Month: March 2022

The Employees’ Provident Fund Organisation’s (EPFO’s) top decision-making body the Central Board of Trustees chaired by Union Minister for Labour and Employment Bhupendra Yadav on Saturday approved 8.1 per cent interest rate on provident fund (PF) deposits for the financial year 2021-22.

This is the lowest interest rate on PF deposits in more than four decades.

In the last two financial years, 2020-21 and 2019-20 the interest rates on PF deposits stood at 8.5 per cent. The interest

rate for 2021-22 will be the lowest since 1977-78 when it stood at 8 per cent.
“The Central Board recommended 8.10 per cent annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2021-22. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into its subscribers’ accounts,” the Ministry of Labour & Employment said in a statement.

The Central Board of Trustees is the apex decision making body of the EPFO. It is a tripartite body involving the government, workers and employers’ representatives.

The decision on the interest rate on PF deposits for 2021-22 was taken in the 230th meeting of Central Board of Trustees, EPF held during the AKAM Iconic Week in Guwahati.

The union finance ministry will now vet the interest rate recommended by the EPFO’s Central Board of Trustees and issue notification.

The interest rates on PF deposits have been reduced sharply in the last six year. In 2015-16 the interest rate on PF deposits stood at 8.8 per cent. It was lowered to 8.65 per cent in 2016-17 and further to 8.55 per cent in 2017-18. In 2018-19 it was increased to 8.65 per cent. However, in 2019-20 it was again lowered to 8.5 per cent. It was kept unchanged in 2020-21.

EPFO despite following a conservative approach towards investment, has consistently generated high returns over the last many years which has enabled it to distribute higher interest to its subscribers, through various economic cycles with minimal credit risk, the Ministry of Labour & Employment said.

Traditionally, EPFO has been able to give a higher rate of interest on retirement savings in comparison to other available investment options because of its prudent investment policy of investing in long tenor high yielding securities for the past several decades. This has ensured that the returns on EPFO’s investments are higher even when the yields have been steadily coming down in the past decade, the ministry said.

For FY 2022, EPFO decided to liquidate some of its investment in equities and the interest rate recommended is a result of combined income from interest received from debt investment as well as income realized from equity investment. This enabled EPFO to provide a higher return to its subscribers and still allowed EPFO with a surplus to act as a cushion for providing a higher return in the future also. There is no over-drawl on the EPFO corpus due to this income distribution.

The opposition parties have criticised the government for lowering the interest rates on PF deposits.

Criticising the move Congress Party General Secretary and chief spokesperson Randeep Surjewala said it is an attack on the earnings of crores of workers.

“The income of 84 per cent people of the country has decreased. Is it right to attack the savings of crores of workers on the basis of electoral victory,” Surjewala said in a tweet.

In a letter addressed to the Union Finance Minister Nirmala Sitharaman,

Member of Parliament, Rajya Sabha and Communist Party of India (CPI) leader Binoy Viswam wrote a letter to Union Finance Minister Nirmala Sitharaman urging her to reconsider the decision of lowering the PF deposit interest rates.

“I strongly urge upon you to re-consider this decision and maintain the current interest rate of 8.5 per cent, which in itself requires increase,” Viswam wrote in the letter addressed to the union finance minister. (ANI)

Amid escalating war between Moscow and Kyiv, Ukrainian President Volodymyr Zelenskyy on Saturday expressed his readiness to enter into negotiations with Russia in Jerusalem.

Zelenskyy said that he requested Israeli Prime Minister Naftali Bennett to mediate peace talks.

“We spoke with (Israeli Prime Minister Naftali) Bennett, and I said that today it is not right [to hold] meetings in Russia, in Belarus. I’m not talking about technical meetings – I’m talking about leaders’ meetings. Do I think that Israel can be such a land, and Jerusalem? Yes, I think so. And I told him that,” RT News quoted Zelensky as saying.

So far, Russian and Ukrainian delegations have met three times in Belarus to discuss the ongoing conflict.

Apart from reaching some understanding on establishing humanitarian corridors to evacuate civilians from the combat zones, the two sides have failed to achieve any tangible results, RT News reported.

Meanwhile, German Chancellor Olaf Scholz, French President Emmanuel Macron have urged Russian President Vladimir Putin to call an immediate ceasefire in Ukraine.

