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In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

<ul class="summary-list"><li>An Intel employee raised concerns about the upcoming US election's impact on CHIPS Act funding.</li><li>Intel invested billions in US factories but hasn't received CHIPS Act grants yet.</li></ul>Intel CEO Pat Gelsinger addressed an employee-submitted question about whether the upcoming US election would affect Intel's CHIPS and Science Act funding at an all-hands meeting on Friday.The US Commerce Department has awarded Intel, the largest recipient of the Act, <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/news/us-chips-act-intel-direct-funding.html">$8.5 billion in grants</a> and $11 billion in loans. The government said it will pay out grants based on how companies meet benchmarks.During the all-hands, Gelsinger responded that the bill was "bipartisan," and the executive team reassured employees that Intel was a key part of the CHIPS Act as the only large-scale chip manufacturer in the US, according to an employee who listened to the meeting. The employee, whose identity Business Insider confirmed, asked to remain anonymous to discuss internal matters.Intel has privately <a target="_blank" class="" href="https://www.intel.com/content/www/us/en/newsroom/news/updates-intel-10-largest-construction-projects.html">invested billions </a>in factory expansions in New Mexico, Arizona, Ohio, and Oregon. It has not yet received the CHIPS grants.Gelsinger publicly addressed this topic in a Thursday <a target="_blank" href="https://www.bloomberg.com/news/videos/2024-10-31/intel-ceo-pat-gelsinger-on-q4-forecast">interview with Bloomberg</a> after the third quarter earnings call."The CHIPS Act was a bipartisan act, and with that strong support from both sides of the aisle, we believe the importance of that in terms of industrial policy. The semiconductor is well-supported by Congress and both parties," Gelsinger said.He also addressed the delay of CHIPS Act funding distribution."We are disappointed by how long and how slow the dispensing of funds has been and it's well over two years at this point. I've invested 30 billion in capital and we've seen $0 of the grants at this point. So we do believe that that has been too slow, and we're somewhat frustrated by that," Gelsinger said in the Bloomberg interview.Policymakers recently in Washington, DC, have discussed whether Intel needs additional help beyond the CHIPS Act funding as <a target="_blank" href="https://www.semafor.com/article/11/01/2024/concerns-grow-in-washington-over-intel">a precautionary measure</a>, as Intel's success is key to evolving American manufacturing policies, Semafor reported.Government leaders are also monitoring the CHIPS Act funding delays. Ohio governor Mike DeWine said Wednesday that he <a target="_blank" href="https://www.10tv.com/article/news/local/intel-hasnt-any-chips-act-money-why-not/530-021a26ac-81cd-4146-852e-2b2172f2c5f7">contacted the White House</a> to ask it to speed up the distribution of funding from the CHIPS Act for its New Albany factory.The CHIPS Act was passed largely in a bipartisan fashion in 2022. Stephen Ezell, the vice president for global innovation policy at the Information Technology and Innovation Foundation and the director of its Center for Life Sciences Innovation, previously told BI he <a target="_blank" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">expects no "considerable change"</a> in approach whether presidential candidates Kamala Harris or Donald Trump are elected.Besides the delay in receiving CHIPS Act funds, Intel has faced a series of setbacks to its business. The S&amp;P Dow Jones Indices said Friday that <a target="_blank" href="https://www.businessinsider.com/nvidia-replace-intel-dow-jones-industrial-average-2024-11">Nvidia would replace Intel </a>in the Dow Jones Industrial Average. This change indicates that Intel is no longer seen as a stable economic indicator.Intel's recent profitability was "negatively impacted" by cost reduction changes as the company is "maniacally focused on improving fab productivity," Gelsinger said during its third-quarter earnings call.Amid a challenging financial adjustment, Intel is relying upon the success of its <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/opinion/continued-momentum-intel-18a.html">18A chip</a>. In the past, the company has faced customer losses and delays in its 14-nanometer and 10-nanometer chips due to yield issues.Intel plans to reduce spending with a <a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">cost</a>-<a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">savings plan</a> and <a target="_blank" href="https://www.businessinsider.com/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10">has cut staff by 15%</a>.Got a tip about Intel? Contact this reporter at <a target="_blank" href="mailto:hli@insider.com">hli@insider.com</a> or use the secure messaging app Signal with the username hliwrites.99.

