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Time of India
8 hours ago
- Business
- Time of India
India pushes for social security pacts in all FTAs
India might soon enter into a social security agreement (SSA) with the US as the two nations are intensely engaging to seal a bilateral trade agreement. Going forward, such agreements could become an integral part of all free trade agreements (FTAs), including those currently under negotiation, top sources in the Ministry of Labour and Employment confirmed on Wednesday. Sources familiar with the deliberations said that the issue was already discussed in a recent meeting between Labour and Employment Minister Mansukh Mandaviya and Commerce and Industry Minister Piyush Goyal. "It has also been taken up with the US, but it is not clear as of now if the US will accept India's demand," one of the sources said. An SSA is a reciprocal arrangement between two or more countries under which an employee on a foreign assignment is not required to contribute to the host country's social security fund but still receives the full benefit of their employment period for pension calculation. Additionally, employers are saved from making double social security contributions on behalf of their workers. However, such Indian workers abroad are required to obtain a Certificate of Coverage (CoC) from the Employees' Provident Fund Organisation (EPFO), which helps them avoid paying social security contributions in the countries where they are posted. The EPFO has been authorised to issue the Certificate of Coverage to employees posted in nations that have signed an agreement with India. India currently has social security agreements with over 20 countries, including Germany, France, Canada, Japan, Belgium, Switzerland, Denmark, and Australia. The recently concluded India-UK free trade agreement also includes a double contribution convention that provides a three-year exemption from social security contributions for Indian professionals temporarily working in the UK. "This will be of great help to Indians working temporarily in the UK, and the plan is to now include such a social security agreement in negotiations for all FTAs," the source added. India is currently negotiating free trade agreements with many countries, including the European Union. Furthermore, the country has emerged as a major source of skilled manpower, especially in IT and IT-enabled services, and such an agreement could significantly benefit Indian professionals working abroad. The move has been triggered by a substantial increase in India's social security coverage over the last 10 years, with the country approaching developed nations' levels, thus gaining enough confidence to negotiate on SSAs even with major economies.
Indian Express
24-06-2025
- Business
- Indian Express
EPFO auto claim limit raised to Rs 5 lakh from Rs 1 lakh: Union minister Mansukh Mandaviya
The Employees' Provident Fund Organisation (EPFO) has increased the limit for auto settlement of claims to Rs 5 lakh from Rs 1 lakh, Minister for Labour and Employment Mansukh Mandaviya said on Tuesday. This means over 7.4 crore subscribers of the retirement fund body can now withdraw their funds through advance claims up to Rs 5 lakh for education, illness, marriage and housing without any further intervention. 'The limit for auto settlement of the EPFO claims has been increased to Rs 5 lakh. Such claims will get cleared within three days like the process for auto claims at present,' Mandaviya said. 'This growth highlights EPFO's strong focus on automation and delivering faster, more efficient services to its members,' he said. The auto-claim settlement process, which is the automatic processing of claims without any human intervention for advance claims, was first introduced in April 2020 during the Covid-19 pandemic for illness or hospital advances. Then, the Ministry of Labour and Employment had expanded the categories for auto-claim settlement to include education, marriage and housing. In May 2024, the EPFO approved the hike in the ceiling for auto-mode settlement of advance claims for education, marriage and housing to Rs 1 lakh from Rs 50,000. In the financial year 2024-25, the EPFO processed a record 2.34 crore advance claims through auto-settlement, a 161 per cent increase compared to 89.52 lakh claims in financial year 2023-24, the Minister said. Almost 59 per cent of all advance claims in 2024-25 were settled through the auto mode as compared to 31 per cent in 2023-24, he said. In the first 2.5 months of the ongoing financial year 2025-26, EPFO has auto-settled 76.52 lakh claims, constituting 70 per cent of all the advance claims settled so far, he said. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Business Standard
14-06-2025
- Entertainment
- Business Standard
Marking His 78th Birthday, Governor Bandaru Dattatreya Unveils Prestigious DPIFF Awards 2025 Trophy Alongside CEO Abhishek Mishra at Haryana Raj Bhavan
NewsVoir New Delhi [India], June 14: In a moment of both celebration and cultural significance, the Governor of Haryana, Bandaru Dattatreya, unveiled the official 2025 trophy of the prestigious Dadasaheb Phalke International Film Festival (DPIFF) on the occasion of his 78th birthday at Raj Bhavan, Haryana at Chandigarh. The unveiling served as a dual tribute honouring the Governor's distinguished legacy of public service and celebrating the transformative power of Indian cinema. The exquisitely crafted trophy, a symbol of cinematic excellence, cultural richness and national pride, was unveiled in the presence of Abhishek Mishra, CEO of DPIFF, who was formally invited by the Hon'ble Governor for a dialogue on leveraging cinema as a tool for cultural progression and promotion of Indian tourism. The meeting reflected a shared commitment to strengthening India's cultural identity through meaningful creative collaboration. Held at Raj Bhavan, Haryana, the discussion explored cinema's evolving role in shaping India's socio-cultural narrative, driving global engagement and preserving the country's artistic heritage. The Governor and CEO Abhishek Mishra exchanged insights on how film festivals like DPIFF can serve as platforms for cultural diplomacy, youth engagement and global storytelling. "It was an honour to interact with the