevan-Jyoti-Bima-Yojana">Pradhan Mantri Jeevan Jyoti Bima Yojana</keyword> is an innovative life insurance scheme of the Central Government of India which intends to benefit the poor and low income section of the society. Available to people between 18 and 50 years, the PMJJBY is a renewal kind of annual insurance plan that provides a life insurance coverage of Rs 2 lakhs in the event of the death of the subscriber due to any reason. The annual premium to enroll for this scheme is Rs 330 per annum. Important highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana Life coverage for 1 year. The policy is renewable year on year by the insured. The insured can get out of the scheme and join it back again at any time. The policy provides a maximum of Rs 2 lakh risk coverage. The annual premium is Rs 330 only and the premium rate is equal for people of all ages between 18 and 50 years. The claim process is very simple and subscriber friendly. The death benefit will be terminated in the following cases If it is known that the insured person is above 55 years If the policy holder has subscribed for insurance through different bank accounts If the individual does not have enough bank balance to keep the insurance in force Benefits Provided by Pradhan Mantri Jeevan Jyoti Bima Yojana In case the insured happens to die during the period of subscription, the plan will give a death coverage of Rs 2,00,000 to the registered beneficiary of the policy Since this is purely a term insurance plan, the scheme does not offer any maturity or surrender benefit The premiums paid for the coverage is tax deduction eligible under section 80C of the Income Tax Act. If the subscriber has not submitted form 15 G/15 H, the life insurance proceeds going beyond Rs 1,00,000 will be taxable by 2%. The period of risk coverage under this scheme is one year. This policy can be renewed annually. I the auto debit option is enabled in the <keyword id="114757" type="PERSON" weightage="20" keywordseo="Savings-Account">savings account</keyword> of the person, a longer duration of coverage can be opted for. Eligibility Criteria for Pradhan Mantri Jeevan Jyoti Bima Yojana Any person between the age of 18 and 50 years can join this scheme through participating banks. The individual must first open a bank account with a bank of their choice. If the individual has multiple bank accounts, they can subscribe to this scheme only through a single savings bank account. To be able to benefit from the plan, linking aadhaar number with the bank account is mandatory. Those subscribers to this insurance plan joining after the primary enrolment plan between 31 August 2015 and 30th November 2015 will have to submit a self-attested medical certificate to prove that they are not suffering any critical illnesses that are listed out in the policy declaration form. Summing up This is a very simple scheme to which an individual can subscribe to by just linking the aadhaar card with the participating bank account. The subscribers can enroll themselves for this program at any time by making a full annual premium payment and submitting a health certificate.

All you need you about central government’s life insurance scheme

Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> will review next week the implementation status of some key decisions taken by the Union Cabinet, including those taken way back in July 2014. 

	Scheduled for February 17, this will be the second such review meeting that Modi will undertake with the Council of Ministers in just about three weeks.
 

	The 27 decisions of the Cabinet and the Cabinet Committee on Economic Affairs whose implementation status would be reviewed include the amendments to the Factories Act and the Apprentices Act, which were cleared over one and a half years ago in July 2014, sources told PTI.
 

	PM Modi had chaired a similar meeting of the Council of Ministers on January 27 as well.
 Other decisions slated for implementation status review are setting up of a <keyword id="974618" type="ORGANIZATION" weightage="20" keywordseo="Credit-Guarantee-Fund">Credit Guarantee Fund</keyword> for providing guarantees to loans extended under the Pradhan Mantri Mudra Yojana, operationalisation of Budget announcement of 2015-16 on the Atal Pension Yojana, the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Pradhan Mantri Suraksha Bima Yojana. The prime minister will also check progress in the <keyword id="2473706" type="UNKNOWN" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword>, the <keyword id="6562839" type="UNKNOWN" weightage="20" keywordseo="Swacch-Bharat-Mission">Swacch Bharat Mission</keyword> for urban areas, the Housing for All by 2022 mission, the <keyword id="946830" type="ORGANIZATION" weightage="20" keywordseo="National-Skill-Development-Mission">National Skill Development Mission</keyword>, the National Health Mission and the Deendayal Upadhyaya Gram Jyoti Yojana. 

