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ChatGPT competitor <keyword id="20068808" type="General" weightage="100" keywordseo="Perplexity-AI" source="keywords" meta.keywordsubtype="org" meta.entityname="Perplexity AI" meta.hostid="261" meta.entityid="Perplexity AI">Perplexity AI</keyword>, backed by <keyword id="20054707" type="General" weightage="20" keywordseo="Jeff-Bezos" source="keywords" meta.keywordsubtype="org" meta.entityname="Jeff Bezos" meta.hostid="261" meta.entityid="Jeff Bezos">Jeff Bezos</keyword>, is reportedly in the process of raising significant funds to boost its valuation. According to a report by the Wall Street Journal, the AI firm is seeking to more than double its valuation to over $8 billion through a new fundraising round. Perplexity is reportedly aiming to secure around $500 million in this funding effort, as noted by sources familiar with the matter. The report also added that the company, which has also received backing from <keyword id="19912297" type="General" weightage="20" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword>, is growing rapidly and is estimated to have an annualised revenue of around $50 million based on recent sales figures. Perplexity AI is known for its powerful search tools, which allow users to ask questions and receive instant, detailed answers backed by sources and citations. The company utilises a variety of large language models (LLMs) to deliver these results, including OpenAI’s models and Meta’s open-source Llama model. This versatility enables Perplexity to sum up information efficiently and provide users with quick and reliable answers to their queries. Perplexity AI has alsobeen at the centre of some controversy in recent months. In October, the startup received a “cease and desist” notice from the New York Times, which accused the company of using its content to train its <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> tools without permission. This incident highlights the growing tension between AI companies and media outlets over the use of their content for artificial intelligence purposes. This wasn't the first time Perplexity AI had faced such accusations. Other media organisations had previously claimed that the company plagiarised their content. However, in response to these concerns, Perplexity had introduced a revenue-sharing program aimed at compensating publishers whose material is used by its AI systems. This move was seen as an attempt to improve relations with content creators and address some of the ethical concerns surrounding AI’s use of proprietary information.

ChatGPT competitor Perplexity AI seeking to raise $500 million, eyes valuation of over $8 billion

