News That Matters

Tag: benefits

Will ensure banks pass on rate cut benefits to consumer: FM to India Inc

Will ensure banks pass on rate cut benefits to consumer: FM to India Inc

Finance
NEW DELHI: Finance Minister Nirmala Sitharaman has assured that she will ensure banks pass on the rate cut benefits to consumers, so the interest burden on them eases, industry body PHDCCI said on Friday. She was addressing members of the PHD Chamber of Commerce through a video conference here. "Hon'ble @FinMinIndia @nsitharaman assured that she will personally ensure that #banks transfer benefits of the #ratecuts to end consumers at the earliest," PHDCCI said in a tweet. Last month, the RBI slashed the benchmark repurchase (repo) rate, the price at which banks borrow from the central bank, by 40 basis points to a historic low of 4 per cent. RBI Governor Shaktikanta Das had said monetary policy transmission to banks' lending rates has continued to improve. "The 1 year median marginal c...
Some Uber, Lyft drivers fear companies will use unemployment benefits against them

Some Uber, Lyft drivers fear companies will use unemployment benefits against them

Finance
A driver and passenger wearing protective masks exit the ride sharing pickup area in a car displaying Uber Technologies signage at San Francisco International Airport in San Francisco, California, U.S., on Monday, May 4, 2020. Photographer: David Paul Morris/Bloomberg via Getty ImagesBloombergLeonardo Diaz is in a tough spot.Diaz, a driver for Uber and Lyft, has been unemployed for more than two months.The 51-year-old hasn't picked up riders for fear of contracting Covid-19 and, in turn, infecting his family.But Diaz, a Los Angeles resident, is also afraid to apply for unemployment benefits, as nearly 39 million Americans have done since mid-March amid to the coronavirus pandemic.Diaz is torn.On one hand, he needs the financial assistance. But on the other, he thinks applying for unemploym...
Americans got $48 billion in unemployment benefits last month. It could have been double

Americans got $48 billion in unemployment benefits last month. It could have been double

Finance
A store in Arlington, Virginia, remained temporarily closed on May 14, 2020. Another 3 million people filed initial unemployment claims last week on a seasonally adjusted basis, according to the Department of Labor.Olvier Douliery-AFP/Getty ImagesStates paid a record $ 48 billion in unemployment benefits last month as the coronavirus pandemic caused millions of Americans to lose their jobs.But the payout could have been much larger — about double — were it not for administrative delays among states, according to an analysis from researchers at the Brookings Institution."A lot of money is going out," said Jay Shambaugh, director of the Hamilton Project, an economic initiative within the left-leaning think tank, and one of the authors of the report. "But it's nowhere near how much
Trump may let workers take Social Security benefits early in exchange for reduced payments later. Retirement advocate calls it ‘harebrained idea.’

Trump may let workers take Social Security benefits early in exchange for reduced payments later. Retirement advocate calls it ‘harebrained idea.’

Finance
U.S. President Donald Trump speaks during a meeting with Republican members of Congress in the State Dining Room at the White House in Washington, U.S., May 8, 2020.Tom Brenner | ReutersPresident Donald Trump is reportedly considering another way to get more money to struggling Americans by letting them take an advance on their Social Security benefits.Many Americans are eager for more financial help from the effects of the coronavirus as the government wraps up sending millions of $ 1,200 checks to individuals who qualify.However, some Republican lawmakers are digging in their heels at the thought of sending more money, due to the high price tag.The Trump administration is said to be considering prepaying Social Security retirement benefits to workers before they are eligible, according t...
Govt urged to extend PF benefits to all organisations

Govt urged to extend PF benefits to all organisations

Finance
The Indian Staffing Federation has urged government relax the existing provision of reimbursing provident fund contribution of both employee and employer under the PM Garib Kalyan Yojana as it would not benefit most of the employees. "Government must extend the PF benefit scheme to all organizations irrespective of employee headcounts in an organisation," ISF president Lohit Bhatia said in a letter written to labour ministry and finance ministry. As part of the of Rs 1.7 lakh crore economic package, government has said it will contribute 24% (12% each of an employee and an employer) if 90% of employee in an establishment with not more than 100 workers get less than Rs 15000 per month. According to ISF, the number of such establishment will be highly limited as the organised sector will b...