In an all-hands, Intel CEO addresses employee concerns about the US election and CHIPS Act funding

<keyword id="19915275" type="General" weightage="100" keywordseo="Boeing" source="keywords" meta.keywordsubtype="org" meta.entityname="Boeing" meta.hostid="261" meta.entityid="Boeing">Boeing</keyword> is set to cut 17,000 jobs, or 10% of its global workforce, in response to a strike by 33,000 U.S. West Coast workers that has stalled production of its major jets, including the 737 MAX and 777 models. The ongoing strike, which has persisted for over a month, is expected to result in $5 billion in third-quarter losses, the company revealed. CEO Kelly Ortberg announced the job cuts in a message to employees as part of a broader restructuring effort aimed at aligning Boeing’s operations with its financial challenges. "We reset our workforce levels to align with our financial reality and to a more focused set of priorities. Over the coming months, we are planning to reduce the size of our total workforce by roughly 10%. These reductions will include executives, managers and employees," Ortberg's message read as per a Reuters report. The planemaker, already facing hurdles from regulatory issues and a strike-induced production halt, has also pushed back the first deliveries of its 777X jet by a year, now expected in 2026. In addition to downsizing, Boeing is considering measures to raise billions of dollars in funding, including selling stock and equity-like securities, to safeguard its financial standing. Analysts estimate the company may need to secure $10 to $15 billion to maintain its credit ratings, which are perilously close to junk status. Boeing has taken legal steps against the International Association of Machinists and Aerospace Workers (IAM), accusing the union of failing to negotiate in good faith. However, IAM has criticised Boeing’s claims as an attempt to deflect from its refusal to return to the bargaining table. The strikes are costing Boeing roughly $1 billion a month, and analysts believe resolving the labour dispute is critical for the company’s future. With significant financial losses looming and a court case involving fraud charges ahead, Boeing’s challenges continue to mount as it faces increasing pressure from both regulatory bodies and its workforce. (With Reuters inputs)

Boeing announces global job cuts in the middle of workers’ strike, 17,000 people could lose their jobs

The Ministry of Labour and Employment recently directed the Employees' Provident Fund Organization (<keyword id="19966712" type="General" weightage="100" keywordseo="EPFO" source="keywords">EPFO</keyword>) to ensure the activation of UAN (<keyword id="20789489" type="General" weightage="20" keywordseo="universal-account-number" source="keywords">Universal Account Number</keyword>) via Aadhar-based OTP. The outreach is part of announcements made during the Union Budget 2024-25, which aim to maximize the net of beneficiaries under the Employment Linked Incentive (ELI) Scheme. The central government has already directed concerned ministries and departments to ensure that payment of all subsidies and incentives under all welfare schemes occurs via the Aadhar Payment Bridge and that 100% biometric Aadhar authentication is achieved. Notably, Aadhaar-based verification eliminates the need for producing multiple documents to prove one's identity. In the first stage, all employers must complete <keyword id="24089674" type="General" weightage="20" keywordseo="UAN-activation" source="keywords">UAN activation</keyword> through Aadhar-based OTP for all employees who've joined the company in the current financial year by November 30, 2024. Starting with their latest recruits, employers will have to finish this process for all their employees. As per the budget announcements, the government will implement 3 schemes for 'Employment Linked Incentive' as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of first-time employees and support to employees and employers. The ELI Scheme aims to create over 2 crore jobs in the country in 2 years. This will significantly contribute to increasing employment opportunities and enhancing livelihoods. UAN activation provides employees with seamless access to EPFO's comprehensive online services, enabling them to efficiently manage their Provident Fund (PF) accounts, view and download PF passbooks, submit online claims for withdrawals, advances, or transfers, update personal details, and track claims in real-time. This allows employees 24/7 access to EPFO services from the comfort of their homes, eliminating the need for physical visits to EPFO offices. For the uninitiated, UAN is a 12-digit number allotted to each member of EPFO (Employee Provident Fund Organization). Think of UAN as a single-point number that brings together multiple member IDs that have been allocated to a particular employee. In September this year, EPFO added 18.81 lakh members, registering a 9.33% YoY growth.