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

Every year, nearly 6,500 <keyword id="20068743" type="General" weightage="100" keywordseo="adolescent-girls" source="keywords">adolescent girls</keyword> in <keyword id="19897710" type="General" weightage="20" keywordseo="South-Asia" source="keywords">South Asia</keyword> die giving birth. Most of them are minors <keyword id="19895006" type="General" weightage="20" keywordseo="WHO" source="keywords" meta.keywordsubtype="org" meta.entityname="WHO" meta.hostid="261" meta.entityid="WHO">who</keyword> have limited power over their reproductive health or lives, according to a joint analysis done by <keyword id="20018080" type="General" weightage="20" keywordseo="UNICEF" source="keywords" meta.keywordsubtype="org" meta.entityname="UNICEF" meta.hostid="261" meta.entityid="UNICEF">UNICEF</keyword>, WHO and <keyword id="20802066" type="General" weightage="20" keywordseo="UNFPA" source="keywords" meta.keywordsubtype="org" meta.entityname="UNFPA" meta.hostid="261" meta.entityid="UNFPA">UNFPA</keyword>. South Asia accounts for 290 million <keyword id="22387193" type="General" weightage="20" keywordseo="child-brides" source="keywords">child brides</keyword> - nearly half of the world's burden. In three countries in South Asia, they are also four times more likely to be out of school than their unmarried peers, as per the analysis done by United Nations International Children's Emergency Fund (UNICEF), <keyword id="19902256" type="General" weightage="20" keywordseo="world-health-organisation" source="keywords">World Health Organisation</keyword> (WHO) and United Nations Fund for Population Activities (UNFPA). At the two-day regional dialogue on adolescent pregnancy in South Asia, which concluded on Friday, the <keyword id="20679678" type="General" weightage="20" keywordseo="SAARC" source="keywords" meta.keywordsubtype="org" meta.entityname="SAARC" meta.hostid="261" meta.entityid="SAARC">SAARC</keyword> countries, UNICEF South Asia, UNFPA and WHO called for increased commitment to critical services for over 2.2 million adolescent girls that give birth yearly in South Asia, a joint press release issued by the agencies said. "I appreciate the role of governments, UN agencies, NGOs and civil society for the improvements made by the SAARC region over the years in reducing <keyword id="22387194" type="General" weightage="20" keywordseo="teenage-pregnancy" source="keywords">teenage pregnancy</keyword>," said Ambassador Golam Sarwar, the Secretary General of SAARC. "But the region still has a long way to go. I call upon everyone to resolutely address the root causes including child marriage, access to adolescent health education, and removing social stigma in managing the teenage population of the SAARC region," he said. Every year, nearly 6,500 adolescent girls die in childbirth in South Asia, according to the analysis by UNICEF, WHO and UNFPA. Most of them are child brides who have limited or negligible power and autonomy over their reproductive health or lives. When young girls give birth, their lives can be at risk as they are not yet physically ready to give birth. Thousands more girls are forced to drop out of school, face stigma, rejection, violence, unemployment as well as lifelong social challenges. Forty-nine per cent of young girls in South Asia are not in education, employment or training - the highest in the world, the press release said. "We must do better for adolescent girls, particularly those who are married, pregnant or parents. In addition to hurdles to learn, get good healthcare and eat nutritious food, they are denied the opportunity to build skills and start businesses -- everything they need as parents to thrive and fulfil their potential," said Sanjay Wijesekera, UNICEF Regional Director for South Asia. "We must work together and invest in opportunities to unleash the promise of more than 170 million adolescent girls in South Asia. Doing so would be transformative for this region," he said. Government and UN officials, adolescent girls, as well as civil society representatives from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka have participated in the dialogue and reaffirmed their commitment to providing better services to support pregnant adolescent girls and young mothers. This includes opportunities to learn, set up their businesses, and earn a living. The event held in Kathmandu over July 11-12 was jointly organised by SAARC, WHO, UNICEF, and UNFPA and was inaugurated by the Secretary General of SAARC, Ambassador Golam Sarwar. Adolescent mothers have a much higher risk of dying from maternal causes, compared to women in their 20s and 30s. "It is high time that we reverse this trend. The unique physical, cognitive, social, emotional, and sexual development during adolescence necessitates special attention in national and international policies. Effective strategies to tackle adolescent pregnancy require cross-sectoral collaboration and equitable access to a variety of services," said Saima Wazed, Regional Director, WHO South-East Asia.

Over 6,500 adolescent girls die giving birth every year across South Asia, says a recent study

