Retirement fund body <keyword id="6372438" type="General" weightage="100" keywordseo="epfo" source="Orion">EPFO</keyword> on Monday came out with a procedure to enable subscribers and their employers to jointly apply for higher pensions under the Employees' Pension Scheme (<keyword id="179896" type="General" weightage="80" keywordseo="eps" source="Orion">EPS</keyword>). Earlier in November 2022, the <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> upheld the Employees Pension (Amendment) Scheme 2014. The EPS amendment of August 22, 2014, had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards the EPS. In an office order, the Employees Provident Fund Organisation (EPFO) provided for dealing with the 'Joint Option Form' by field offices of the body. EPFO stated that "a facility will be provided for which URL (unique resource location) will be informed shortly. Once received, the regional PF commissioner shall put an adequate notice on the notice board and banners for wider public information". It provided that each application will be registered, and digitally logged and the receipt number will be provided to the applicant. It further stated that the officer in-charge of the concerned regional provident fund office shall examine each case of a joint option on a higher salary and intimate the decision to the applicant through e-mail/post and later through SMS also. It also provided that any grievance by the applicant can be registered on EPFiGMS (grievance portal) after submission of his joint option form and payment of due contributions if any. The order stated that these directions are being issued in compliance with the order of the Supreme Court on November 4, 2022. EPFO has asked its field offices to provide an option for higher pensions to eligible subscribers in accordance with the Supreme Court order. According to the EPFO circular on December 29, 2022, the central government has directed to implement the directions in order. The apex court had given all EPS members, as on September 1, 2014, six months to opt for the amended scheme. The apex court in its order gave four more months to eligible subscribers to opt for higher pension under EPS-95. The court had also struck down the requirement in the 2014 amendments mandating employee contribution of 1.16 per cent of the salary exceeding Rs 15,000 per month. This will facilitate the subscribers to contribute higher to the scheme and get enhanced benefits accordingly. The EPFO circular also provided for the higher pension option for those eligible subscribers who either contributed on actual wages higher than Rs 5,000 or Rs 6,500 per month prevalent threshold pensionable salary or exercised their option for higher pension or their request for higher pension was declined by EPFO authorities before the amendment to EPS-95 in 2014. The eligible subscribers would have to apply jointly with their employer for the enhanced benefit in the application form prescribed by the commissioner and all other required documents like joint declaration etc. An EPFO trustee <keyword id="1481731" type="General" weightage="50" keywordseo="k-e-raghunathan" source="Orion">K E Raghunathan</keyword> who is representing employers appreciated the issuance of the circular, which details on the implementation of SC judgment, in spite of the complexity, financial burden, and need for simplified procedure. "Finally, it is a happy ending for all. I congratulate the EPFO officials and ministry for the circular with the able guidance and directive from the hon'ble Union labour minister in ensuring a smile on the face of the senior citizens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gland-pharma-to-invest-400-cr-to-expand-its-telangana-plant/articleshow/98094407.cms">Gland Pharma to invest ₹400 Cr to expand its Telangana plant</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cereal-prices-likely-to-remain-elevated-going-in-fy24-crisil/articleshow/98093985.cms">Cereal prices likely to remain elevated going in FY24 : Crisil</a>

EPFO unveils procedure to apply for higher pension under Employees Pension Scheme