EPFO to ensure UAN activation for employees through Aadhaar-based OTP

In Greek mythology, Prometheus, a wise Titan whose name means "foresight," defied Zeus by gifting fire to humans, an act that revolutionised our civilization. Fire became a symbol of progress, providing the tools for growth and the spark for <keyword id="94495" type="General" weightage="20" keywordseo="innovation" source="Orion">innovation</keyword>. This ancient tale mirrors the modern concept of <keyword id="3946833" type="General" weightage="100" keywordseo="intrapreneurship" source="Orion">intrapreneurship</keyword>—the process of fostering innovation within established companies. Intrapreneurship encourages an entrepreneurial mindset by providing staff with resources, mentorship, and collaboration opportunities, enhancing innovation in ideas, products, and processes. While startups are often seen as the hub of groundbreaking ideas, some of the most transformative innovations come from within the walls of larger organisations. These corporations, however, often face bureaucratic hurdles that slow progress. Intrapreneurship breaks down these barriers by giving employees the freedom and resources to experiment. Under strong leadership, companies can foster a culture of trust, empowering teams to solve problems creatively and drive growth. <h2>Nurturing the intrapreneurial spirit</h2>One of the key components of successful intrapreneurship is providing employees with a sense of ownership and autonomy. This approach taps into the vast potential within the workforce, unlocking creativity that might otherwise remain dormant in a traditional corporate structure. It encourages risk-taking and creative problem-solving, boosting innovation and enhancing employee engagement and satisfaction. Take 3M for example, Spencer Silver’s discovery of a unique adhesive led to the creation of the iconic Post-it note, despite initial skepticism.Yet, the company’s intrapreneurial environment allowed for exploration, leading to the development of a product that revolutionised communication. Similarly, Lockheed Martin’s ‘Skunk Works’ is a division that operates with the agility of a startup within the larger organisation. Skunk Works’ autonomy has resulted in numerous aerospace innovations, including stealth technology and fighter jets. These examples underscore the transformative potential of intrapreneurial freedom, where exploration leads to groundbreaking products and industry-shifting advancements. By giving employees space to explore ideas beyond their day-to-day tasks, organisations tap into a wealth of innovation, allowing intrapreneurs to flourish. <h2>The essence of intrapreneurship</h2>Innovation requires trial and error, and not every idea will succeed. The best environments for intrapreneurship are those that embrace failure as part of the learning process. Companies like Intel and Tesla have thrived by viewing setbacks as growth opportunities. In the 1980s, Intel faced a major crossroads when internal innovators identified a larger market opportunity and advocated for a shift from memory chips to microprocessors. They embraced potential failure with this pivot, which though risky, propelled Intel to become a leader in the tech industry. Tesla, known for its continuous drive for innovation, encourages its teams to experiment and push boundaries. Elon Musk’s willingness to accept failures along the path to innovation has led to significant breakthroughs, like the development of electric vehicles and space exploration technology. <h2>Collaboration: The key to creative synergy</h2>Intrapreneurs don’t work in isolation. True innovation happens when employees collaborate across departments, combining different skills and perspectives to tackle complex challenges IBM’s Watson, a cognitive computing system, is a prime example of what can happen when cross-functional teams come together. Engineers, data scientists, and non-technical staff worked collaboratively to create a groundbreaking technology that has since been used in fields ranging from healthcare to finance. Facebook’s famous "hackathons" foster cross-departmental innovation. These 24-hour events allow employees to work on passion projects outside of their usual responsibilities, resulting in successful product features like the "Like" button. The melding of expertise has led to breakthroughs that might not have been possible within traditional silos. <h2>Intrapreneurship: Driving growth from within</h2>Innovation is more than generating ideas—it’s about bringing those ideas to life. Intrapreneurship provides a framework for turning creative concepts into reality. Just as Prometheus defied convention to give humanity the gift of fire, intrapreneurs challenge the status quo to drive progress within their organisations. By fostering a culture of risk-taking, collaboration, and continuous learning, companies can ignite the innovation that fuels long-term growth. Continuous support in the form of funding, mentorship, and resources is crucial for intrapreneurship to thrive. In today's <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> landscape, nurturing the intrapreneurial spirit is essential for companies striving to remain competitive and relevant. Encouraging collaboration across departments and providing autonomy to explore new ideas can lead to breakthroughs that fuel an organisation's success. As Prometheus’s fire illuminated the path to human progress, so too can the spark of intrapreneurship light the way toward a brighter future for businesses. Disclaimer: This article is authored by Manoj Nair,AVP &amp; Global Head of Marketing, Corporate Strategy &amp; Risk, Infosys BPM. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. This article is published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>.