	Other such decisions relate to the National Ayush Mission, amendment to the Juvenile Justice (Care and Protection of Children) Bill, 2014, setting up three new All India Institute of Medical Sciences (AIIMS) at Mangalagiri, Nagpur and Kalyani and strengthening of the drug regulatory system.
 

	The decisions relating to setting up of six new IITs and IIMs, amendment to the Payment of Bonus Act, 1965, and the nationwide celebration of 125th birth anniversary of BR Ambedkar will also figure in the status review.

PM Narendra Modi to review implementation status of Cabinet decisions for the second time in 3 weeks

<ul><li>The life insurance major, <keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword>, has a lot to offer to everyone, especially to its 29 crore policyholders in the IPO.</li><li><keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> is special to investors because it has a separate reservation quota for people holding LIC policies along with some discount on IPO floor price.</li><li>Here are answers to all your questions on how you can avail those benefits while applying for the IPO.</li></ul>Investors are eagerly waiting to get their hands on a piece of India’s largest life insurance company, which is about to launch the country's biggest initial public offering (IPO). More than that, the IPO is special for the 29 crore policyholders of the life insurer, who would be getting a preference on the shares. Here are answers to all your queries on how you can avail those benefits while applying for the IPO. <ol><li>When will the LIC IPO be launched? The IPO is expected to be completed within the end of March. </li><li>How to apply for LIC IPO? You need a demat account of your own from where you can subscribe to the LIC IPO. Click here for a step-by-step guide on how to open a demat account. </li><li>Who all are eligible to apply under the policyholder reservation quota? All policies that have not exited LIC’s records by way of maturity, surrender or by way of death of the policyholder are eligible for policyholder reservation.</li><li>What are the benefits of applying under the policyholder quota? LIC has reserved 10% of the issue size for its army of policyholders and also plans to give some discount to such investors on the issue price of the IPO.</li><li>Can senior citizens also apply for LIC IPO? Yes. Any person above 18 years of age can apply for this. The applicant should have a demat account and the PAN number should be linked with the policy. </li><li>Is there a maximum limit amount for policyholders to apply for the IPO? Investors holding LIC policy cannot exceed their investment more than ₹2 lakh as most of such investors also come under the retail category.</li><li>I hold a joint life insurance policy with my spouse, so can we both apply for policyholder reservation? No. If you own a joint policy of LIC, then only one of the policy members can apply under the ‘Policyholder Reservation Portion’ category.The PAN number of the applicant bidding in the offer (you or your spouse) needs to be updated while linking the PAN.The PAN number of the applicant bidding in the offer (you or your spouse) needs to be updated while linking the PAN.</li><li>Will there be any tax exemption if there is share allotment on investment in LIC IPO? No. Although there is a tax exemption for holding a LIC policy, there is none for investment in equities. </li><li>Will there be any lock-in period for selling the shares for policyholders ? Policyholders who were allotted equity shares under the reservation category can sell the shares anytime as per their choice.</li><li>If I bought an LIC policy last week, can I apply under the special policyholder quota? No. To apply under the special quota the policy should have been issued on or before the date when LIC’s draft red herring prospectus (DRHP) was filed, that is February 13.</li><li>Will those with the policy of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) also be eligible to invest under the policyholder reservation category? No, one cannot. </li></ol>