<ul><li><keyword id="6372438" type="General" weightage="20" keywordseo="epfo" source="Orion">EPFO</keyword> has reduced interest rates to the lowest in more than 40 years for the current financial year.</li><li>The government body has slashed interest rates to 8.1% from 8.5% in the previous fiscal year.</li><li>Despite EPFO’s interest rates being the lowest in its history in decades, it is higher compared to many other <keyword id="1791040" type="General" weightage="20" keywordseo="government-saving-schemes" source="Orion">government saving schemes</keyword> currently. </li></ul>The popular retirement saving scheme followed by many corporations for its employees has slashed its interest rates to a 40-year low amid such a challenging environment. On Saturday, the Employees' Provident Fund Organisation’s (EPFO) announced that it has recommended to reduce the interest rate of the retirement fund to 8.1% from 8.5% last year. The rate will now be approved by the Finance Ministry. While this is reportedly the lowest interest rate by EPFO since 1977-78, it still offers the highest returns than many other government saving schemes and bank deposits. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Saving instruments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% interest rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employees Provident Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public Provident Fund Scheme </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior citizen savings scheme </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sukanya Samriddhi Scheme </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post Office time deposit (5 year) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">National Saving Certificate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.8% </td></tr></tbody></table>Source: Department of Posts Ministry, Ministry of Communications Employees’ Provident Fund is a government retirement fund mandatory for employees earning up to ₹15,000 a month in firms with over 20 workers. Here the employee and the employer contribute to the EPF scheme on a monthly basis in equal proportions of 12% of the basic salary and dearness allowance. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fiscal year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EPF interest rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY16 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.80% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY17 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.65% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.55% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.65% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.10% </td></tr></tbody></table>K E Raghunathan, member of central board of trustees after announcing the reduction, reportedly said that it is understood that this is going to be the most unpredictable year because of the war and market conditions, among other things. Hence, the government body doesn’t want to overcommit with high rates. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/paytm-payments-bank-denies-report-claiming-it-leaked-data-to-chinese-firms/articleshow/90203210.cms">Paytm Payments Bank denies report claiming it leaked data to Chinese firms</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/four-years-later-sachin-bansal-is-still-battling-eight-lawsuits-from-his-flipkart-days/articleshow/90202495.cms">Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days</a>

EPFO continues to give attractive interests rate compared to other government schemes

Chennai, Jul 1 (): Consortium of Indian Associations on Wednesday cautioned that the impact of COVID- 19 on micro, small and medium enterprises would be known only in August and the GST collection should be at least Rs 1.75 lakh crore in June. Consortium of Indian Associations' convenor K E Raghunathan said the impact of COVID-19 on the MSME industry would be known in August as many units would execute the orders in June and July. "Unless fresh orders arrive, August functionality (of these units) will be worse. The worst will be felt from August to December as demand will be very low," he said in a statement. He said when the micro, small and medium enterprises suspended operations since March 25 due to the COVID-19 enforced lockdown, the units had orders which would have been completed by March 31 coinciding with the end of the financial year. "The GST collection in June should have been at least Rs 1.75 lakh crore as we had 65 days of invoicing", he said. The government released data on GST revenue collection on Wednesday which stood at Rs 90,917 crore in June 2020, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April. However, on a year-on-year basis, the GST was nine per cent lower while it was 62 per cent down in May and fell 28 per cent in April. VIJ SS

Impact of COVID-19 enforced lockdown would be known in Aug: Assn

(Image Credit- fairandorganic.org) <ul><li>The trader segment saw a 43% decline in number of jobs since 2014 according to a survey by the All India Manufacturers’ Organisation (AIMO). </li><li>The job losses have been attributed to a 70% drop in operational profits since 2014. </li><li>Demonetisation and GST roll out are among reasons that impacted the sector. </li></ul>India’s micro, small and medium (MSMEs) have seen a dramatic drop in the number of jobs amid declining operational profits since 2014, according to a <a href="https://www.thehindu.com/business/Industry/msmes-traders-witness-loss-of-35-lakh-jobs-survey/article25758723.ece">survey </a>by the All India Manufacturers’ Organisation (AIMO). Specifically, the trader segment saw a 43% decline in number of jobs since 2014, followed by a 32% drop in the micro-enterprises and 35% in <keyword id="107207" type="COMPANY" weightage="20" keywordseo="Small-Enterprises">small enterprises</keyword>. The medium-scale enterprise segment, meanwhile, a 24% fall in the same period. Overall, the trader and the <keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword> sector saw a loss of over 3.5 million jobs since 2014, according to the survey, which which analysed over 34,000 traders and MSMEs across India between October 1 and 30, 2018. The job losses have been attributed to a 70% drop in operational profits since 2014, the Indian Express <a href="https://indianexpress.com/article/india/dip-in-jobs-profits-for-msmes-noteban-gst-to-blame-survey-5496559/">reported</a>, citing K E Raghunathan, president of AIMO. After a steady growth in jobs up until 2015-2016, the trader and the MSME sector were significantly hit by demonetisation and the implementation of the Goods and Services Tax (GST), according to him. There are an estimated <a href="https://economictimes.indiatimes.com/small-biz/sme-sector/sidbi-and-transunion-cibil-launch-msme-pulse/articleshow/63269240.cms">51 million </a>MSMEs in India that make up over 40% of the country’s GDP. AIMO members include MSMEs in engineering, chemicals, pharmaceuticals, food processing and services sectors. See also: <a href="https://www.businessinsider.in/indias-central-bank-chooses-to-keep-interest-rates-on-hold-unveils-a-new-pricing-policy-for-retail-and-small-business-loans/articleshow/66968094.cms">India’s central bank chooses to keep interest rates on hold, unveils a new pricing policy for retail and small business loans</a> <a href="https://www.businessinsider.in/indian-msmes-can-now-get-a-loan-approved-in-just-59-minutes/articleshow/66514755.cms">Indian MSMEs can now get a loan approved in just 59 minutes</a>