Ignite the fire of innovation: The intrapreneurship advantage

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! CEOs love talking about their wins, but what about their losses? The head of a failed supersonic plane startup detailed what went wrong, <a target="_blank" href="https://www.businessinsider.com/exosonic-ceo-explains-why-his-strategy-supersonic-airliner-failed-2024-11">and how other companies might find success</a>.In today's big story, President-elect Donald Trump is nominating the people <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">who will play a key role in his administration</a> and impact the business world.What's on deck:<ul><li>Markets: Elon Musk wants to gamify "dumb" government spending, and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">experts say it's a savvy marketing strategy</a>.</li><li>Tech: A healthcare startup raised $100 million on a bet it could build an AI doc-in-a-box. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">Now it's shutting down</a>.</li><li>Business: Internal documents viewed by BI show plans for Amazon's AI chatbot <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">launching in an unlikely spot</a>.</li></ul>But first, the nominations are rolling in.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Trump's new team</h2><div type="image" title="Trump pointing" height="667" width="1000" msid="115302524" hostid="261" sizebytes="47760"></div>President-elect Donald Trump is quickly fleshing out his cabinet, giving a sense of what his second administration will look like.Trump's slew of picks announced in recent days share a common theme: <a target="_blank" href="https://www.businessinsider.com/trump-cabinet-picks-so-far-loyalty-resumes-11">loyalty</a>. (You can find the running list of Trump administration staffers <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">here</a>)With <a target="_blank" href="https://www.businessinsider.com/republicans-house-representatives-election-win-majority-2024-11">Republicans maintaining control of the House</a> and winning the Senate, the president-elect will enter the White House this January with incredible power to shape the country to his vision.Let's break down some of Trump's recent appointments and the impact they could have on the business world:<a target="_blank" href="https://www.businessinsider.com/trump-nominates-matt-gaetz-attorney-general-2024-11">US Attorney General — Matt Gaetz</a>: A surprising pick, to say the least, the representative from Florida caused havoc within his own party when he led the push to oust Kevin McCarthy from the speakership last year.Gaetz was also the subject of sex-trafficking allegations that led to an investigation by the very agency he's being nominated to lead. (The Department of Justice declined to pursue charges, but he'd been facing a probe from the House Ethics Committee.) House Speaker Mike Johnson told reporters on Wednesday that Gaetz had resigned from Congress.He's also <a target="_blank" rel="noopener" href="https://www.businessinsider.com/matt-gaetz-criticism-big-tech-trump-attorney-general-antitrust-2024-11">clashed with the tech industry</a>, suggesting Americans have an "obligation to use" their Second Amendment right when it comes to <a target="_blank" href="https://www.businessinsider.com/matt-gaetz-says-american-obligation-take-up-arms-big-tech-2021-5">Silicon Valley companies censoring conservatives</a>. Gaetz's appointment requires confirmation from the Senate, which is far from a shoo-in.<a target="_blank" href="https://www.businessinsider.com/what-trumps-secretary-state-pick-marco-rubio-means-for-china-2024-11">Secretary of State — Marco Rubio:</a> The Florida senator is an outspoken critic of China and a supporter of Taiwan. In fact, China sanctioned him twice, and his ability to travel to the country is somewhat in question.The appointment adds another wrinkle to the heightening tension between the US and China. Trump has said he wants aggressive tariffs against Chinese imports, and Rubio has raised the alarm on what he views as China's plan to harm the US economy.<div type="image" title="Fox News host Pete Hegseth at a network event in 2019" height="2555" width="3600" msid="115302517" hostid="261" sizebytes="483180"></div><a target="_blank" href="https://www.businessinsider.com/trump-pentagon-chief-pete-hegseth-world-views-ukraine-china-2024-11">Secretary of Defense — Pete Hegseth:</a> The Army veteran and Fox News host has been outspoken about the US involvement in geopolitical conflicts. Hegseth is among the growing number of Republicans questioning the US support of Ukraine. He also said he <a target="_blank" href="https://www.businessinsider.com/trump-pentagon-pick-pete-hegseth-criticized-us-involvement-ukraine-aid-2024-11">doubted Russia would invade Poland</a> if it successfully took over Ukraine.When it comes to Israel, Hegseth has been a staunch supporter. He's also pushed back against calls for a cease-fire and criticized pro-Palestinian protesters.Hegseth's takes aren't limited to international affairs. He's been critical of women serving in combat roles and diversity and equity policies in the US military.Treasury secretary — TBD: Trump's pick for his top economic advisor is being closely watched considering the key role the economy played in the election. The two front runners appear to be Scott Bessent, a hedge fund executive, and Howard Lutnick, <a target="_blank" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">the co-chair of Trump's transition</a> team and the CEO of Cantor Fitzgerald.Bessent was initially viewed as the favorite, but Lutnick is <a target="_blank" href="https://www.wsj.com/politics/policy/trump-transition-co-chair-makes-late-play-for-treasury-secretary-f1b50c60">reportedly making a last-ditch effort</a> to be considered for the job.