PRNewswire—Bengaluru (Karnataka) [India], July 19: <keyword id="1606194" type="General" weightage="100" keywordseo="Aereo" source="Orion">Aereo</keyword>, India's leading <keyword id="22468617" type="General" weightage="20" keywordseo="drone-based-business-intelligence" source="Orion">drone-based business intelligence</keyword> provider, has successfully closed a <keyword id="22468616" type="General" weightage="20" keywordseo="USD-15-million" source="Orion">USD 15 million</keyword> <keyword id="1095983" type="General" weightage="20" keywordseo="Series-B-funding" source="Orion">Series B funding</keyword> round led by 360 ONE Asset. The round saw participation from long-standing investors StartupXseed Ventures and Navam Capital. Aereo delivers <keyword id="20829411" type="General" weightage="20" keywordseo="business-intelligence" source="keywords">business intelligence</keyword> solutions to help manage large capital assets using proprietary drones and an AI-powered data analytics platform. Their sector-specific solutions cater to mining, infrastructure, urban and rural development, land records, and other industries translating into a 400% revenue growth in the last two years and market dominance. Vipul Singh, co-founder and CEO of Aereo, stated, "This funding milestone enables us to expand our <keyword id="22468614" type="General" weightage="20" keywordseo="aerial-intelligence" source="keywords">aerial intelligence</keyword> solutions for capital asset management. With our proprietary drone tech and 360 ONE Asset's partnership, we aim to revolutionise this $10 billion industry and create a global footprint." <keyword id="22468618" type="General" weightage="20" keywordseo="Suhas-Banshiwala" source="Orion">Suhas Banshiwala</keyword>, co-founder and CTO of Aereo, stated, "Our vision is to continuously innovate drone manufacturing and data analytics for the greater good. We are excited about the confidence our customers and shareholders have shown and are gearing up for an orbital shift." Aereo has been recognised by the Asian Infrastructure Investment Bank (AIIB) as one of the top three infra-tech organisations. As a technology partner for Coal India Limited's Digicoal initiative, Aereo provides critical business intelligence for some of the world's largest coal mines for improving productivity, efficiency, safety, and environmental compliance. It has also been empanelled with Tata Steel since 2019, aiding the digitalisation of over 27 critical mines and stockyards. Over the past three years, Aereo has achieved significant milestones, including mapping over 45,000 villages under the SVAMITVA scheme and covering more than 50,000 sq. km of land area for the Digital India Land Record Modernisation Program (DILRMP). The Series B investment serves as a powerful catalyst for Aereo's growth, with a key focus on automation. Their AI-powered drone data analytics platform is set to revolutionise automation and digitisation. With strategic partnerships, R&amp;D, and new product development, Aereo is ready to lead the global <keyword id="22468613" type="General" weightage="20" keywordseo="drone-solutions" source="keywords">drone solutions</keyword> sector. Karan Ahuja, Fund Manager at 360 ONE, remarked, "We're thrilled with the momentum in the <keyword id="22468615" type="General" weightage="20" keywordseo="commercial-drone" source="keywords">commercial drone</keyword> tech sector in India. Our partnership with Aereo reflects our belief in their cutting-edge innovations, and we're excited for their solutions to go global." Ravi Thakur, Co-Founding Partner at StartupXseed, added, "Aereo has been a trailblazer from the start, delivering exceptional solutions and building the drone ecosystem. We're excited to support them in their next major growth phase."

Aereo, India's leading commercial drone solutions startup, secures USD 15 million in Series B funding round

<ul><li>The Central Board of Employees' <keyword id="45028" type="General" weightage="20" keywordseo="provident-fund" source="Orion">Provident Fund</keyword> Organisation (<keyword id="6372438" type="General" weightage="80" keywordseo="epfo" source="Orion">EPFO</keyword>) has recommended an 8.15% interest rate to be credited on provident funds for the financial year 2022-23.</li><li>In March 2022, the government declared an 8.1% interest rate for more than its six crore members, which was the lowest since 1977-78.</li><li>The recommendation involves the distribution of more than ₹90,000 crore in the members' account on the total principal amount of about ₹11 lakh crore.</li></ul>The Central Board of Employees' Provident Fund Organisation (EPFO) has recommended an 8.15 per cent interest rate to be credited on provident funds for the financial year 2022-23. In March 2022, the government declared an 8.1 per cent interest rate for more than its six crore members, which was the lowest since 1977-78. The recommended interest rate for 2022-23 would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers' accounts. The recommendation involves the distribution of more than Rs 90,000 crore in the members' account on the total principal amount of about Rs 11 lakh crore. In 2021-22, the payment outgo and principal amounts were Rs 77,425 crore and Rs 9.56 lakh crore, respectively. "The total income recommended for being distributed is the highest to date. The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to the last financial year 2021-22," the Ministry of Labour and Employment said in a release on Tuesday. EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country. Separately, the provisional payroll data showed a total of 14.86 lakh net members were added in the month of January 2023. Out of the total members added during the month, around 7.77 lakh new members have come under the ambit of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.26 lakh members, followed by the age group of 22-25 years with 2.06 lakh members. The age groups of 18-25 years constitute 55.52 per cent of the total of new members during the month of January. For the month of January 2023, it said 3.54 lakh members have exited the fold of EPFO. This is the lowest exit in the last four months. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-chatgpt-4-plugins-from-math-physics-and-language-tutor-to-vacation-planner/articleshow/99036667.cms">Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner</a> <a href="https://www.businessinsider.in/finance/banks/news/rbis-mpc-could-pause-rate-hikes-in-april-to-gauge-the-impact-of-hikes-so-far-sbi-research/articleshow/99030220.cms">RBI’s MPC could pause rate hikes in April to gauge the impact of hikes so far: SBI Research</a> <a href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

