Nirmala Sitharaman, Union Minister for Finance and Corporate...
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Pension & Social Security
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Govt to extend social security benefits to gig and platform workers: Mandaviya
"Our government is fully committed to the well-being of gig and...
Wages of Assam tea workers meagre shortcomings in welfare scheme implementation CAG report
Shortcomings in facilities such as hospitals, schools, canteen,...
Reinsurers’ pandemic losses have started to fade:Fitch
All four major reinsurers have remained well capitalised so far in 2020, which was partially achieved by the issuance of subordinated debt. This allowed for strong premium growth in reinsurance, driven by higher prices, rising demand in Asia, and an increased risk appetite.
Labour Ministry seeks feedback on draft rules under Code on Social Security
The draft rules provide for operationalization of provisions in the Code on Social Security, 2020 relating to Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation (ESIC), gratuity, maternity benefit, social security and cess in respect of building and other construction workers, social security for unorganised workers, gig workers and platform workers.
The draft rules also provide for Aadhaar-based registration including self-registration by unorganised workers, gig workers and platform workers on the portal of the Central government, the statement said.
Will ask govt to make employers’ contribution tax-free in Budget:PFRDA
“We may propose things like 14 per cent contribution by employers to be made tax free to all. Currently, it is given only to the central government employers.So we are requesting the government to give it to all the employers, whether it is state governments or other corporate entities, so that subscribers across the board can get this benefit,” Supratim Bandyopadhyay, chairman, PFRDA said
HelpAge India receives the 2020 UN Population Award’ for its outstanding service
There are an estimated 106 million elderly in India. HelpAge India provides relief through various agecare, healthcare & livelihood interventions such as – it runs one of the largest network of Mobile Healthcare Units in India, provides agecare services through care homes. It has pioneered Elder-Self-Help-Groups in rural India, for providing livelihood opportunities. It operates a national Elder Helpline service and empowers seniors through Digital Literacy workshops, so they are not excluded from the social fabric and can lead active & independent lives.
Johnson & Johnson plans to test its COVID-19 vaccine in ages 12-18 soon
“We plan to go into children as soon as we possibly can, but very carefully in terms of safety,” J&J’s Dr. Jerry Sadoff told a virtual meeting of the U.S. Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices on Friday.
AIG to separate Life & Retirement business
”Peter S. Zaffino, AIG’s President & Global Chief Operating Officer, and CEO-elect, stated, “Across AIG, we have made significant progress executing on our strategy to deliver value for our clients, distribution partners, shareholders and other stakeholders. Our businesses can be further strengthened by separating Life & Retirement from AIG, which we believe will enable each entity to achieve a more appropriate and sustainable valuation.”
Changing global retirement planning
Global life expectancy went up by five years between 2010 and 2015, the fastest increase since the 1960s. A post-pandemic boost to healthcare investment may make us all live longer, on average.
Asians naturally don’t want to die working, and many societies have some form of non-family safety net. Japan has a public long-term care insurance. In South Korea, Taiwan, Singapore, Hong Kong, and Malaysia, retirees expect the government to play a role in ensuring income security.
Indians have an even keener wish. Given the country’s youthful demographics, constrained state finances and underdeveloped pension markets, even limited financial assistance for the elderly may have to be “purchased” by them from the next generation.
India to fall below Bangladesh in terms of per capita GDP in 2020
Going by the latest IMF estimate, India would be the third poorest nation in South Asia, with only Pakistan and Nepal reporting lower per capita GDP, whereas Bhutan, Bangladesh, Maldives, and Sri Lanka would outpace India.
However, India, Asia’s third-largest economy, is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China’s projected growth rate of 8.2 per cent, the IMF said.
Govt scraps requirement of min 7 year continuous service for enhanced family pension
Further, the family of armed forces personnel who died within 10 years before October 1, 2019, without completing continuous service of seven years, would be getting the enhanced ordinary family pension,
U.S. pension funds sue Allianz after $4 bln in coronavirus losses
Market panic around the virus that resulted in billions in losses earlier this year scarred many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence.
In March, Allianz ALVG.DE was forced to shutter two private hedge funds after severe losses, prompting the wave of litigation the company says is “legally and factually flawed”.
Together, the various suits filed in the U.S. Southern District of New York claim investors lost a total of around $4 billion.