Provident Funds Entering Equity Market
Provident Funds Entering Equity Market
The Employees’ Provident Fund Organisation (EPFO)
has entered the equity market through investment in Exchange Traded Funds
(ETFs).
The Central Board of Trustees (CBT), Employees’ Provident Fund (EPF) has approved the proposal of investing in ETFs after considering the possible risk associated with the investments.
The Central Board of Trustees (CBT), Employees’ Provident Fund (EPF) has approved the proposal of investing in ETFs after considering the possible risk associated with the investments.
The Government has not provided any guarantee for such investments in the stock market as investment in such instruments are subject to market movements.
Some of the trade unions have expressed their reservations over the decision to invest in equity as they are concerned about the risk associated with the investments in stock market.
This information was given by Shri Bandaru Dattatreya,the Minister of State (IC) for Labour and Employment in reply to a question in Rajya Sabha today.
***
Social Security Under New Child Labour Law
Child Labour (Prohibition and Regulation) Act, 1986
prohibits the employment of children below 14 years in certain occupations and
processes and regulates the conditions of work of children in occupations and
processes where the employment of children is not prohibited. A Bill to amend
the Child Labour (Prohibition & Regulation) Act, 1986 has been introduced
in Rajya Sabha in 2012. The Government has decided to move Official Amendments
to the Amendment Bill. The Official Amendments along with the Amendment Bill,
inter-alia, covers complete prohibition on employment of children below 14
years, linking the age of prohibition with the age under Right of Children to
Free and Compulsory Education Act, 2009 and making the punishment for employer
for contravention of the provisions of the Act more stringent.
This information was given by Shri Bandaru Dattatreya,the Minister of State (IC) for Labour and Employment in reply to a question in Rajya Sabha today.
This information was given by Shri Bandaru Dattatreya,the Minister of State (IC) for Labour and Employment in reply to a question in Rajya Sabha today.
***
Collection of Cess
For the welfare of the Building and Other Construction Workers’ Cess is being
levied and collected as prescribed under Section 3of the Building and Other
Construction Workers’ Welfare Cess Act, 1996.
As per Section 18 of the Building and Other Construction Workers (RECS) Act,
1996, the State/UT Governments have constituted a State Welfare Board for the
Welfare of BOC Workers. In terms of Section 22 of the Act, the Cess fund is to
be utilized by the State Welfare Boards for providing immediate assistance in
case of accident, pension after age of 60 years, loans/advances for the purpose
of construction of house, premia for Group Insurance Scheme, financial
assistance for education of children, medical expenses, maternity benefits, etc.
Section 27 of the Act makes it mandatory for the State Welfare Boards to
maintain proper accounts and other relevant records and prepare an annual
Statement of accounts in prescribed form and the accounts of the Boards are to
be annually audited by the Comptroller and Auditor General of India. Further,
Cess Collection and its utilization for welfare activities and the monitoring
thereof is the responsibility of the respective State/UT Governments. The
Central Government also issues directions to the States/UTs for proper
utilization of cess fund in terms of the Section 22 of the Building and Other
Construction Workers (RECS) Act, 1996.
The State/UT-wise cumulative
figure of Cess collected, as furnished by the States/UTs so far, is enlisted.
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State/UT-wise position of
Cess Collected under the Building and Other Construction WorkersCess Act,
1996
|
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|
As on
30.09.2015(Provisional)
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Sl. No.
|
Name of the States/UTs.
|
Amount of cess
collected
(Rs. in Crore)
|
|
|
1
|
Andhra Pradesh
|
1070.45
|
|
|
2
|
Arunachal Pradesh
|
22.96
|
|
|
3
|
Assam
|
205.09
|
|
|
4
|
Bihar
|
657.08
|
|
|
5
|
Chhattisgarh
|
523.11
|
|
|
6
|
Goa
|
50.68
|
|
|
7
|
Gujarat
|
1090.62
|
|
|
8
|
Haryana
|
1859.8
|
|
|
9
|
Himachal Pradesh
|
276.48
|
|
|
10
|
J&K
|
370.66
|
|
|
11
|
Jharkhand
|
234.41
|
|
|
12
|
Karnataka
|
3131
|
|
|
13
|
Kerala
|
1168.44
|
|
|
14
|
Madhya Pradesh
|
1575.62
|
|
|
15
|
Maharashtra
|
3558
|
|
|
16
|
Manipur
|
0
|
|
|
17
|
Meghalaya
|
72.75
|
|
|
18
|
Mizoram
|
22.35
|
|
|
19
|
Nagaland
|
14.6
|
|
|
20
|
Odisha
|
312.32
|
|
|
21
|
Punjab
|
714.42
|
|
|
22
|
Rajasthan
|
1084.06
|
|
|
23
|
Sikkim
|
54.65
|
|
|
24
|
Tamil Nadu
|
1265.12
|
|
|
25
|
Telangana
|
231.02
|
|
|
26
|
Tripura
|
101.92
|
|
|
27
|
Uttar Pradesh
|
2109.8
|
|
|
28
|
Uttarakhand
|
96.87
|
|
|
29
|
West Bengal
|
149.91
|
|
|
30
|
Delhi
|
1796.63
|
|
|
31
|
A & N Island
|
32.79
|
|
|
32
|
Chandigarh
|
64.49
|
|
|
33
|
Dadra & Nagar Haveli
|
3.08
|
|
|
34
|
Daman and Diu
|
18.28
|
|
|
35
|
Lakshadweep
|
3.33
|
|
|
36
|
Puducherry
|
71.72
|
|
|
Total
|
24014.51
|
||
This information was given by Shri
Bandaru Dattatreya,the Minister of State (IC)
for M Labour and Employment in reply to a question in Rajya Sabha today.