Hon'ble Governor of Haryana, Shri Bandaru Dattatreya ji," said Abhishek Mishra. "His profound understanding of the arts and cultural heritage of India is truly inspiring. Our discussion reaffirmed our shared belief in cinema as not just a medium of entertainment, but as a bridge to connect people, promote tourism and preserve the soul of Indian culture." This engagement marks the Governor's continued support for DPIFF, having previously extended his blessings to the festival's annual award ceremony that celebrates excellence in Indian cinema while promoting traditional values and national heritage. A respected statesman and former Union Minister for Labour and Employment, Shri Bandaru Dattatreya has long been an advocate for youth empowerment, social equity and the preservation of Indian art forms. His unwavering dedication to inclusive development and cultural preservation resonates deeply with DPIFF's mission to uphold the legacy of Dadasaheb Phalke, the father of Indian cinema. As the Dadasaheb Phalke International Film Festival approaches its much-anticipated 2025 edition, it continues to receive widespread recognition and support from dignitaries and institutions across the nation cementing its status as a custodian of cinematic heritage and a beacon for India's cultural and creative resurgence. For more details about Dadasaheb Phalke International Film Festival - DPIFF visit:
Daily Maverick
10-06-2025
- Business
- Daily Maverick
After the Bell: Unemployment and definitions — it's about ending the poverty, stupid
While economists argue about the definition of 'formal unemployment', what perhaps we really need to consider is a figure around how many people do something and receive an income in return for it. For as long as I can remember, one of the 'facts' that has almost defined so many of our conversations has been that we have the world's highest unemployment rate. It's the kind of point that underpins everything else; it puts political parties under pressure to claim they're trying to create jobs, it is the easiest way to understand how our economy is not working. We get reminders of this at least four times a year when Statistics South Africa releases its Quarterly Labour Force Survey. So many parts of our political commentariat erupt when we are reminded that so many people don't have jobs. For the past five years or so, I've found it really odd that the people who are given the most time to talk are union leaders. These are literally the people who have jobs talking about the people who don't have jobs. And, famously, the ANC and the government often say nothing. In fact, I remember once asking Thulas Nxesi, who was the Minister of Labour and Employment at the time, why he was so silent on the issue. His response, that it was not his job to create jobs, but actually the role of the private sector, seemed to miss the point somewhat. So I was hugely interested to read in BusinessLIVE that the outgoing CEO of Capitec, Gerrie Fourie, reckons we're understanding this in completely the wrong way. He says that we assume that the 32.9% of South Africans of working age who are unemployed are not actually working. Instead, he thinks, they are working. They're just working in the informal sector. As he puts it: 'If you go to the townships, most people have backrooms to rent out; everyone is doing something.' 'Formal unemployment' While economists can (and do … endlessly) argue about the definition of 'formal unemployment', what perhaps we really need to consider is a figure around how many people do something and receive an income in return for it. Because, as Fourie points out: 'If we really had a 32% unemployment rate, we would have had unrest.' I have to say, I do think that's true. If there were so many people who had literally nothing to do, and did not receive money as income, we would have much more violence than we actually do. And yes, social grants do play a role. But there are many millions of people who do not get a social grant, and have no formal job. At the same time, the Organisation for Economic Cooperation and Development (OECD) has said for some time that our businesses face more regulation than in any other OECD-member country. Now, while regulation per se should not really hamper businesses, I think in South Africa it probably does. Some of the regulations seem unnecessarily onerous, but, more importantly, they open opportunities for corruption. And there is also an almost fatal lack of understanding from the government about the role so many informal businesses play. For example, during the pandemic, informal food markets were closed, along with spaza shops. That had the impact of making food more expensive just at the entirely wrong time. But we also don't really know how big the informal sector is. At least until 2019, our informal food sector – including spaza shops, hawkers, street traders and bakkie traders – employed more people than the formal food sector. That means that for every single person you see working in a supermarket, there is at least one other person in the informal sector. And that's just in food! Sustainable living You can imagine how many other people make a sustainable living from cutting hair or in the beauty industry, or simply washing cars. The people you see outside so many hardware stores hoping and praying they will get some work are making some money too. The problem, if there is one, seems to be that we want to focus on the formal sector. The sector that is regulated, and appears to have too many regulations. Instead, perhaps we should be focusing on simply creating the space for people to do something and be paid money in return. In other words, we should be trying to make people richer to reduce poverty. Of course, I could argue against myself here. Other research has shown that our economy is overly concentrated, basically many sectors are dominated by just a few companies. And getting new companies into those sectors is quite tough. We may not grow our economy without some kind of targeted intervention that results in de-concentration either. Changing a definition doesn't change anything, obviously. But, it does allow us to focus properly on what the real problems are. The real problem is poverty; we need more people to get more money for what they do.