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Silicon Valley investors Marc Andreessen and Ben Horowitz <a target="_blank" rel="noopener" href="https://www.businessinsider.com/marc-andreessen-ben-horowitz-react-trump-win-crypto-founders-2024-11">celebrate Trump's win as 'a boot off the throat</a>.'</li><li>Why SoftBank bet $500 million on OpenAI. SoftBank's Vision Funds CFO <a target="_blank" href="https://www.businessinsider.com/softbank-openai-investment-explained-vision-fund-cfo-2024-11">told BI why it went all-in on the startup</a>.</li><li>Amazon is shuttering Freevee and some insiders fear <a target="_blank" href="https://www.businessinsider.com/amazon-shuttering-freevee-some-insiders-speculate-potential-entertainment-layoffs-2024-11">layoffs could be coming in the tech giant's entertainment arm</a>.</li><li>Mark Zuckerberg just released his own NSFW version of <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-t-pain-get-low-rap-song-2024-11">'Get Low' in a tribute to his wife</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A photo illustration comprising a black-and-white photo of Elon Musk's profile over a leaderboard with dollar signs that decrease down the board." height="1500" width="2000" msid="115302527" hostid="261" sizebytes="121084"></div><ol><li>Loving the leaderboard: Elon Musk wants to gamify "dumb" government spending. Donald Trump tapped Musk and Vivek Ramaswamy to co-lead the Department of Government Efficiency, a commission aimed at slimming government waste. Musk has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">teased a public leaderboard to track government spending</a>, which, if implemented, could keep the public engaged. <a target="_blank" href="https://www.businessinsider.com/elon-musk-vivek-ramaswamy-doge-government-efficiency-what-us-spends-2024-11">BI took a look at what the US actually spends money on</a>.</li><li>Inflation stays in line with expectations. October's consumer price index <a target="_blank" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">rose 2.6% compared to the same time last year</a>, representing a slight uptick from September's 2.4% report. Despite inflation heating up, the probability of the Fed making a 25-basis-point cut next month increased to about 80% after the report's release.</li><li>Polymarket's CEO was the subject of an FBI raid. Shayne Coplan, the 26-year-old boss of the betting market platform that successfully predicted Trump's win, reportedly had his phone and electronic devices <a target="_blank" href="https://www.businessinsider.com/fbi-raid-polymarket-ceo-shayne-coplan-nyc-2024-election-2024-11">confiscated by federal agents Wednesday morning</a>. Bloomberg reported the raid was tied to an investigation into the company accepting trades from users in the US, which is not permitted. A Polymarket spokesperson said it was an act of "political retribution" by the Biden administration.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Forwards CEO Adrian Aoun with the Carepod" height="1500" width="2000" msid="115302521" hostid="261" sizebytes="394842"></div><ol><li>Inside Forward's failed attempt to revolutionize the doctor's office. The healthcare startup Forward went all-in on its AI doc-in-a-box: "If Elon has the self-driving car, well, this is the autonomous doctor's office," its CEO said in 2023. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">But after raising $650 million in funding, it's going dark</a>.</li><li>What some Tesla employees think about Musk's new government job. Some are celebrating stock gains, with the company's share price soaring nearly 33% year to date, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-trump-stock-gains-internal-reaction-2024-11">while others worry Musk will lose focus</a>. "There's this feeling that no one fully knows where anyone else stands," one manager told BI.</li><li>A new stage in the US-China tech cold war. The focus of the AI race is moving from chip dominance to rare earths, the raw materials they're made of. Right now, China has the upper hand; <a target="_blank" href="https://www.businessinsider.com/rare-earths-tech-war-explainer-chips-ai-china-us-2024-11">here's how it's tried to outmaneuver the US</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="The O's of the Hollywood sign walking away with film equipment" height="1457" width="1943" msid="115302520" hostid="261" sizebytes="350770"></div><ol><li>Hollywood's leaving. The film industry is ditching Los Angeles for up-and-coming entertainment hubs like Atlanta and smaller cities alike. Some have been preparing for an LA exodus for years, but the pandemic ushering in remote work <a target="_blank" href="https://www.businessinsider.com/hollywood-leaving-los-angeles-remote-work-tv-movies-money-streaming-2024-11">helped provide the final push</a>.</li><li>Too many videos, not enough mentors. Nobody knows how to do their jobs anymore because their companies aren't teaching them. Training is an easy place for companies to cut costs, but it comes back to hurt them in the long run. <a target="_blank" href="https://www.businessinsider.com/job-training-broken-gen-z-mentorship-companies-employees-managers-2024-11">Those who do invest often put their money toward the wrong fixes</a>.</li><li>Exclusive: Amazon's chatbot Q enters enemy territory. Internal documents obtained by BI show the cloud giant is looking to launch a Q add-in for a rival suite: Microsoft Office 365. Amazon hopes the integration could expand Q's user base by <a target="_blank" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">piggybacking on Office's popularity</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Disney, Brookfield and other companies report earnings.</li><li>EU reveals Q3 GDP growth figures.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Some of Trump's key cabinet picks provide clues to how his administration will approach the business world

