Government Current Affairs

CCEA approves enhancing coverage of Pradhan Mantri Rojgar Protsahan Yojana

The CCEA chaired by Prime Minister Narendra Modi, has approved proposal of enhancing scope of Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).  The Central Government will now contribute Employer’s full admissible contribution for first 3 years from date of registration of new employee for all sectors including existing beneficiaries for their remaining period of 3 years. It will benefit the informal sector workers as the will get social safety net and result in more job creation.

Pradhan Mantri Rojgar Protsahan Yojana (PMRPY)

PMRPY has been in operation since August 2016. Under it, Government is paying 8.33% contribution of Employers to Employees’ Pension Scheme (EPS) in respect of new employees (joined on or after 1st April 2016) having new Universal Account Number (UAN), with salary up to Rs. 15,000/- per month.

The scheme has dual benefit i.e. it incentivize employers for increasing employment base of workers establishments and enables large number of workers to find jobs in such establishments. Its direct benefit is that these workers get access to social security benefits of organized sector. Till now, the scheme has produced quite encouraging results and has added about 31 Lakhs beneficiaries to formal employment involving expenditure of more than Rs. 500 crore.

Month: Categories: India Current Affairs 2018

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Union Government amends guidelines for financial support to PPP in infrastructure

Union Government on 31 March 2015 approved amendments to the Public Private Partnerships (PPP) guidelines. The approved amendments seek to enhance financial support to projects in infrastructure sector.

Decision in this regard was taken by the Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Narendra Modi.

Amendments approved

  • Change in the definition of a Private Sector Company in the guidelines for financial support to PPP in Infrastructure under the Viability Gap Funding (VGF) Scheme.
  • The definition of a Private Sector Company means a company which is not a Government Company.
  • In this case Government company is defined as any company in which more than 51 per cent of the paid-up share capital is held by the Union Government or State(s) Government or partly by Union Government and partly by State Government (s).
  • It also includes a company which is a subsidiary company of such a Government company.

This decision was taken to remove any ambiguity in interpretation of the term Private Sector Company in order to align it with the definition of Government Company defined under Section 2 (45) of the Companies Act, 2013.

Month: Categories: Business & Economy Current Affairs 2018India Current Affairs 2018

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