“Scholz, Macron urge Putin to call an immediate ceasefire in Ukraine. German Chancellor Olaf Scholz and French President Emmanuel Macron made the proposal during a call with Vladimir Putin on March 12,” The Kyiv Independent tweeted. (ANI)

Pakistan’s Finance Ministry confirmed that there is an acute shortage of Wheat in Pakistan and asserted that the wheat stocks in the country stand at 3.3 million tons which is barely enough to last through the end of April given annual demand of 30 million tons.

Echoing similar sentiment was Pakistani President Imran Khan’s announcement last week to import two million tons of wheat from Russia. This move was taken to augment the country’s depleting reserves, reported Business Recorder.

The yield of the most commonly used staple, wheat was also lower than last year. A press release by the Finance Ministry confirmed that wheat sowing was achieved only at 8.98 million hectares, 2.2 per cent lower than last year.

However, with the current situation in mind, only a bumper yield of over 3.2 tons per ha can help the country. Else, the exorbitant import bill will be hard for Pakistan to pay in midst of the economic crisis that the country is going through.

Moreover, the market is witnessing extreme volatility due to ongoing conflict in the Black Sea region, it is unlikely that prices will stay within this range for more than six months.

According to BR Research’s in-house estimates, Pakistan’s wheat import bill in the worst-case scenario may climb up to USD 4.25 billion during FY23, with likely import bills clocking between USD 2.5 – USD 3.5 billion.

Although this represents a tremendous year-on-year increase over the estimated import bill of USD 0.75 billion during FY22 (and nearly USD 1 billion in FY21), coughing up an additional USD 2 – USD 3 billion is not impossible for an economy of Pakistan’s size. Consider that Pakistan’s cotton import bill doubled from USD 0.75 billion to USD 1.5 billion between FY19 and FY21, reported Business Recorder. (ANI)

Actor Kajal Aggarwal, who is eagerly waiting for the arrival of her first child, posed for a stunning maternity shoot and shared the photos on social media.

Taking to her Instagram handle on Saturday, Kajal dropped a picture of herself cradling her baby bump as she posed in a gorgeous black pleated dress. “Anticipation,” she captioned the post.

Earlier, she also shared a perfect family picture flaunting her baby bump along with her husband, Gautam Kitchlu and their pet dog. The monochrome image featured Kajal smiling her heart out with her family.

She wrote, “#ThisisUs.”

Both posts accumulated several likes and comments from celebrities and fans.

Kajal got married to businessman Gautam Kitchlu in October 2021. In January, the couple announced that they are expecting their first child.

On the work front, Kajal will be seen in the upcoming film ‘Hey Sinamika’ alongside Dulquer Salmaan and Aditi Rao Hydari.

Apart from this, she is waiting for the release of her movie ‘Acharya’ alongside Chiranjeevi, Ram Charan, and Pooja Hegde, which is scheduled to hit the theatres on April 29. (ANI)

More than 20 people including police personnel were critically injured after a suspended Biju Janata Dal (BJD) MLA from Odisha allegedly rammed his car into a crowd at Banapur block in Khordha district of Odisha on Saturday, said police.

The suspended MLA from Chilika, Prashant Jagdev, was reportedly on his way to Banpur in his SUV for election to the post of block chairperson, scheduled to be held today. A huge crowd had gathered outside the Banapur Block Development Office (BDO) when the incident occurred.

Following the incident, the crowd assaulted Jagdev and vandalized his vehicle. Severely injured in the attack, he was then admitted to a hospital in Bhubaneswar and is undergoing treatment.

As per preliminary information, 15 BJP workers and one from BJD along with seven cops got injured due to the incident, said police. A probe has been initiated.

“Around 15 BJP workers, a BJD worker, and seven police personnel were injured in the incident. A probe has been initiated into the matter,” Balugaon Sub Divisional Police Officer (SDPO) said.

Jagdev was suspended from the ruling BJD last year for “anti-party” activities.

After being suspended from BJD in September last year for assaulting a BJP leader near Chilika lake, Jagdev was arrested a month after in connection with the incident. He was later sent to jail after a sessions court rejected his bail petition. (ANI)

Prime Minister Narendra Modi on Saturday called for harnessing technology in the security apparatus, saying that the latest tools should be utilised to nab the tech-savvy criminals.

