The Labour Ministry Friday said there is a proposal to pay employers for extended maternity benefit from government budget and not from any labour welfare cess as it does not exist. "There are some media reports that this scheme has been approved/notified. However, it is clarified that the Ministry of Labour and Employment is in the process of obtaining necessary budgetary grant and approvals of competent authorities. The reports that it will be funded from a labour welfare cess is also incorrect, as no such cess exists under this Ministry," a Labour Ministry statement said. According to the statement, the ministry is working on an incentive scheme wherein seven weeks' wages would be reimbursed to employers who employ women workers with a wage ceiling of up to Rs 15,000 and provide the maternity benefit of 26 weeks paid leave, subject to certain conditions. The ministry has estimated that about Rs 400 crore would be the financial implication for the Ministry of Labour and Employment … [Read more...] about Government budget to reimburse maternity leave pay: Labour Ministry
Budget reconciliation 2017 deadline
FASTag becoming mandatory for all vehicles at all but one of the lanes in toll plazas from December 1, state-run bus corporations like KSRTC and BMTC are not yet ready for the changeover. Every day, 450 BMTC buses pass through seven toll plazas: Elevated flyover on Hosur Road, Hoskote toll, Devanahalli (Ballari Road), Devanahalli (airport), Tumakuru Road, Kunigal Road and Nelamangala Road. The utility pays Rs. 62.9 lakh a month as toll charges. However, none of its buses has FASTag yet. “We may need an extension of two more months for full-fledged implementation of FASTag in all BMTC buses since the process requires tendering,” said a senior official. On the other hand, 4,170 KSRTC buses enter 81 toll plazas daily in Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Goa, Maharashtra and Telangana. The corporation is paying Rs 6 crore a month as toll charges and no KSRTC bus has FASTag. “We are working out the modalities and have written to the National Highways Authority … [Read more...] about BMTC, KSRTC seek extension of December 1 FASTag deadline
New Delhi: The government is likely to clear before the interim budget a proposal to fund half of the paid leave amount that employers give in the extended maternity leave benefit scheme, as part of schemes planned for women voters ahead of the general election. “The scheme is pending approval from finance ministry. Labour ministry is hopeful it will be cleared soon,” a senior labour ministry official, who did not wish to be named, told ET, adding that an announcement to this effect could be made in the interim budget. As per the proposal, the government will pay the salary for seven weeks of extended leave under maternity benefits offered by companies. This amount will be reimbursed to employers who have engaged women workers with a wage ceiling up to Rs 15,000 and provide 26 weeks’ paid maternity leave. The finance ministry had wanted to know the labour ministry’s intent behind the scheme and had sought clarifications on the proposal twice. It is estimated … [Read more...] about Govt to pay half of extended maternity leave benefit
Five to six issues may hit the market if Chalet Hotels's IPO is successful and if there are no negative surprises in the Union Budget on February 1. Photograph: Punit Paranjpe/Reuters Investment bankers are pinning hopes on Chalet Hotels's Rs 1,641 crore initial public offering to break the lull in the primary market. Since October, not a single company has come out with an IPO. The share sale of the K Raheja Corp-promoted firm opens this week.It has priced its shares in the range of Rs 275 to Rs 280. The IPO comprises of a fresh issue of Rs 950 crore and offer for sale of 24.6 million shares. At the upper end of the price band, the issue size works out to Rs 1,641 crore, making it the biggest IPO in six months. "This, in many ways, is the opening of capital markets after a long period of time. We believe this is the best company to go out and open the innings for the revival of the capital markets," says Atul Mehra, managing director of JM Financial. Market participants said five to … [Read more...] about Will Chalet Hotels IPO revive the market?
That’s the government’s goal for the Unified Payment Interface by March. Are they close? A P Hota, the man at the helm, answers.IMAGE: The authorities are behind schedule in bringing public sector banks into the UPI network. Photograph: Shannon Stapleton. A P Hota, managing director and chief executive of the National Payments Corporation of India, tells Tinesh Bhasin that while the implementation of UPI hasn’t met the initial deadline, he expects transactions to cross a million a day by March.Edited excerpts: Is the adoption of UPI in line with your expectation? During the past few months, transactions have grown. On Thursday, we had close to 85,000 successful transactions. Our goal is to reach a million transactions a day, by March. As of today, there are 31 banks. We are behind the schedule in bringing public sector banks (PSBs) to the network. Bank of India and Syndicate will join by the end of this month. Corporation Bank, Indian Overseas Bank and Punjab & … [Read more...] about 1 million UPI transactions a day!