India’s micro and small enterprises saw a whopping 32% drop in jobs in the last 4 years: Survey

<ul><li>India’s President’s address was full of praises for <keyword id="6387077" type="UNKNOWN" weightage="20" keywordseo="narendra-modi-government">Narendra Modi government</keyword>. </li><li>However, some of the accolades may be exaggerated or not in sync with facts.</li></ul>Ram Nath Kovind, India’s President for eighteen months, took the lead to give the country’s Parliament a report card on behalf of the four-and-a-half year old Narendra Modi government. Kicking off the <keyword id="105431" type="ORGANIZATION" weightage="20" keywordseo="budget-session">budget session</keyword> of Parliament, Kovind, in a speech that lasted over an hour, gave a glowing tribute to the incumbent government that will be seek re-election in less than 100 days from now. The following are some of the highlights of Kovind’s laudatory speech, each followed by facts that may question the President’s conviction about the Modi government’s performance. 1. “Compromising with security needs is not in interest of present &amp; future of country. New deals in last year, purchase of defence equipment raised morale of defence. After decades, Indian Air Force will use ultramodern Rafale aircraft in coming months &amp; strengthen itself.” The government auditor – the Comptroller and Auditor General of India – is yet to <a href="https://www.news18.com/news/india/only-3-copies-of-cags-rafale-report-likely-to-reveal-pricing-details-parliament-may-get-redacted-version-2018409.html" data-type="tilCustomLink" target="_blank">submit</a> its report on the government’s deal to purchase 36 Rafale aircraft for an undisclosed sum of money. Giving a clean chit to the government on the <a href="https://economictimes.indiatimes.com/news/defence/all-you-need-to-know-about-the-rafale-deal-controversy/jet-set-go/slideshow/65079741.cms" data-type="tilCustomLink" target="_blank">alleged irregularities</a> may be premature. 2. “Youth are the greatest strength of our nation. India has the largest number of young people in the world, and the policy decisions of my Government have been inspired by the aspirations and dreams of young Indians of 21st century.” The President said this on the day a report revealed that employment in the Indian economy was at its <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms">worst</a> in 45 years, a labour survey that the government has not made public yet. 3. “GST has benefited businesses by bringing in more honesty and transparency." In December 2018, the All India Manufacturers’ Organisation (AIMO), <a href="https://www.businessinsider.in/indias-micro-and-small-enterprises-saw-a-whopping-32-drop-in-jobs-in-the-last-4-years-survey/articleshow/67123219.cms" data-type="tilCustomLink" target="_blank">said</a> small businesses across the country lost over 3.5 million job losses since 2014. The job losses were attributed to a 70% drop in operational profits in the MSME sector since 2014, according to K E Raghunathan, president of AIMO. 4. “By decreasing the burden of income tax and keeping the rate of inflation under control, the government has created new opportunities for expanding the savings of the middle class.” Despite the government’s best intentions, the “current (consumer) sentiment on the general economic situation dipped further into the pessimistic zone” – this is the finding from a consumer confidence <a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=18729"></a><a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=18729" data-type="tilCustomLink" target="_blank">survey</a> conducted in six Indian cities by the Reserve Bank of India. In fact, the consumer confidence is at its lowest it has been since Modi government took charge. Indeed inflation has been low for much of the current government’s tenure, jobs have been scarce and income growth very tepid, making middle class consumers penny wise. 5. “Demonetisation was a defining moment in the govt’s war on corruption and black money. This decision struck at the very root of the parallel economy thriving on black money; and the money outside the formal system was brought within the ambit of nation’s economy.” One of the defining steps against black money taken by the Modi government, by its <a href="https://www.financialexpress.com/economy/modi-says-demonetisation-forced-nirav-modi-vijay-mallya-to-flee-curbed-black-money/1431229/"></a><a href="https://www.financialexpress.com/economy/modi-says-demonetisation-forced-nirav-modi-vijay-mallya-to-flee-curbed-black-money/1431229/" data-type="tilCustomLink" target="_blank">own