Ministry of Labour and Employment Current Affairs

EPFO signs Agreement with Five Banks

The Employees’ Provident Fund Organisation (EPFO) has inked an agreement with four private banks and Bank of Baroda for the purpose of collection of provident fund dues from the employers and payments to its subscribers.

Salient Facts

This is the first time the EPFO has roped in private banks, namely, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank. Earlier, the EPFO was making use of the services of only the state-run banks. This move of the EPFO will help the organisation to save nearly Rs 300 crore per year as the five banks have agreed to zero transaction charges.

Already the EPFO had tied up with five other banks. The five other banks are State Bank of India (SBI), Punjab National Bank, Allahabad Bank, Indian Bank and Union Bank of India. The latest agreement will now authorise 10 banks to collect provident fund contribution and make payment to the employees. Every year, the EPFO settles around 1.16 crore claims and collects ₹75,000 crores from establishments under the EPF Act.

Employee Provident Fund (EPF)

The Employee Provident Fund (EPF) is a retirement benefit applicable only to salaried employees. It is a fund to which both the employee and employer contribute fixed amount (percent) of the former’s basic salary amount each month. This percentage is pre-set by the government. At present, the entire EPF amount is tax-free at the time of withdrawal if the employee has completed five years of continuous service.

EPFO

EPFO is a statutory body of Union Government that comes under the aegis of Ministry of Labour and Employment. It is one of the largest social security organisations in India in terms volume of financial transactions undertaken and the number of covered beneficiaries. Its headquarters is located in New Delhi. The main functions of the EPFO: Administers a compulsory contributory Provident Fund Scheme (1952), Pension Scheme (1995) and Insurance Scheme (1976).

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National Safety Council’s NSCI Safety Awards 2016 presented to 70 Organisations

Minister of State (IC) for Labour & Employment Bandaru Dattatreya awarded NSCI Safety Awards 2016 to 70 Organisations at a function held in New Delhi. In addition, 12 client organizations from Construction Sector were also awarded. The Award was granted to the organisations under four categories:

  • SarvaShreshtha Suraksha Puraskar,
  • Shreshtha Suraksha Puraskar,
  • Suraksha Puraskar
  • PrashansaPatra.

In Manufacturing Sector, Indian Oil’s Digboi refinery, National Fertilizers, Panipat, and NPCIL, Kaiga Generating Station 3 and 4, Karnataka, are the winners.

In Construction Sector, Godrej & Boyce Mfg. Co. Ltd. And L&T Ltd., Rawatbhata, Chittorgarh has been selected for its works on NPCIL Atomic Power Project, Rajasthan.

In MSME Sector, Electricals & Electronics, Thane, has won SarvaShreshtha Suraksha Puraskar for the year 2016.

Interestingly, none of the winners witnessed any fatal accident during the 3-year assessment period. More specifically, National Fertilizers Ltd. Panipat has achieved a massive 49.67 million accident-free man-hours spread over 11 years and 5 months.

The Government framed the National Policy on Occupational Safety, Health and Environment in 2009. As many changes have taken place in national as well as international arena, the government has constituted an Inter-Ministerial Committee to review the national policy.

National Safety Council

It is a self-supporting non- profit autonomous society coming under the purview of Ministry of Labour and Employment. It has been conducting award schemes for three sectors- Manufacturing Sector since 1998; Construction Sector from 2005 and Micro, Small & Medium Enterprises from 2009.

The main objective of the NSCI award scheme is to recognise organisations that have made meritorious performance in achieving occupational safety and health (OSH) and implemented effective OSH management systems, practices and procedures.

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