The <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> (<keyword id="19904859" type="General" weightage="20" keywordseo="UPS" source="keywords">UPS</keyword>) is a newly introduced <keyword id="20146379" type="General" weightage="20" keywordseo="pension" source="keywords">pension</keyword> system approved by the <keyword id="19909268" type="General" weightage="20" keywordseo="Indian-government" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian government" meta.hostid="261" meta.entityid="Indian government">Indian government</keyword> aimed at providing guaranteed pensions, family pensions, and a minimum assured pension for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword>. It is set to take effect from April 1, 2025. <h3>Who is eligible for the UPS?</h3>The scheme is applicable to central government employees who have completed a minimum of 10 years of service. It also reportedly offers a choice to current employees between the existing National Pension System (<keyword id="19919089" type="General" weightage="20" keywordseo="NPS" source="keywords">NPS</keyword>) and the new UPS. This includes employees who are retired or retiring on or before 31 March 2025 with arrears. Once selected, the choice will reportedly be final for both current and future employees. <h3>What are the key benefits of the UPS?</h3><ul><li>Guaranteed Pension: Employees will receive a pension equivalent to 50% of their average basic salary from the last 12 months prior to <keyword id="19908343" type="General" weightage="20" keywordseo="retirement" source="keywords">retirement</keyword>, provided they have completed at least 25 years of service. This is proportionately reduced for those with less than 25 years but more than 10 years of service.</li><li>Family Pension: In the event of the pensioner's death, the family is entitled to receive 60% of the pension amount that was being disbursed at the time of the pensioner's passing.</li><li>Minimum Pension: A guaranteed minimum monthly pension of Rs 10,000 is assured after retirement for those with at least 10 years of service.</li></ul><h3>How will the pension be adjusted for inflation?</h3>The UPS includes a provision for <keyword id="22911270" type="General" weightage="20" keywordseo="inflation-adjustment" source="keywords">inflation adjustment</keyword> through Dearness Relief (DR), which is linked to the All India Consumer Price Index for Industrial Workers (AICPI-IW). This ensures that the pension, family pension, and minimum pension keep pace with inflation. <div type="Article" hostid="261" msid="112777109" title="GST Council meet: TMC&amp;#39;s O&amp;#39;Brien urges Sitharaman to withdraw 18 pc GST on insurance premiums" mstype="2" mssubtype="0"></div>The government's contribution to the pension fund has been increased from 14% to 18.5% of the employee's salary. This is part of the government's commitment to ensuring the <keyword id="20615853" type="General" weightage="20" keywordseo="financial-security" source="keywords">financial security</keyword> of its employees in retirement. In addition to the regular pension, employees will receive a lump-sum payment at the time of superannuation. This will be 1/10th of the monthly salary (including basic pay and Dearness Allowance) for every six months of completed service. <h3>How does the UPS compare with the NPS?</h3>The UPS offers a guaranteed pension and family pension, whereas the NPS is a contributory scheme where the final pension amount depends on the accumulated corpus and market performance. Employees under the UPS have the security of a fixed pension, while the NPS offers potentially higher returns but with associated risks. The central government has made the framework of the UPS available to state governments. If adopted, it could benefit around 90 lakh state government employees currently under the NPS. <h3>What is the broader impact of the UPS?</h3>As per current estimates, the implementation of the UPS is expected to cost the government an additional Rs 6,250 crore in its first year. The costs will be reassessed every three years to ensure sustainability. The introduction of the new pension scheme is potentially a significant step toward ensuring the financial security and dignity of government employees in their retirement years. It remains to be seen whether it will effectively address the growing demands for a more secure pension system and improve <keyword id="21935721" type="General" weightage="20" keywordseo="employee-welfare" source="keywords">employee welfare</keyword>.

