Budget 2020

Employers to lose deduction for employee’s contribution to EPF if they don’t deposit on time

Budget 2021 has proposed to dis-allow deduction of employee’s PF contribution as an expense to employers if they do not deposit it in time. This is expected to put pressure on employers to deposit the employee’s provident fund contributions on time. To the extent that this ensures employers do not misuse or divert money meant […]

Budget 2020

FedEx Express unveils plan to lay off up to 6,300 employees in Europe

FedEx acquired European operator TNT Express, which specialises in shipments between businesses, in 2016 as part of its plan to expand in Europe. FedEx Corp’s express unit on Tuesday announced a plan to lay off between 5,500 and 6,300 employees in Europe, as it nears the completion of the network integration of its TNT Express […]

News Headlines

Maharashtra: Mantralaya staff reporting late for work to face action

MUMBAI: The employees of the Mantralaya, the Maharashtra government’s administrative headquarters in Mumbai, who report late for work more than twice in a month will have to face action in the form of deduction of leave or loss of pay, a state order has said. The government issued a circular to this effect on December […]

Budget 2020

LIC employees’ federation to continue protesting against privatisation move

Privatisation of LIC is against national interest, the federation said. Federation of LIC Class-I Officers’ Associations zonal secretary K. Jones said the proposed sale of the Centre’s stake in LIC was intended at privatising the public sector behemoth — the world’s number one life insurer with 40 crore policyholders and assets worth about ₹30 lakh […]

Budget 2020

Lakshmi Vilas Bank: Has ease of credit availability in our system encouraged fraud?

By Uma Shashikant There is reason to cheer the move to merge Lakshmi Vilas Bank with DBS. Stakeholders will cry as if they have been cheated, but this solution has its merits. No one will deny that the Indian banking system requires serious repair. There are multiple reasons for the serious systematic risks posed by […]

Budget 2020

EPFO dismisses reports about fall in number of subscribers, contributing firms in October

NEW DELHI: Retirement fund body EPFO on Thursday dismissed media reports about a fall in the number of firms and subscribers contributing towards its social security schemes in October. The Employees’ Provident Fund Organisation (EPFO), is an statutory organisation under the Ministry of Labour and Employment. “An article was published in a section of (media) […]

Budget 2020

Pvt sector, state govt, PSU employees eligible for I-T exemption under LTC cash voucher scheme

NEW DELHI: The Income Tax Department on Thursday extended the I-T exemption available under the LTC cash voucher scheme to employees of state governments, state-owned enterprises and private sector. The Central Board of Direct Taxes in a statement said that the payment of cash allowance, subject to maximum of Rs 36,000 per person as deemed […]

Budget 2020

Employees’ State Insurance Corporation kick-starts work on social security scheme for organised workers

The Employees’ State Insurance Corporation has kick-started work on a nationwide roll-out of the social security scheme for organised workers once the Social Security Code is implemented, likely from April 1, 2020. The move will bring more and more workers under the social security cover, as envisaged by the government. The organisation, under the labour […]