***
Medical Benefits for Construction Workers Under ESIS
The covered labourers of establishments covered
under ESI Act, 1948, working on the construction sites in ESI notified areas
can avail medical benefits under the Employees State Insurance Scheme.
They and their family members are eligible for primary, secondary and Super Specialty treatment subject to fulfilling the contributory conditions.
Unorganized Workers’ Social Security Act, 2008 (UWSS Act) has been enacted to cover workers in the unorganized sector including a worker in the organized sector who is not covered by any of the Acts mentioned in Schedule II to this Act, namely(i) The Workmen’s Compensation Act, 1923 (8 of 1923), (ii) The Industrial Disputes Act, 1947 (14 of 1947), (iii) The Employees’ State Insurance Act, 1948 (34 of 1948), (iv) The Employees’ Provident Funds and Miscellaneous Provision Act, 1952 (19 of 1952), (v) The Maternity Benefit Act, 1961 (53 of 1961) and The Payment of Gratuity Act, 1972 (39 of 1972). The UWSS Act, 2008 provides for formulation of suitable welfare schemes for unorganized workers on matters relating to: (i) life and disability cover, (ii) health and maternity benefits, (iii) old age protection and (iv) any other benefit as may be determined by the Central Government through the National Social Security Board. Various Schemes, formulated by the Government to provide social security cover to the unorganized workers, listed in the Schedule I of the above Act are as under:
i. Indira Gandhi National Old Age Pension Scheme. (Ministry of Rural Development)
ii. National Family Benefit Scheme. (Ministry of Rural Development)
iii. Janani Suraksha Yojana. (Ministry of Health and Family Welfare)
iv. Handloom Weavers’ Comprehensive Welfare Scheme (Ministry of Textiles)
v. Handicraft Artisans’ Comprehensive Welfare Scheme (Ministry of Textiles)
vi. Pension to Master Craft Persons. (Ministry of Textiles)
vii. National Scheme for Welfare of Fishermen and Training and Extension. (Department of Animal Husbandry, Dairying & Fisheries)
viii. Janshree Bima Yojana (Department of Financial Services)
ix Aam Aadmi Bima Yojana (Ministry of Labour and Employment)
x. Rashtriya Swasthya Bima Yojana (Ministry of Health and Family Welfare)”.
This information was given by Shri Bandaru Dattatreya,the Minister of State (IC) for Labour and Employment in reply to a question in Rajya Sabha today.
They and their family members are eligible for primary, secondary and Super Specialty treatment subject to fulfilling the contributory conditions.
Unorganized Workers’ Social Security Act, 2008 (UWSS Act) has been enacted to cover workers in the unorganized sector including a worker in the organized sector who is not covered by any of the Acts mentioned in Schedule II to this Act, namely(i) The Workmen’s Compensation Act, 1923 (8 of 1923), (ii) The Industrial Disputes Act, 1947 (14 of 1947), (iii) The Employees’ State Insurance Act, 1948 (34 of 1948), (iv) The Employees’ Provident Funds and Miscellaneous Provision Act, 1952 (19 of 1952), (v) The Maternity Benefit Act, 1961 (53 of 1961) and The Payment of Gratuity Act, 1972 (39 of 1972). The UWSS Act, 2008 provides for formulation of suitable welfare schemes for unorganized workers on matters relating to: (i) life and disability cover, (ii) health and maternity benefits, (iii) old age protection and (iv) any other benefit as may be determined by the Central Government through the National Social Security Board. Various Schemes, formulated by the Government to provide social security cover to the unorganized workers, listed in the Schedule I of the above Act are as under:
i. Indira Gandhi National Old Age Pension Scheme. (Ministry of Rural Development)
ii. National Family Benefit Scheme. (Ministry of Rural Development)
iii. Janani Suraksha Yojana. (Ministry of Health and Family Welfare)
iv. Handloom Weavers’ Comprehensive Welfare Scheme (Ministry of Textiles)
v. Handicraft Artisans’ Comprehensive Welfare Scheme (Ministry of Textiles)
vi. Pension to Master Craft Persons. (Ministry of Textiles)
vii. National Scheme for Welfare of Fishermen and Training and Extension. (Department of Animal Husbandry, Dairying & Fisheries)
viii. Janshree Bima Yojana (Department of Financial Services)
ix Aam Aadmi Bima Yojana (Ministry of Labour and Employment)
x. Rashtriya Swasthya Bima Yojana (Ministry of Health and Family Welfare)”.
This information was given by Shri Bandaru Dattatreya,the Minister of State (IC) for Labour and Employment in reply to a question in Rajya Sabha today.
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