Hans India
09-06-2025
- Politics
- Hans India
Ex-prez Kovind lauds Dattatreya, calls him ‘universally admired'
Hyderabad: Former President Ram Nath Kovind lauded Haryana Governor Bandaru Dattatreya as a truly multidimensional figure, remarking on the rare quality of being universally admired. These sentiments were shared at a well-attended event at Silpakala Vedika, where Mr Kovind formally launched the Telugu edition of Governor Dattatreya's autobiography, titled 'Prajala Kathe Naa Atmakatha' (The Story of the People of Telangana is My Autobiography). The significant gathering included former Vice President M Venkaiah Naidu, alongside Governors Indrasena Reddy of Tripura, Kambampati Haribabu of Odisha, and Syed Abdul Nazeer of Andhra Pradesh. Kovind recounted Dattatreya's life journey, highlighting his consistent efforts to connect with and uplift individuals from disadvantaged and underprivileged backgrounds. He particularly noted Dattatreya's resilience during challenging periods, including the Emergency, where he reportedly boosted the morale of fellow detainees. The former President also underscored Dattatreya's impactful tenure as Union Minister for Labour and Employment, where his reforms concerning minimum wages, pensions, and welfare programmes benefited thousands. Kovind observed that the sheer number of well-wishers present at the autobiography launch felt more like a birthday celebration for the Governor. Former Vice President Venkaiah Naidu spoke of the extraordinary sight of such esteemed personalities assembled on one stage to honour a genuinely good man with a 'golden heart.' He stressed that Dattatreya's unwavering dedication to public service and his ability to maintain a grounded life serve as a powerful inspiration for future generations. Naidu likened Dattatreya's conduct to a water droplet on a lotus leaf, signifying his consistent integrity regardless of his position. Expressing concern over politicians frequently changing parties, he commended Dattatreya's steadfast commitment to his ideology and his focus on purposeful politics, always prioritising nationalism and the well-being of society. The Governors of Andhra Pradesh, Odisha, Tripura, and Telangana all acknowledged Dattatreya's approachable nature, simplicity, and friendly demeanour, qualities that have endeared him to many. People affectionately refer to him as 'Dattanna' (brother), a testament to the strong bonds he has forged while addressing their concerns. They highlighted his dedication to empowering rural communities and fostering social harmony and national unity. The Governors of Tripura and Odisha shared personal anecdotes of their interactions with Mr Dattatreya, emphasising that his life story remains a source of inspiration for younger generations. Former Supreme Court Chief Justice N V Ramana underscored Dattatreya's emphasis on human relationships. Union Ministers G Kishan Reddy, Bhupathi Raju Srinivasa Varma, Andhra Pradesh Health Minister Satyakumar Yadav, Telangana Road and Buildings Minister Komati Reddy Venkat Reddy, and BJP MP Dr K Laxman also reflected on their associations with Dattatreya. They recalled his impactful work as an RSS Pracharak during the Divineema Cyclone disaster response, his role in establishing the Deen Dayal Housing Colony for those displaced, and the sanctioning of a 300-bed ESI hospital in Visakhapatnam. His initiatives, such as the Valmiki Ambedkar Awas Yojana houses in Musheerabad and Visakhapatnam, further exemplify his profound commitment to serving the poor and needy.