LIC IPO – All your doubts cleared

New Delhi, Jan 22 () The Finance Ministry will showcase achievements of the financial inclusion drive through a tableau during the Republic Day parade on January 26.
 The Defence Ministry has selected the design of Department of Financial Services (DFS) of Ministry of Finance for taking part in the parade.
 Besides DFS, Department for Promotion of Industry and Internal Trade, Department of Drinking Water and Sanitation, NDRF Ministry of Home Affairs, CPWD Ministry of Housing and Urban Affairs, and Ministry of Shipping will also participate in the Republic Day parade, according to a Defence Ministry release.
 Financial inclusion programme initiated in mission mode since August 2014 to ensure access to financial services - banking/ savings &amp; deposit accounts, remittance, credit, insurance, pension.
Under Pradhan Mantri Jan Dhan Yojana as many as 37.87 crore accounts have been opened with total deposit of Rs 1.12 lakh crore.
 India's financial inclusion efforts have won recognition from the World Bank as their data indicated that 55 per cent of new bank accounts were opened are from India.
As per the World Bank Global Findex Report 2017, adult bank account holders in India increased to 80 per cent in 2017 as compared to 53 per cent in 2014 and 35 per cent in 2011.
The report acknowledged impact of government policy in reducing gaps in bank account ownership between rich and poor to 5 per cent in 2017, down from 15 per cent in 2014.
 Besides, the government also initiated insuring the uninsured. Under this, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana was launched in 2015.
 The PMJJBY offers life insurance cover of Rs 2 lakh in case of death due to any reason to people in the age group of 18-50 years having a bank or post office account, who give their consent to join or enable auto-debit of premium of Rs 330 per annum.
The PMSBY offers insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to people in the age group of 18-70 years with a bank or post office account, who give their consent to join or enable auto-debit of premium of Rs 12 per annum. DP DP MR
MR

Finmin to showcase achievements of financial inclusion at Republic Day parade

New Delhi, Dec 9 () As many as 5.91 crore people have been enrolled under the
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and 15.47 crore people enlisted under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) since the launch of the two social security schemes in 2015, Union Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday.
The minister said that for creating a universal social security system for all Indians,
especially the poor and the under-privileged, Prime Minister Narendra Modi launched the two schemes in the insurance sector on pan-India basis on May 9, 2015 in Kolkata.
"As per information furnished by banks, 5.91 crore people have been enrolled under PMJJBY and 15.47 crore people enrolled under the PMSBY as on March 31, 2019," she said during the Question Hour.
The PMJJBY offers life insurance cover of Rs 2 lakh in case of death due to any reason to people in the age group of 18-50 years having a bank or post office account, who give their consent to join or enable auto-debit of premium of Rs 330 per
annum.
The PMSBY offers insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to people in the age group of 18-70 years with a bank or post office account, who give their consent to join or enable auto-debit of premium of Rs 12 per annum. ACB DPB

5.91 cr people enrolled under PMJJBY, 15.47 cr under PMSBY

<ul><li>38 million Indians fell below the <keyword id="141042" type="ORGANIZATION" weightage="20" keywordseo="poverty-line">poverty line</keyword> simply due to the cost of medicines. </li><li>The study was based on data analysed over the past two decades, between 1993-2012. </li></ul>Cost of <keyword id="6354525" type="UNKNOWN" weightage="20" keywordseo="healthcare">healthcare</keyword> is driving people in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> towards poverty. According to a <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5988077/">study</a> conducted by the <a href="https://phfi.org/research-reports/?type=4">Public Health Foundation of India</a>, over 54 million Indian residents fell below the poverty line in a single year because they were funding their own healthcare, including hospital and treatment costs. On the other hand, about 38 million of these fell below the poverty line simply because they were spending on medicines. The study analysed data from nationwide consumer expenditure surveys which were conducted over the past two decades, from 1993-94 up to 2011-12, and the ‘Social Consumption: Health’ survey done by the National Sample Survey Organisation in 2014. The study also takes into consideration the measures that were taken by the Indian government to reduce the burden of medical expenses for Indian households. The study also noted that there was very little incentive for patients to seek public healthcare, which is likely due to inefficiency and poor standards of government-run public health facilities. Outpatients apparently sought healthcare in the more expensive private institutions often. What has the government done so far Health insurances basically cover almost all medical needs of a person, including hospitalisation charges during illness or an accident. The government has launched several health insurance schemes, like the Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana, over the past years but despite that, the countries population continues to incur significant medical expenditures. The government has also set up over 3000 Jan Aushadhi stores, government owned medicine stores that provide cheap but good quality medicine for citizens. Though the goal of the policy was met, these stores frequently face stock outages and quality issues, according to a <a href="https://timesofindia.indiatimes.com/india/health-spending-pushed-55-million-indians-into-poverty-in-a-year-study/articleshow/64564548.cms">report</a>.

Healthcare costs drove 55 million Indians below poverty line in the last two decades

Aiming to provide connectivity in remote areas, Railways will set up Wi-Fi hotspot kiosks at about 500 stations and help people access an array of online services, including various government schemes, as per a PTI news report. 
 