Employees' provident fund interest rate fixed at 8.15% for 2022-23

Retirement fund body <keyword id="6372438" type="General" weightage="100" keywordseo="epfo" source="Orion">EPFO</keyword> is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on July 29 and 30, according to a source. At present, EPFO can investment 5 to 15 per cent of the investible deposits in equity or equity-related schemes. The proposal to revise the limit to 20 per cent has been vetted and approved by the Employees' Provident Fund Organisation's (EPFO) advisory body Finance Audit and Investment Committee (FAIC). The recommendation of FAIC will be placed before the EPFO apex decision making body -- <keyword id="225704" type="General" weightage="50" keywordseo="central-board-of-trustees" source="Orion">Central Board of Trustees</keyword> (<keyword id="207775" type="General" weightage="50" keywordseo="cbt" source="Orion">CBT</keyword>) -- for consideration and approval. "The Central Board of Trustees (CBT) headed by Union Labour Minister is likely to approve the recommendation of the FAIC for increasing the investment in equity and equity related scheme to 5-20 per cent from existing 5-15 per cent," the source said. In a written reply to Lok Sabha on Monday, Minister of State for Labour and Employment Rameshwar Teli said, "FIAC, a sub-committee of CBT, <keyword id="45027" type="General" weightage="50" keywordseo="epf" source="Orion">EPF</keyword>, has recommended for the proposal to increase investment in equity and related investments in category IV of the Pattern of Investment from 5-15 per cent to 5-20 per cent for consideration of CBT, EPF." EPFO had started investing in Exchange Traded Funds (ETFs) in August 2015, putting 5 per cent of its investible deposits in stock-linked products. It was raised to 15 per cent for the current fiscal. Trade unions have been opposing any investment in stock markets by EPFO as these are not backed by government guarantee. In the written reply, Teli also said the notional return on EPFO equity-related investments rose 16.27 per cent in 2021-22 from 14.67 per cent in 2020-21. The reply also showed that the notional rate of return on equity related investment of the the EPFO was in negative at (-) 8.29 per cent in 2019-20 due to the impact of COVID-19. In 2021-22, the minister said EPFO settled 2,88,15,498 claims for withdrawal of Rs 1,04,959.18 crore by the subscribers. EPFO had settled 2,33,90,550 claims for withdrawal of Rs 91,187.54 crore in 2020-21. The withdrawal amount was Rs 70,202.34 crore in 2019-20 under 1,28,77,354 claims settled by the EPFO. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/rbi-seeks-a-crypto-ban-but-it-needs-global-collaboration-says-nirmala-sitharaman/articleshow/92954958.cms">RBI seeks a crypto ban but it needs global collaboration, says Nirmala Sitharaman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nifty-50-remains-the-top-performer-in-asia-despite-tussle-between-bulls-and-bears/articleshow/92952677.cms">Nifty 50 remains the top performer in Asia despite tussle between bulls and bears</a>

Retirement fund body EPFO could increase its equity investment limit to 20% from 15% earlier