Confused by the newly introduced Unified Pension Scheme? Here’s all you need to know about how it will work

<ul class="summary-list"><li>Using a 401(k) can boost investment portfolios by 23%, per Charles Schwab study.</li><li>The study compared 401(k) and taxable accounts over 20 years with an 8% annual return.</li></ul>Nothing is less exciting than thinking about <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/taxes">taxes</a>, especially when the bill is coming due.And once you cross into the first quarter of the year, little can be done to reduce your tax liability, especially if you're a W2 employee.That's why thinking about deferral strategies is a great way to reduce how much you pay in taxes and increase your net worth in the long term. But to maximize your outcome, you have to start with a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k)</a> or a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-ira">Traditional IRA</a>, according to a recent simulated study by Charles Schwab. The study showed how a 401(k) could increase an investment portfolio's value by 23%.The study, which was backtested over 20 years, compared two investors, one who used a taxable brokerage account versus one who used a 401(k). At an 8% annual return, it found that the latter finished with a value of $177,116 compared to the taxable account at $144,547. Based on this scenario, it assumed that someone allocating funds after tax in a 24% bracket would have a principal investment of $38,000 compared to $50,000. It also assumed taxable events on a turnover rate every five years and on 2% qualified income dividends and 6% long-term capital gains.<div type="image" title="Chart showing increased portfolio value with tax-deferred account." height="1064" width="1846" msid="114955475" hostid="261" sizebytes="34694"></div>In a scenario where an investor uses a taxable account but doesn't turnover or realize gains every five years, meaning taxable events are only placed on the 2% dividends, the outcome would lead to an ending value of $152,392.One caveat is that <a target="_blank" class="" href="https://www.businessinsider.com/tax-loopholes-to-reduce-or-avoid-capital-gains-taxes-2024-10">tax-deferred accounts</a> don't take into account every phase of where taxation can occur along the investment process, says Rob Williams, managing director of financial planning at Charles Schwab. The first point is when money is earned and before it's invested. The second is when income and dividend payments are earned along the way. The third point is once gains are realized. The first two taxation points are covered. The last phase isn't. For this process, other accounts, such as Roth IRAs for after-tax contributions allow gains to grow tax-free.Roth IRAs could come in handy in retirement during years when you have a higher withdrawal rate and, in turn, fund yourself in a higher tax bracket.<h2 id="bd273b03-5ffe-4b6d-8acc-d2373d85fc37">Other tax tips</h2>Another option people don't think about as much is a <a target="_blank" class="" href="https://www.businessinsider.com/how-to-use-health-savings-account-retirement-tool-investing-wealth-2024-10">health savings account</a>, which is unique, Williams noted. You have to qualify for those with an employer that provides it through a health insurance policy with a high deductible plan. But they are a nice additional tool that investors can use to contribute from their paycheck, he added.It's contributed pre-tax. And if the money isn't used for healthcare costs, it can be saved and invested in that health savings account and grow tax-free. It's tax deferral and tax avoidance, he noted."For a health savings account, that's powerful," Williams said. "We call that a triple tax exemption. You get no taxes when you put the money in and no taxes on any growth or capital gains in the fund. And then when you take it out, you don't have any taxes as well."Taxable brokerage or investment accounts are still useful because they allow you to withdraw money before retirement. This is especially great in the event you need to make a big purchase. But when using these accounts, investors should consider the assets they're buying. For example, exchange-traded funds have less tax drag than mutual funds that have higher turnover and, in turn, more taxable events, Williams noted."Any investment or mutual fund that generates a fair amount of investment income, whether it's interest or dividends, do not tend to be very tax efficient," Williams said.This also means considering how funds distribute gains, such as whether they are qualified or ordinary dividends. The latter is taxed at an investor's tax rate and depending on what margin that's in, it may not be as advantageous as a qualified dividend.