The Prime Minister in his convocation address to Rashtriya Raksha University underlined the importance of technology for security measures and policing. He called for harnessing technology to nab the tech-savvy criminals.

“The earlier scenario was very different as the security forces had more time to prepare. Now technology, transportation and communication have improved. Today’s policing requires skills like negotiating and other soft skills needed to function in a democratic scenario,” PM Modi said.

He said that the Gandhinagar area has National Law University, Raksha University and Forensic Science University and emphasized the need for synergy among the institutions through regularly combined symposiums to create a holistic education in these related fields.

“Never make the mistake of treating this as a Police University. This is a Raksha University that takes care of the security of the country in its entirety,” he added.

“The movement under the leadership of Gandhiji against the injustice made the British government realize the collective power of Indians,” the Prime Minister while speaking about the Dandi March.

The Prime Minister said that the earlier notion of internal security during the colonial time was based on instilling fear among the masses.

He stressed the need to change the image of police and security personnel. PM Modi noted the humane work by the police personnel during the COVID-19 pandemic.

“Post-independence, there was a need for reforms in the country’s security apparatus. A perception was developed that we have to be careful of the uniformed personnel. But it has transformed now. When people see uniformed personnel now, they get the assurance of help,” the Prime Minister stated.

PM Modi also stressed on stress management for the security personnel. He noted the shrinking support system for police personnel in dealing with the stress of the job and emphasized the need for experts to help in relaxation through initiatives, including Yoga.

“Stress-free training activities is the need of the hour for strengthening the country’s security apparatus,” he added.

The Prime Minister also urged the students that they should always keep the values of humanity integral to their uniform and there should never be a dearth of service spirit.

“We are seeing greater participation of women in the defence sector; be it science, Shiksha (education) or Suraksha (security), women are leading from the front,” he said.

Prime Minister Narendra Modi on Saturday paid rich tributes to Mahatma Gandhi on the occasion of the 92nd anniversary of Dandi March, saying that the historical event made the British government realize the collective power of Indians.

PM Modi dedicated a building of Rashtriya Raksha University to the nation and delivered its first convocation address in Gandhinagar. Union Home Minister Amit Shah, Governor of Gujarat Acharya Devvrat and Chief Minister Bhupendrabhai Patel also attended the convocation address by the Prime Minister. (ANI)

The Bharatiya Janata Party (BJP) government in Uttar Pradesh has made a list of actions to be implemented as it prepares for its second term in the state, days after the party emerged victorious in the assembly elections.

Preparations to implement the promises made in its ‘Sankalp Patra’ – party’s manifesto for the state – in the first cabinet meeting after the new government is formed have begun.

Over the issue of abandoned animals and stray cattle, the BJP government is considering options of setting up new cow protection centers and cow safari.

A decision is likely to be taken to pay the sugarcane farmers in 14 days and, if time exceeds, then the payment would be made with interest. A decision regarding the recruitment for vacant posts in many departments is also on the anvil.

Besides, preparations to fulfill the party’s promise to provide free LPG cylinders on Holi are underway. There are about 1 crore beneficiaries of the Ujjwala scheme in the state and about Rs 1,000 crores will be spent on this scheme.

The BJP has retained power in Uttar Pradesh by winning 255 out of 403 constituencies, securing a 41.29 per cent vote share. Yogi Adityanath will be the first Chief Minister in the last 37 years to return to power after completing a full term in the state.

As per sources, the BJP government is likely to take oath after Holi, which is falling on March 18 this year. (ANI)

Union Home Minister Amit Shah on Saturday flagged off ‘Dandi Cycle Yatra’ on the occasion of the 92nd anniversary of the Dandi March in Ahmedabad.

The Dandi Cycle Yatra, organised by Gujarat Vidyapeeth, left for Dandi from Kocharab Ashram in Ahmedabad.

The Dandi March or Salt Satyagrah was organised by Mahatma Gandhi from the Sabarmati Ashram in Gujarat’s Ahmedabad to the village of Dandi in the state’s coastal area. The Salt Satyagrah was a part of Mahatma Gandhi’s non-violent movement against British rule.

The movement was started on March 12, 1930, and ended on April 5, 1930. (ANI)