After landing on the Moon's southern pole and deploying an Indian solar observatory in space, the latest endeavour by the <keyword id="116095" type="General" weightage="20" keywordseo="Indian-Space-Research-Organisation" source="Orion">Indian Space Research Organisation</keyword> (<keyword id="6358064" type="General" weightage="20" keywordseo="ISRO" source="Orion">ISRO</keyword>) involved placing an advanced eye in the sky to closely monitor the Earth's surface and oceans. Now, the initial fruits of this ambitious venture have come to light. <keyword id="18493390" type="General" weightage="100" keywordseo="INSAT-3DS" source="Orion">INSAT-3DS</keyword>, a <keyword id="2829864" type="General" weightage="20" keywordseo="meteorological-satellite" source="Orion">meteorological satellite</keyword> pivotal for <keyword id="424037" type="General" weightage="20" keywordseo="weather-forecasting" source="Orion">weather forecasting</keyword>, climate monitoring and understanding atmospheric processes, has unveiled the first batch of images captured by its meteorological Imager and Sounder payloads. Launched on February 17, 2024, the satellite swiftly completed orbit-raising operations and reached its designated geostationary slot for In-Orbit Testing (IOT) by February 28, 2024. The first imaging session for the <keyword id="20926618" type="General" weightage="20" keywordseo="Meteorological-Payload" source="Orion">Meteorological Payload</keyword> IOT took place on March 7, 2024, yielding the images that have now been released. <div type="twitter" handle="isro" handlename="isro" favoritecount="0" retweetcount="0" id="1767155560645071344"></div> Equipped with a 6-channel imager, the satellite captures images of the Earth's surface and atmosphere across various spectral channels. These channels enable the gathering of data on diverse atmospheric and surface phenomena, including clouds, aerosols, land surface temperature, vegetation health and water vapour distribution. Moreover, the imager can be tailored to capture specific features of interest. In contrast, the 19-channel sounder captures radiation emitted by the Earth's atmosphere, with channels carefully selected to measure radiation emitted by different atmospheric constituents and properties like water vapour, ozone, carbon dioxide and other gases. Some channels are dedicated to measuring temperature variations across different atmospheric layers. Together, these payloads can generate more than 40 geophysical data products, including sea-surface temperature, rainfall (precipitation) products, land surface temperature, atmospheric motion vectors and high-resolution winds, among others, catering to diverse user needs. INSAT-3DS Satellite represents a continuation of the Third Generation Meteorological Satellite from Geostationary Orbit. Fully funded by the <keyword id="158211" type="General" weightage="20" keywordseo="Ministry-of-Earth-Sciences" source="Orion">Ministry of Earth Sciences</keyword> (MoES), this mission aims to enhance meteorological observations, monitor land and ocean surfaces for weather forecasting, and provide timely disaster warnings. Its primary goals include monitoring the Earth's surface, observing the oceans, offering vertical profiles of various meteorological parameters of the atmosphere and facilitating satellite-aided search and rescue operations.

Earth through Indian eye in the sky: ISRO’s meteorological satellite INSAT-3DS unveils its first batch of images