How tax-deferred investing can increase a portfolio's value by 23% and the account that provides a triple benefit

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

This article is part of "<a target="_blank" href="https://www.businessinsider.com/category/workforce-innovation">Workforce Innovation</a>," a series exploring the forces shaping enterprise transformation.Since the launch of <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> in 2022, artificial intelligence has been hailed as the answer to <a target="_blank" href="https://www.businessinsider.com/ai-tools-reality-vs-hype-letdown-big-tech-2024-8">technical challenges</a> such as optimizing systems and machinery and managing vast amounts of data. Now some companies are turning to AI to tackle the human side of business: <a target="_blank" class="" href="https://www.businessinsider.com/employee-wellbeing-programs-help-companies-perform-better-and-manage-cost-2024-7">employee well-being</a>.Employers including Navistar, Adidas, and Cisco are experimenting with AI to monitor employee sentiment, strengthen relationships, and provide opportunities for personal and professional growth. The goal is to help managers respond to emerging trends within their teams while making sure employees get timely access to support.The <a target="_blank" href="https://www.businessinsider.com/millennials-high-earners-moved-office-work-from-home-remote-work-2024-3">rise of remote work</a> and a <a target="_blank" href="https://www.businessinsider.com/gen-z-lazy-hiring-jobs-careers-hr-training-pandemic-2024-8">new generation of workers</a> with <a target="_blank" href="https://www.businessinsider.com/gen-z-work-talking-about-mental-health-anxiety-depression-hr-2024-6">different needs and expectations</a> have forced companies to rethink the employee experience. With distributed teams and fewer face-to-face interactions, staffers are experiencing more <a target="_blank" class="" href="https://www.businessinsider.com/work-friends-spouses-loneliness-remote-hybrid-benefits-of-work-connections-2024-6">loneliness</a> and disconnection. AI offers a way for some employers to bridge the gap.To be clear: As companies and investors channel <a target="_blank" href="https://www.businessinsider.com/how-much-big-tech-spending-on-ai-investments-2024-7">billions of dollars into AI</a>, applications to boost employee well-being are a <a target="_blank" class="" href="https://www.businessinsider.com/flexibility-can-increase-worker-well-being-2024-8">small fraction</a> of the focus. But while few companies are pursuing this now, more could follow, said Matt Beane, an assistant professor of technology management at the University of California, Santa Barbara."Companies might experiment because engagement is so important and the pain is significant — especially since talent today is mobile," he said.Beane said he found these efforts "genuinely exciting" but described many drawbacks. "When new technology rolls out, the first 10 to 40 years are often filled with waste, confusion, and sometimes even harm," he said.<h2 id="d1678e8e-7cbc-4f85-ab59-004f883505fe">Helping managers get a vibe check</h2><a target="_blank" class="" href="https://www.hhs.gov/surgeongeneral/priorities/workplace-well-being/index.html">Employee well-being</a> is a somewhat squishy term that encompasses workers' mental, physical, emotional, and economic health. But despite its seemingly nebulous nature, a workforce's well-being has real <a target="_blank" href="https://www.businessinsider.com/employee-wellbeing-programs-help-companies-perform-better-and-manage-cost-2024-7">bottom-line implications</a>. Studies suggest that improving employee well-being can <a target="_blank" class="" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3870481/">increase engagement and productivity</a>. And Gallup's research indicates that organizations with higher engagement have <a target="_blank" href="https://www.gallup.com/workplace/236927/employee-engagement-drives-growth.aspx">greater profitability, retention, and performance</a>.Still, employers have long struggled to grasp how employees feel about their jobs, colleagues, and workload. Some have relied on annual engagement surveys, which can be slow to analyze and interpret.Mike Conover, the head of learning consultation and delivery at Navistar, a manufacturer of trucks and diesel engines, is familiar with this problem: His seven-member team is spread across the US. "When you don't see someone in the office and you can't pick up on their demeanor or facial expressions, it's hard to gauge," he said.For the past several months, Conover's team has piloted Rapport, an AI tool designed to support employees and managers. Rapport, which is integrated with email, Slack, and Teams, asks employees to rate their energy level and workload using emojis daily. It follows up with tailored questions to dig deeper into their responses, which are shared with managers only with the employee's permission.The tool alerts Conover about important changes or times he needs to step in, along with tips on how to handle the situation based on <a target="_blank" href="https://people.climate.columbia.edu/projects/view/1912">research from Columbia University</a>. The tool helps Conover connect employees with Navistar's internal resources, whether they need HR support or help with a work-related problem."It breaks down the walls of management," he said. "As a newer leader, sometimes you don't know how to handle things."<h2>From feedback to action items</h2>Many of these AI tools can also spot potential issues and make recommendations.<a target="_blank" class="" href="https://www.businessinsider.com/bjorn-gulden-is-trying-to-save-adidas-after-yeezy-controversy-2024-3">Adidas</a>, the sportswear giant, uses Qualtrics Assist, an AI agent that looks at pulse-survey data along with unstructured data like public reviews or anonymized conversations on internal communication platforms. Combining this with details like work hours, location, and tenure can help managers better understand employee engagement.Managers can use the tool to get advice on their engagement results. For instance, a manager might ask "How well is my team working together?" or "How can I improve my team's overall experience?" Qualtrics Assist analyzes the data and offers insights and suggestions based on industry benchmarks and best practices.The company says the aim is to let "managers have a conversation with the data to understand the lived experience of their team members.""We leveraged AI to democratize insights, reduce bias, and save time," Sebastian Projahn, a senior director of people insights at Adidas, said in May at a summit in Salt Lake City. "Managers can focus on driving impact rather than interpreting data and reading lots of comments."Trevor Keavney, a director in Gartner's HR advisory practice, said these AI tools could be helpful for new leaders, but he mentioned a few concerns. "There's still a lot of uncertainty about AI, and some employees may have reservations," he said. "They might wonder how their data is being collected and used, and whether they're comfortable with their manager having access to this information."Another challenge arises if managers take time to collect feedback but don't act on it. "When employees see no changes based on their feedback, they may lose trust in the process," Keavney said.<h2 id="aadc4eb1-83f2-4e35-a6a8-1d265c922a86">Practical support and help with HR</h2>Other companies are using AI to help employees make use of their benefits.This year, Cisco <a target="_blank" class="" href="https://www.businessinsider.com/cisco-is-using-ai-to-help-with-recruitment-2024-5">launched</a> an internal bot called WellNest on Webex. Employees fill out a brief intake survey and then receive daily personalized questions related to their financial health, physical fitness, focus, or social connections. Based on their responses, the bot offers two recommendations: a practical "<a target="_blank" href="https://thriveglobal.zendesk.com/hc/en-us/articles/360044471974-What-s-a-Microstep">Thrive Microstep</a>" and a relevant Cisco resource. The bot's suggestions are designed to become more personalized over time as it learns from employee conversations.In August, meQuilibrium launched an AI-powered dashboard focused on mental health and resilience. In a feature called Ask meQ, employees select prompts like "I want to boost my emotional intelligence" or "I want to be more present," and the dashboard provides relevant activities and articles.The tool's employee assessment is designed to help identify an employee's risk of anxiety, depression, and burnout and recommend relevant resources. If it detects a risk of depression, for instance, the dashboard might highlight employee-assistance-program resources or suggest virtual therapy. If it identifies a need for more physical activity, it might recommend a gym-membership benefit.The engineering company KBR is piloting this technology. "Most of the time employees approach us knowing that we have a lot of resources for them, but they don't know where to start," Ashley Owens, a senior specialist in global mental health and fitness at KBR, said in an email. "This dashboard gives us the ability to identify needs in a region or in a demographic and allows us to maximize our time, resources, and funding."Beane, the researcher at UCSB, suggested that companies with strong engagement and positive manager-employee relations are better positioned to benefit from these AI applications. In other words, AI reinforces existing strengths.But if AI is seen as replacing meaningful human interactions, it could face resistance. "If a company is struggling in these areas, investing in robots might be seen as problematic," he said.

Can AI help companies boost employee well-being?

<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>

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