INDIA NEWS | Sat, 8 Aug 2020, 12:04AM ISTAir India flight fell down into the valley after landing at Runway 10 of Karipur Airport and broke down in two pieces. There were 191 people on board. Visibility was 2000 meter at the time of landing.
INDIA NEWS | Fri, 7 Aug 2020, 11:51PM ISTBy Jeffrey Pfeffer & M MuneerIt may sound like the tagline of a fintech startup in the short-term moneylending business for the salaried class. But making every day a payday is something employers should consider seriously. The Covid-19 pandemic has exposed how precarious the financial situation of most employees is.GoIs Atmanirbhar Bharat package offers credit guarantee to revive businesses, but not cash in the hands of the needy. It may not find success, because banks provide instant small loans to MSMEs that will only help employers to kick-start the supply side, even as their employees are unpaid for weeks.There is a need to transfer cash to the individual to perk up the demand side of the economy. Giving people access to their money more quickly represents one small, but important, step to reducing an epidemic of employee financial stress. True, in the current crisis, many Indian companies have offered to pay salaries earlier than regular pay date without any cuts. But they should continue this practice post-crisis too.Unless you are a gig worker, the odds are extremely high in non-crisis times that you are going to be paid for your work some time after you did that work and earned the associated income. According to Indian labour laws, wages can be fixed per hour, day or week, and could be paid daily, weekly, fortnightly or monthly, but not beyond that.In India, in Q2 2019, the median monthly earnings were 19,547 for full-time wage and salary workers 652 a day, excluding tax deducted at source (TDS) and other deductions. If someone is paid every fortnight, they will have accrued, but not been paid, earnings of 6,520 (without considering taxes or other deductions) after 10 days. The fact that people are paid what they have earned some time after earning it would not be a big problem, except that, as data show, many in India are living in a financially precarious position.Indians are the highest in the world having anxiety about their financial lives, and that financial health challenges affect people at all salary levels. Even among employees earning more than 30 lakh annually, 30% find it difficult to meet expenses and 58% consistently carried forward credit card dues.This probably correlates with the growing payday lending and cheque cashing industry that has responded to the needs of people for small, presumably short-term loans to tide over till the next pay cheque. There are now more than 20,000 payday lenders in the US, despite restrictions in some states. In India, this industry is unregulated, but growth is significant. Almost half of the borrowers conduct 10 transactions and the median fee is equivalent to an annualised interest rate of 300%.Some banks like Kotak offer loans up to 50% of the net monthly salary through their salary account and, in a way, are similar to the overdraft facility of most banks. People also take gold and microfinance loans, which take them into a perpetual debt. Indias gold loan market is expected to grow from the current 3,000 billion to 4,600 billion by 2022.Nearly 33% employees are distracted by their financial worries, which affects productivity and causes absenteeism. It is critical for employers including governments to invest in employee financial well-being.More than 50% of US employers now offer financial wellness programmes as an employee benefit. Such programmes can include education about budgeting, investment avenues, retirement savings plans, income smoothing for people in jobs where pay varies significantly over time, and programmes to automatically deposit a set amount into a systematic investment plan (SIP).One remedy could be faster and easier access to money already earned. All providers of quick and easy access to already earned money such as PaySense and FlexWage make essentially the same argument. Offering employees quick and easy access to their money helps attract more applicants, improves retention and enhances productivity by reducing the stress and distraction of the financial problems that come from using high-cost sources of short-term credit. Instead of signing up individuals on their platform, these providers can sign up employers who can pay the nominal fees (typically around 3%) on behalf of their employees.The employers then offer the option, which often includes a debit card and no-fee access to ATMs, to their employees. The fees can be so much lower, since these companies and employers they serve are not loaning people money, but are simply providing on-demand access to money people have already earned.(Pfeffer is chair professor of organisational behaviour, Stanford Graduate School of Business, and Muneer is MD and co-founder, Medici Institute.)
INDIA BUSINESS | Fri, 7 Aug 2020, 11:48PM ISTThe total income of the bank also fell to Rs 1,954.39 crore in April-June, as against Rs 2,237.91 crore in same period of 2019-20, the bank said in a regulatory filing
INDIA BUSINESS | Fri, 7 Aug 2020, 11:41PM ISTKhosrowshahi said the company is adding auto-rickshaws and motorbikes since it expects many riders in emerging markets to shift from public minibuses towards these lower-cost options
INDIA BUSINESS | Fri, 7 Aug 2020, 11:28PM ISTObserving that India's judicial system has a huge capacity issue, he said around 30 million cases are pending across various courts, as per the National Judicial Data Grid
INDIA NEWS | Fri, 7 Aug 2020, 11:17PM ISTAir India flight fell down into the valley after landing at Runway 10 of Karipur Airport and broke down in two pieces. There were 191 people on board. Visibility was 2000 meter at the time of landing.