admission</a>, was demonetisation. However, contrary to the hope that a big chunk of unaccounted cash stashed away will be left worthless, nearly all the <a href="https://economictimes.indiatimes.com/news/economy/finance/after-almost-two-years-of-counting-rbi-says-99-3-of-demonetised-notes-returned/articleshow/65589904.cms"></a><a href="https://economictimes.indiatimes.com/news/economy/finance/after-almost-two-years-of-counting-rbi-says-99-3-of-demonetised-notes-returned/articleshow/65589904.cms" data-type="tilCustomLink" target="_blank">banned notes</a> have returned to the system. What came to a grinding halt was the <a href="https://economictimes.indiatimes.com/news/economy/policy/demonetisation-hit-growth-by-2-percentage-points-us-study/articleshow/67154320.cms"></a><a href="https://economictimes.indiatimes.com/news/economy/policy/demonetisation-hit-growth-by-2-percentage-points-us-study/articleshow/67154320.cms" data-type="tilCustomLink" target="_blank">Indian economy</a> leading to job losses. 6. “Government has approved ₹25,500 crores for ‘Namami Gange Mission’. By stopping the flow from dozens of big drains into the river, by stopping the industrial waste, and by setting up sewer treatment plants, my government has shown proactiveness to clean up Ganga.” Indeed the money has been allotted and a lot has been spent, but is it working? India’s waterman <a href="https://www.businessinsider.in/why-indias-waterman-thinks-the-governments-3-5-billion-plan-to-clean-up-ganga-is-not-working/articleshow/67672185.cms"></a><a href="https://www.businessinsider.in/why-indias-waterman-thinks-the-governments-3-5-billion-plan-to-clean-up-ganga-is-not-working/articleshow/67672185.cms" data-type="tilCustomLink" target="_blank">Rajendra Singh</a> believes that a clean Ganga may still be a distant dream. 7. "Government's digital plan is helping rural India." Once again, one of the stated goals of demonetisation was to make India a cashless society and push people towards digital payments. It seemed to work in the initial days of the cash crunch, but soon after, people were back to using cash, and in fact, it is <a href="https://www.livemint.com/Money/Oxohtwl6CBCWjnfjdbHCEL/Cash-transactions-up-after-demonetisation-but-Indias-ATM-ne.html"></a><a href="https://www.livemint.com/Money/Oxohtwl6CBCWjnfjdbHCEL/Cash-transactions-up-after-demonetisation-but-Indias-ATM-ne.html" data-type="tilCustomLink" target="_blank">now more than before</a> demonetisation. 8. “In 2014, only 59 village panchayats in the country had digital connectivity. Today, 1 lakh 16 thousand village panchayats are connected with optical fibre and about 40 thousand village panchayats have been provided with wi-fi hotspots.” The other big pillar of the Digital India dream is to allow millions of Indian villagers access to internet through a broadband network that spans the length and breadth of the country. The network has been laid for the first phase covering one lakh villages, but only 10% of the network is getting utilised. This has <a href="https://www.deccanchronicle.com/business/in-other-news/220119/rs-42000-crore-bharatnet-projects-face-delay-cost-overrun.html"></a><a href="https://www.deccanchronicle.com/business/in-other-news/220119/rs-42000-crore-bharatnet-projects-face-delay-cost-overrun.html" data-type="tilCustomLink" target="_blank">reportedly</a> led to the department of telecom warning the two implementing agencies, as recently as last week. India is ranked 91st among 139 countries on the Networked Readiness Index 2016, according to the <a href="http://reports.weforum.org/global-information-technology-report-2016/networked-readiness-index/"></a><a href="http://reports.weforum.org/global-information-technology-report-2016/networked-readiness-index/" data-type="tilCustomLink" target="_blank">World Economic Forum (WEF)</a>). 9. “By enacting RERA law, my govt has ensured that construction of houses is completed and they are handed over to the buyers as scheduled. After enactment of this law, about 35,000 real estate projects have been registered where lakhs of houses are being constructed.” The Real Estate Regulation Act is a potential game changer for India’s tainted real estate industry, infamous as a haven for ill-gotten wealth, but the reform measure has made little progress since it was rolled out in May 2017. “States have notified the act but, unfortunately, the structures of the RERA machinery in most of the states have not been put in place,” Samantak Das told the <a href="https://economictimes.indiatimes.com/wealth/real-estate/poor-implementation-of-rera-across-states-poses-a-challenge-to-home-buyers/articleshow/66375451.cms"></a><a href="https://economictimes.indiatimes.com/wealth/real-estate/poor-implementation-of-rera-across-states-poses-a-challenge-to-home-buyers/articleshow/66375451.cms" data-type="tilCustomLink" target="_blank">IANS</a> in October 2018, adding that, “"After constituting a model act at the central level, the Union government has a role to look at whether the states are adhering to the central legislation and implementing it in true letter and spirit.” 