New Delhi, Retirement fund body EPFO on Thursday started crediting 8.5% rate of interest on employees' <keyword id="45028" type="ORGANIZATION" weightage="20" keywordseo="Provident-Fund">provident fund</keyword> (EPF) for 2019-20 for its over six crore members, a senior official said. A large number of members of the <keyword id="6423266" type="COMPANY" weightage="20" keywordseo="employees-provident-fund-organisation">Employees Provident Fund Organisation</keyword> (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent rate of interest for 2019-20, a senior official told . The official further informed that the <keyword id="126926" type="COMPANY" weightage="20" keywordseo="Labour-Ministry">labour ministry</keyword> has already sent the direction to credit the 8.5% interest on EPF for 2019-20 to the EPFO and the body has already started crediting interest into members account for the last fiscal. Labour Minster <keyword id="258830" type="PERSON" weightage="20" keywordseo="Santosh-Gangwar">Santosh Gangwar</keyword> said, "We had said that it would be our endeavour to provide 8.5% rate of interest on EPF for 2019-20. We have issued a notification to provide 8.5% rate of interest on EPF for 2019-20. We have also began the process to credit the said rate of interest into subscribers account." The minister also said that he has asked to ensure that all those members who are retiring on December 31, must get 8.5% rate of interest (for 2019-20). The process for capital gains for payment of 0.35% interest for 2019-20 has also been completed, he added. "It (8.5% interest) would comprise 8.15% from debt income and balance 0.35% (capital gain) from the sale of ETFs (exchange traded funds) subject to their redemption by 31st December, 2020," he said. Earlier in the day, Gangwar had approved the 8.5% rate for last fiscal after receiving the finance ministry's concurrence. Thereafter the direction was sent to the EPFO for crediting the interest on EPF into the subscribers' accounts. In March this year, the EPFO's apex decision making body <keyword id="225704" type="COMPANY" weightage="20" keywordseo="Central-Board-of-Trustees">Central Board of Trustees</keyword> headed by Gangwar had approved 8.5% interest rate on EPF for 2019-20. Earlier in September this year, the EPFO had decided to split 8.5% interest into two installments of 8.15% and 0.35% in its trustees meet headed by Gangwar. But later, the ministry decided to credit the entire 8.5% into subscribers' accounts in one go. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-tata-steel-vedanta-adani-green-tata-motors-maruti-mm-dhfl-v-mart-indian-bank-and-others/articleshow/80038635.cms">Top stocks to watch — Tata Steel, Vedanta, Adani Green, Tata Motors, Maruti, M&amp;M, DHFL, V-Mart, Indian Bank, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-the-list-of-upcoming-new-mobiles-in-january-2021-with-expected-price/articleshow/80039794.cms">Upcoming smartphones in India in January 2021</a> <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a>

EPFO begins crediting 8.5% interest for six crore people — to reflect in EPF accounts from new year

<ul><li><keyword id="6372438" type="General" weightage="20" keywordseo="epfo" source="Orion">EPFO</keyword> has reduced interest rates to the lowest in more than 40 years for the current financial year.</li><li>The government body has slashed interest rates to 8.1% from 8.5% in the previous fiscal year.</li><li>Despite EPFO’s interest rates being the lowest in its history in decades, it is higher compared to many other <keyword id="1791040" type="General" weightage="20" keywordseo="government-saving-schemes" source="Orion">government saving schemes</keyword> currently. </li></ul>The popular retirement saving scheme followed by many corporations for its employees has slashed its interest rates to a 40-year low amid such a challenging environment. On Saturday, the Employees' Provident Fund Organisation’s (EPFO) announced that it has recommended to reduce the interest rate of the retirement fund to 8.1% from 8.5% last year. The rate will now be approved by the Finance Ministry. While this is reportedly the lowest interest rate by EPFO since 1977-78, it still offers the highest returns than many other government saving schemes and bank deposits. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Saving instruments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% interest rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employees Provident Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public Provident Fund Scheme </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior citizen savings scheme </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sukanya Samriddhi Scheme </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post Office time deposit (5 year) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">National Saving Certificate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.8% </td></tr></tbody></table>Source: Department of Posts Ministry, Ministry of Communications Employees’ Provident Fund is a government retirement fund mandatory for employees earning up to ₹15,000 a month in firms with over 20 workers. Here the employee and the employer contribute to the EPF scheme on a monthly basis in equal proportions of 12% of the basic salary and dearness allowance. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fiscal year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EPF interest rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY16 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.80% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY17 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.65% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.55% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.65% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.10% </td></tr></tbody></table>K E Raghunathan, member of central board of trustees after announcing the reduction, reportedly said that it is understood that this is going to be the most unpredictable year because of the war and market conditions, among other things. Hence, the government body doesn’t want to overcommit with high rates. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/paytm-payments-bank-denies-report-claiming-it-leaked-data-to-chinese-firms/articleshow/90203210.cms">Paytm Payments Bank denies report claiming it leaked data to Chinese firms</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/four-years-later-sachin-bansal-is-still-battling-eight-lawsuits-from-his-flipkart-days/articleshow/90202495.cms">Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days</a>

EPFO continues to give attractive interests rate compared to other government schemes