Christened as Railwire Saathi, the Wi-Fi kiosks will function like a PCO for Digital India and enable people to use services like e-commerce, online banking, offer them access to open school/university and insurance schemes, e-ticketing for train and bus services among others. 
Automated form filling, mobile and DTH recharge are other services which the Railwire Saathi is expected to provide in areas with limited connectivity. 
 
The Railwire Saathi aims to provide connectivity to the unconnected and at the same time offer jobs opportunities in rural areas, a senior Railway Ministry official said. 
 
While Railways is equipping about 400 stations with free Wi-Fi service in association with Google, this scheme has dual aim - providing jobs as well as connectivity. 
 
He said the scheme is expected to be operational by May. 
 
The Railwire Saathi is a Wi-Fi entrepreneurship model where unemployed youths, preferably women, can be trained and supported to set up a Wi-Fi hotspot and provide a platform to online services which will make the business sustainable, he said. 
 
RailTel, the telecom arm of railways, would execute the scheme across the country. 
 
Though there are various schemes for minorities, farmers, common man and many avenues for completing education, people in remote areas are generally not aware of them or find it difficult to access them, said the official. 
 
Unemployed youth who wants to be RailWire Saathi would have to contact RailTel for necessary training. 
 
The training course will be approved by National Skill Development Council (NSDC). After being trained by RailTel, the youth will get certificate which can be used to get loan under the Mudra scheme, he said. 
 
Using the loan money, they will install and manage the Wi-Fi hotspots as per design provide by RailTel. 
Railwire Saathi will help in disseminating information about various government schemes like Pradhan Mantri Ujjwal Yojana, Pradhan Mantri Mudra Yojna, Pradhan Mantri Atal Pension Yojna, Pradhan Mantri Jeevan Beema Yojna and Pradhan Mantri Surakhya Beema Yojna among others.

Railways to provide free Wi-Fi across 500 more station across India

<div type="image" wfid="275940"></div>

 
It’s one year completion for Modi government and guess what? Inspired by the political watchers, critics have started filing the report card of success and failures of the government that has been in the centre for a year. 
 
The government has launched a few social security schemes, which are of enormous significance for the masses. At a cost of a nominal premium, these schemes ensure comfortable future for many. 
 
<a href="http://economictimes.indiatimes.com/wealth/savings-centre/analysis/modi-governments-social-security-schemes-how-less-than-rs-20-a-day-can-secure-financial-future/articleshow/47395379.cms">The Economic Times</a> has listed the schemes along with the specifications, eligibility and detailed benefits . 
 
 
1) Atal Pension Yojana 
 
WHAT IT OFFERS: Pension between Rs 1,000 and Rs 5,000 a month. 
 
WHAT IT COSTS: For a monthly pension of Rs 1,000, a 40-year-old subscriber will have to invest Rs 291 per month for 20 years, while an 18-year-old will have to contribute Rs 42 per month for 40 years. 
 
WHO IS ELIGIBLE: All individuals between 18 and 40, who will have to contribute till they turn 60. 
 
WHO SHOULD OPT FOR IT: This is an investment you need to make on behalf of your domestic staff who may not have anyone to look after them once they stop working. 
 
 
 
2) Pradhan Mantri Suraksha Bima Yojana 
 
WHAT IT OFFERS: Accidental death and disability cover of Rs 2 lakh. 
 
WHAT IT COSTS: Premium is Rs 12 per year. 
 
WHO IS ELIGIBLE: Anybody who has a savings account in the banks that offer this scheme. 
 
WHO SHOULD OPT FOR IT: Although it is for everybody, this scheme especially suits drivers, security guards, newspaper vendors, vegetable vendors and others who are exposed to the risk of accidental death or disability. 
 
 
 
3) Pradhan Mantri Jeevan Jyoti Bima Yojana 
 
WHAT IT OFFERS: A pure protection term insurance cover which pays Rs 2 lakh to dependents in the event of the policyholder's death. 
 
WHAT IT COSTS: Premium is Rs 330 a year. 
 
WHO IS ELIGIBLE: Anybody in the age band of 18-70 years who has a savings account in a bank that offers this scheme. 
 