INDIA NEWS | Fri, 7 Aug 2020, 11:10PM IST This incident comes after a landslide in Idukki district of the state earlier today, which claimed over 12 lives. Kerala has been receiving incessant rains over the past few days, with the Met Department issuing a red alert to the district
INDIA MARKET | Fri, 7 Aug 2020, 11:03PM ISTKerala Chief Minister Pinarayi Vijayan said that the National Disaster Response Force (NDRF) has been deployed to rescue the landslide victims in Rajamala. Stay tuned for latest news live updates
INDIA NEWS | Fri, 7 Aug 2020, 11:00PM ISTNew Delhi: Government is said to have informed the Parliamentary Standing Committee on Labour that though more than 24 Lakh migrant skilled labourers had registered for jobs in the wake of the COVID pandemic, only 5000 could be given employment in their home state.The union ministry of Skill Development officials shared the figures with the parliamentary committee headed by BJD MP Bhartruhari Mahtab during a meeting on Friday. The ministry had set up a portal- Atmanirbhar Skilled Employer Employee Mapping in April for skill mapping in 116 districts where the number of reverse migrants is above 25,000.Sources said the government informed the panel that more than 24 Lakh migrants had registered voluntarily on this website to seek employment till June-end. While 2.1 Lakh were found adequately skilled for various jobs, 48,000 jobs were available in the market. But finally only 5,000 workers got jobs through this process.This grim scenario is reportedly due to the offer of low wages not in keeping with the skills of the job-seeker, the job not being of the standard of the skill possessed, and some near impossible conditionalities put up by the prospective employer- like a short term training in another state before joining- which was clearly aimed at dissuading the worker.The officials reportedly informed the Labour committee that the government is hopeful many of the migrants will return to the state where they were employed before the pandemic. However, they cited media reports as the basis for this conclusion, sources said. Some MPs countered this argument, saying this cannot be a concrete basis to assume the migrants will return soon considering the state of the pandemic and the job scenario.The Rural Development Ministry officials also presented their case on the employment provided to migrants through MNREGA by various states. These cases pertain to seven states, namely, Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh, Chhattisgarh and Jharkhand.While the employment curve under MNREGA in these states after the pandemic outbreak was high in April, May and June, there has been a drastic fall in July. This is attributed to the monsoon when work was scarce. However, despite this fall, the employment figures of July 2020 are three-fold higher than July 2019.The ministry is confident that the funds available under MNREGA would be enough to sail through and maintained that the finance ministry has assured this will not be an issue in future if the need arises.The union budget had allocated ?61,000 Cr under MNREGA while an additional ?40,000 has been announced by the Narendra Modi government after the pandemic struck.The officials are believed to have informed the committee that states are being suggested to tap the un-utilised funds from the 15th Finance Commission, the District Mineral Fund and other government sources.The Parliamentary panel sought to know from the officials if any provision is being made for providing jobs to workers in places other than their Panchayat- which is the practice under MNREGA- the government said the old norm is still in place. But the government has been proactive in issuing job cards to migrants in their panchayat area during this crisis, the officials claimed.The panel has suggested that this should be made more flexible to facilitate employment to migrants. Panchayats are being encouraged to create more infrastructure in their area as this would help in providing employment to workers.
INDIA NEWS | Fri, 7 Aug 2020, 10:59PM IST "Pained by the plane accident in Kozhikode. My thoughts are with those who lost their loved ones. May the injured recover at the earliest," the prime minister tweeted.
INDIA BUSINESS | Fri, 7 Aug 2020, 10:52PM ISTIn a rare incidence of a local company taking action against a multinational for alleged trademark violation, Parle Agro has moved the Bombay High Court against Walmart India for selling an apple drink with 'deceptively similar mark' as its Appy Fizz.
INDIA MARKET | Fri, 7 Aug 2020, 10:52PM ISTKerala Chief Minister Pinarayi Vijayan said that the National Disaster Response Force (NDRF) has been deployed to rescue the landslide victims in Rajamala. Stay tuned for latest news live updates
INDIA NEWS | Fri, 7 Aug 2020, 10:48PM ISTAir India flight fell down into the valley after landing at Runway 10 of Karipur Airport and broke down in two pieces. There were 191 people on board. Visibility was 2000 meter at the time of landing.
INDIA NEWS | Fri, 7 Aug 2020, 10:35PM ISTAir India flight fell down into the valley after landing at Runway 10 of Karipur Airport and broke down in two pieces. There were 191 people on board. Visibility was 2000 meter at the time of landing.
INDIA MARKET | Fri, 7 Aug 2020, 10:35PM ISTThe group of ministers (GoM) on Information Technology (IT) led by Bihar deputy chief minister Sushil Kumar Modi took stock of the preparedness and the timelines in a meeting held on Friday