The <keyword id="6356311" type="General" weightage="50" keywordseo="world-health-organisation" source="Orion">World Health Organisation</keyword> has expressed fears about an impending second disaster of water-borne diseases in <keyword id="3001" type="General" weightage="80" keywordseo="pakistan" source="Orion">Pakistan</keyword> in the wake of devastating floods that has wreaked havoc in several parts of the country. In a statement issued by WHO chief Tedros Adhanom Ghebreyesus, the global health watchdog said water supply was disrupted in flood-hit areas of Pakistan, forcing people to drink unsafe water which could cause cholera and other diseases. The WHO has cautioned people across flood-hit areas of Pakistan, precisely the worst affected <keyword id="12961" type="General" weightage="80" keywordseo="sindh" source="Orion">Sindh</keyword> province to be extra careful. Tedros on Saturday highlighted that stagnant water serves as a breeding ground for mosquitoes and spreads vector-borne diseases such as malaria and dengue and urged donors to continue to respond generously to save lives and prevent more suffering . Separately, the WHO Director general tweeted that he was deeply concerned about the potential for a 2nd disaster in Pakistan, spreading disease and threatening lives following the flooding and asked for quick support to tackle the issue. If we act quickly to protect the health system and deliver essential services, we can reduce the impact of this impending health crisis, he tweeted. Situation in Pakistan continues to be grim as the devastating floods have caused havoc in the country, precisely Balochistan and Sindh provinces. At least 1,545 people have been killed due to the floods across Pakistan and an estimated 16 million children impacted. The WHO has immediately released USD 10 million from the WHO Contingency Fund for Emergencies which enabled the global health body to deliver essential medicines and other supplies to the country. In a related development, the <keyword id="6366068" type="General" weightage="50" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> (<keyword id="6355408" type="General" weightage="80" keywordseo="imf" source="Orion">IMF</keyword>) on Sunday announced to support flood relief and reconstruction efforts in Pakistan under its current bailout package for the country. The Fund last month restored a stalled economic assistance package and also provided USD 1.1 billion to the country. The IMF's resident representative in the country, Esther Perez Ruiz, said in a statement that the IMF was deeply saddened by the devastating impact of the recent floods in Pakistan and extended its sympathies to the millions of flood victims. We will work with others in the international community to support, under the current programme, the authorities' relief and reconstruction efforts, and especially their ongoing endeavour to assist those affected by the floods while ensuring sustainable policies and macroeconomic stability, the statement said. However, it is not clear how IMF would provide support under the existing Extended Fund Facility (EFF) arrangement, which was signed in July 2019 to provide USD 6 billion to Pakistan during a 39-month period. But the IMF board had approved an extension of the program until end-June 2023 and also enhanced it to about USD 6.5 billion. The Sindh health department, meanwhile, said a total of 2.5 million patients had been treated at different medical camps across the province from July 1 to date, the Dawn newspaper reported. As many as 594,241 patients were treated for skin-related diseases, followed by diarrhea (534,800), malaria (10,702), dengue (1,401), and other diseases (120,745,1), stated a report by the Sindh Directorate General Health Services. The report also showed that 90,398 patients were treated during the last 24 hours, of which 17,919 had diarrhea, 19,746 had skin-related diseases, 695 had malaria and 388 had dengue. Around 92,797 people were treated in the province on September 15, the paper reported. In Khyber Pakhtunkhwa province, the health department said that its officials are already struggling to stem the spread of dengue hemorrhagic fever in flood-hit districts of the province, The Express Tribune newspaper reported. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/anil-agarwal-profile-vedanta-resources-listing-in-london-stock-exchange-gujarat-semiconductor-chipset-plant/articleshow/94297057.cms">Anil Agarwal – how a Bihar boy who knew only ‘yes’ and ‘no’ went onto list the first Indian company on London Stock Exchange</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dotpe-raises-58-mn-plans-to-foray-into-financial-services/articleshow/94296660.cms">DotPe raises $58 mn, plans to foray into financial services</a>

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