WHO SHOULD OPT FOR IT: This is a must for any member of your staff who is the sole breadwinner in his or her family. 
 
 
 
4) Pradhan Mantri Jan Dhan Yojana 
 
WHAT IT OFFERS: A savings account with no minimum balance. The Rupay ATM-cum-debit card comes with in-built accident and life covers of Rs 1 lakh and Rs 30,000 respectively. 
 
WHAT IT COSTS: Nil 
 
WHO IS ELIGIBLE: Anyone belonging to the economically weaker sections of society. As all future welfare and subsidy schemes are likely to be linked to it, it is a must for your staff. 
 
WHO SHOULD OPT FOR IT: All those working in the unorganised sector. You can transfer salaries directly into the accounts of your domestic staff to inculcate a banking habit in them. 
 
 
 
5) Post office time deposits and bank FDs 
 
WHAT IT OFFERS: Time deposits with tenures of one to four years yield 8.4%, while five-year deposits will earn 8.5%. Bank fixed deposits in the name of your employees' senior citizen parents will earn 9-9.25%. 
 
WHAT IT COSTS: The minimum investment for post office time deposits is Rs 200 and there is no cap. 
 
WHO IS ELIGIBLE: Anyone with a bank account or Aadhar card. 
 
WHO SHOULD OPT FOR IT: These investments will help meshorter term requirements of your staff and other unorganised workers like housing loan down payment, coaching class fees and so on. 
 
6) Kisan Vikas Patra 
 
WHAT IT OFFERS: A secure interest rate of 8.7% and the promise to double the investment in 100 months. 
 
WHAT IT COSTS: The minimum investment is Rs 1,000. No maximum limit. 
 
WHO IS ELIGIBLE: All 
 
WHO SHOULD OPT FOR IT: All domestic workers, vendors and neighbourhood workers to fund their medium term requirements. 
 
 
 
7) Sukanya Samriddhi Scheme 
 
WHAT IT OFFERS: Guaranteed annual returns of 9.2%. 
 
WHAT IT COSTS: Minimum contribution is Rs 1,000 a year and the maximum is Rs 1.5 lakh. 
 
WHO IS ELIGIBLE: Girl child below the age of 10. 
 
WHO SHOULD OPT FOR IT: Most domestic workers tend to take their daughters out of school to help with household chores or to make way for their brothers, whose education is considered more important. This serves as an incentive to save for a daughter's education and marriage. 
 
 
 
8) Health insurance 
 
WHAT IT OFFERS: Cover for expenses incurred during hospitalisation due to illness or surgery. 
 
WHAT IT COSTS: Rs 700-800 a year for a cover of Rs 50,000 for indivuduals aged between 18 and 40 years. 
 
WHO IS ELIGIBLE: All 
 
WHO SHOULD OPT FOR IT: Hospitalisation can wipe out the entire savings of those already at a financial disadvantage. Though not offered by the government, affordable policies are available from state-owned non-life insurers like New India Assurance and Oriental Insurance. 
 
The ET has further calculated how much these might cost. 
 
 
HOW IT STACKS UP 
 
Pradhan Mantri Jan Dhan Yojan = NIL + Pradhan Mantri Jeevan Jyoti Bima Yojana = Rs 330 + Pradhan Mantri Suraksha Bima Yojana = Rs 12 + Atal Pension Yojana = Rs 3,492* + Health Insurance = Rs 800* + Sukanya Samriddhi Scheme = Rs 1,000# + Kisan Vikas Patra = Rs 1,000# + Post Office Time Deposits = Rs 200# 
 
All this adds up to = Rs 6,834 (The total amount you need to spend on staff welfare measures in a year) 
 
*Assuming your employee is 40 years old and monthly pension chosen is Rs 1,000 in case of APY. #If minimum requirement is invested 
 
(Image: Reuters)