10. “Be it cities or villages, the government is working at a fast pace to strengthen healthcare related infrastructure.” The government last year set a target of raising annual health spending to 2.5% of India’s gross domestic product (GDP) by 2025, from 1.15% now-- which is one of the lowest proportions in the world. Nepal (2.3%) and Sri Lanka (2%) spend more on healthcare than the government in India does. 11. “Thirty four crore bank accounts have been opened in the country because of ‘Jan Dhan Yojana’ and almost every family is now connected to the banking system. Today, Rs 88,000 crore deposited in Jan Dhan accounts is a testimony to the changing saving habits.” While it is true that the government pushed millions of Indians to have a bank account for the first time in their lives, it is still not a universal phenomenon. According to an August 2018 report from NABARD, nearly 190 million people still do not have access to a bank. Only “49% households reported that at least one of their members had saved any money in an institution (banks, post office etc.),” according to the report. 12. "Our daughters are making remarkable contribution in every field today and have brought laurels to the country. It is for the first time since independence that the policies &amp; programmes of the Govt have created numerous new opportunities for enterprise for women" It is true that there are more conversations about ending the discrimination against women today than ever before, but it is a global phenomenon too. However, presidential speeches have little impact unless it is forced into practice, particularly among public personalities like members of Parliament. In India’s political sphere, there is more sexism than oxygen in the air. Most recently the newly-appointed Congress general secretary <a href="https://www.indiatoday.in/elections/story/pretty-face-no-other-talent-bihar-minister-s-sexist-remark-about-priyanka-gandhi-1438935-2019-01-25" data-type="tilCustomLink" target="_blank">Priyanka Gandhi </a>was at the receiving end of jibes that called her ‘chocolate face’ and ‘Surpanakha’ (a demon from Hindu mythology). But is not BJP’s forte <a href="https://www.timesnownews.com/india/article/bjp-up-chiefs-sexist-joke-on-mayawati-akhilesh-and-mulayam-over-1995-guest-house-incident-raises-a-storm/355537" data-type="tilCustomLink" target="_blank">alone.</a> It’s something that unites the country’s <a href="https://www.newsbytesapp.com/timeline/Politics/39755/176209/congress-and-bjp-can-t-be-absolved-of-sexist-remarks" data-type="tilCustomLink">political class</a> more than anything else. Meanwhile, in India’s booming private sector, 40% of <a href="https://www.businessinsider.in/a-whopping-40-of-indias-women-engineers-dont-have-jobs-because-of-rampant-sexism-at-workplace/articleshow/67486684.cms">women engineers </a>in India do not have a job because the country’s corporate culture has a gender bias. See Also: <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms">Unemployment in India is at its highest in 45 years – says an Indian daily citing an undisclosed jobs survey</a> <a href="https://www.businessinsider.in/indian-government-commits-to-increasing-public-health-spending-to-2-5-of-gdp-by-2025but-is-that-enough/articleshow/67086285.cms">Indian government commits to increasing public health spending to 2.5% of GDP by 2025—but is that enough?</a>

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EPFO unveils procedure to apply for higher pension under Employees Pension Scheme

PTI

EPFO continues to give attractive interests rate compared to other government schemes

Bhakti Makwana

Impact of COVID-19 enforced lockdown would be known in Aug: Assn

PTI

India’s micro and small enterprises saw a whopping 32% drop in jobs in the last 4 years: Survey

BI India Bureau

Here’s a fact check after Indian President's glowing tribute to the Narendra Modi government

Sriram Iyer