8 Insurance Schemes Modi launched and how they benefit you

<ul><li>By 2022, all villages will have water, electricity and clean cooking facilities. </li><li>Additional deduction of up to ₹1,50,000 for interest paid on loans borrowed up to March 31, 2020 for purchase of an affordable house valued up to ₹45 lakh. </li><li>Enhance surcharge on individuals having taxable income from ₹2 crore to ₹5 crore and ₹5 crore and above so that effective tax rates for these two categories will increase by around 3 % and 7 % respectively. </li></ul>The Finance Minister Nirmala Sitharaman unveiled her maiden Budget covering aspects of startups, education, home loans, disinvestment and many others. Here are key announcements made by her, from her Budget speech. The Indian economy will grow to become a $3 trillion dollar economyin the current year. In Purchasing Power Parity terms, we are in fact, the third largest economy already, only next to China and the USA. Rail &amp; Land Railways should take up Public Private Partnership in Railways to unleash faster development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services. Current (house) rental laws are archaic and do not address the relationship between the Lessor and the Lessee realistically and fairly. A Model Tenancy Law will also be finalized and circulated to the states. Large public infrastructure can be built on land parcels held by Central Ministries and Central Public Sector Enterprises all across the country. Through innovative instruments such as joint development and concession, public infrastructure and affordable housing will be taken up. Small businesses &amp; Artisans Government will create a payment platform for MSMEs to enable filing of bills and payment thereof on the platform itself. Pension benefits to about three crore retail traders and small shopkeepers whose annual turnover is less than ₹1.5 crore, is extended. The Scheme of Fund for Upgradation and Regeneration of Traditional Industries’ (SFURTI) envisions setting up 100 new clusters during 2019-20 which will aid 50,000 artisans. The Scheme contemplates to set up 80 Livelihood Business Incubators (LBIs) and 20 Technology Business Incubators (TBIs) in 2019-20 to develop 75,000 skilled entrepreneurs in agro-rural industry sectors. FDI &amp; Disinvestment The Government will examine suggestions of further opening up of FDI in aviation, media (animation, AVGC) and insurance sectors in consultation with all stakeholders. 100% Foreign Direct Investment (FDI) will be permitted for insurance intermediaries. Local sourcing norms will be eased for FDI in single brand retail sector. I propose to increase the statutory limit for foreign portfolio investors (FPI) investment in a company from 24% to sectoral foreign investment limit with option given to the concerned corporates to limit it to a lower threshold. FPIs will be permitted to subscribe to listed debt securities issued by ReITs and InvITs. The cumulative resources garnered through Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs) and toll operate transfers exceeded ₹24,000 crore. Government is setting an enhanced target of ₹1,05,000 crore of disinvestment receipts for the financial year 2019-20. It is right time to consider increasing minimum public shareholding in the listed companies. I have asked SEBI to consider raising the current threshold of 25% to 35%. I propose to initiate steps towards creating an electronic fund raising platform – a social stock exchange - under SEBI to list social enterprises. Rural Growth By 2022, I would like to assure the nation that every single rural family, except those who are unwilling to take the connection will have electricity and a clean cooking facility. In the second phase of Pradhan Mantri Awas Yojana –Gramin, 1.95 crore houses are proposed to be provided to the eligible beneficiaries. Pradhan Mantri Gram Sadak Yojana phase III will look to upgrade 1,25,000kms of roads over the next five years, with an estimated cost ofRs 80,250 crore. Water &amp; Sanitation Ensuring India’s water security and providing access to safe and adequate drinking water to all Indians is a priority of the Government. A new Mantralaya will look at the management of water resources. It will work to ensure Har Ghar Jal (piped water supply) to all rural households by 2024 under the Jal Jeevan Mission. More than 95% of cities also have been declared ODF. More than 45,000 public and community toilets across 1700 cities have been uploaded on Google maps, covering more than 53% of India’s urban population. Women &amp; Education An amount of₹400 crore has been provided under the head, “World Class Institutions”, for FY 2019-20, more than three times the revised estimates for the previous year. I propose to start a programme, ‘Study in India’, that will focus on bringing foreign students to study in our higher educational institutions For every verified women SHG self-help group member having a Jan Dhan Bank Account, an overdraft of 5,000 shall be allowed. One woman in every SHG will also be made eligible for a loan up to1 lakh under the MUDRA scheme. Banks &amp; NBFCs Public Sector Banks are now proposed to be further provided ₹70,000 crore capital to boost credit for a strong impetus to the economy. For purchase of high-rated pooled assets of financially sound NBFCs, amounting to a total of Rupees one lakh crore during the current financial year, Government will provide one time six months' partial credit guarantee to Public Sector Banks for first loss of up to 10%. Reserve Bank of India (RBI) is the regulator for NBFCs.However, RBI has limited regulatory authority over NBFCs.Appropriate proposals for strengthening the regulatory authority of RBI over NBFCs are being placed in the Finance Bill. I am proposing to return the regulation authority over the housing finance sector from NHB to RBI. To facilitate on-shoring of international insurance transactions and to enable opening of branches by foreign reinsurers in the International Financial Services Centre, it is proposed to reduce Net Owned Fund requirement from₹ 5,000 crore to₹1,000 crore. India’s sovereign external debt to GDP is among the lowest globally at less than 5%. The Government would start raising a part of its gross borrowing programme in external markets in external currencies. Lowering Tax We continue with phased reduction in corporate tax rates. Currently, the lower rate of 25% is only applicable to companies having annual turnover up to ₹250 crore. I propose to widen this to include all companies having annual turnover up to ₹400 crore. This will cover 99.3% of the companies. Our government will provide additional income tax deduction of ₹1.5 lakh on the interest paid on loans taken to purchase electric vehicles. This amounts to a benefit of around ₹2.5 lakh over the loan period to the taxpayers who take loans to purchase electric vehicle. Interest paid on housing loans is allowed as a deduction to the extent of ₹2 lakh in respect of self-occupied property. I propose to allow an additional deduction of up to ₹1,50,000 for interest paid on loans borrowed up to March 31, 2020 for purchase of an affordable house valued up to₹45 lakh. This will translate into a benefit of around ₹7 lakh to the middle class home-buyers over their loan period of 15 years. Levying taxes I propose to levy tax deducted at source TDS of 2% on cash withdrawal exceeding ₹1 crore in a year from a bank account. Business establishments with annual turnover more than ₹50 crore shall offer such low cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants. I propose to enhance surcharge onindividualshaving taxable income from ₹2 crore to ₹5 crore and ₹5 crore and above so that effective tax rates for these two categories will increase by around 3 % and 7 % respectively. Duties Import of defence equipment that are not being manufactured in India are being exempted from basic customs duty. To encourage domestic publishing and printing industry, 5% custom duty is being imposed on imported books. I propose to increase Special Additional Excise duty and Road and Infrastructure Cess each by one Rupee a litre on petrol and diesel. It is also proposed to increase custom duty on gold and other precious metals from 10% to 12.5%. Nominal basic excise duty is being imposed on tobacco products and crude oil. Aadhar &amp; Startups I propose to consider issuing Aadhaar Card for Non-Resident Indians with Indian Passports after their arrival in India without waiting for 180 days. I propose to make PAN and Aadhaar interchangeable and allow those who do not have PAN to fileIncome Taxreturns by simply quoting their Aadhaar number andalso use it wherever they are required to quote PAN. To resolve the so-called ‘angel tax’ issue, the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect ofvaluations of share premiums. <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody></tbody></table>

Union Budget 2019 Highlights: FM levies more tax on the Super-rich, while making home loans cheaper for the middle class

Finance Minister Arun Jaitley is going to address the unorganised sector in his Budget 2016-17. 
 
The Indian government is planning to come out with a national social security card scheme, which is going to benefit nearly 40 crore unorganised workers in the country, accounting for nearly 89% of the total workforce. 
 
Under the scheme, the beneficiaries would be able to avail social security schemes such as Aam Aadmi Bima Yojana, the Atal Pension Yojana, the Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana, etc under one platform. 
 
This comes under the backdrop of the government’s promise to the workers as they are threatening to go on a day-long demonstration on March 10 against the "anti-labour" policies of the BJP-led NDA government. 
 
The labour ministry has proposed Rs. 1,350 crore for this fiscal to register and issue national social security card to workers. 
 
"The labour ministry will implement and monitor the roll-out of the national social security card across the country because of its outreach to unorganised workers and our past experience of implementing the Rashtriya Swasthya Bima Yojana," an official told ET. 
 
The IT ministry was not in the favour of a single card system as citing duplication of work as the government is already in discussions to link welfare schemes with the Aadhaar card. 
 
 (Image: Indiatimes)

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