minimum | Common News Update

Feb62021 by adminNo Comments

Biden says $15 minimum wage won’t survive Covid relief talks, promises to push for pay hike later

Finance

President Joe Biden speaks delivers a foreign policy address during a visit to the State Department in Washington, February 4, 2021.Tom Brenner | ReutersPresident Joe Biden said this weekend that it is unlikely a $ 15 federal minimum wage provision makes it into the next Covid-19 relief package, hitting pause on a key campaign promise as Democrats in Congress press ahead to pass $ 1.9 trillion in stimulus without Republican support. Biden said his administration would push for a stand-alone bill to raise the minimum wage."I put it in but I don't think its going to survive," Biden told CBS' Norah O'Donnell in an interview scheduled to air in full on Sunday. "My guess is it will not be in [the stimulus bill]."Democrats in Congress have moved to pass the $ 1.9 trillion stimulus package wit...

Aug302019 by adminNo Comments

RBI increases time allowed for converting minimum KYC PPI into full KYC PPI

Finance

Often prepaid instruments (PPIs) are issued by financial services companies on the basis of minimum or limited KYC. For example, wallet services provided by Paytm Payments Bank require that for issuing wallet to customer minimum KYC must be completed. Till now, minimum KYC was valid for 18 months. For using wallet beyond 18 months as well as for availing complete benefits of wallet, full KYC needed to be completed. The RBI has notified today that the timeline for conversion of minimum KYC detail for prepaid payment instruments (PPIs) to full KYC compliant PPIs has been extended from 18 months to 24 months. The notification says that this timeline will not be extended any further. Generally, for mimium KYC complaint, e-wallet service providers asks for user’s mobile number and any one gove...

Jul312019 by adminNo Comments

Labor ministry panel proposes historic minimum wage hike in Japan

World

July 31 (UPI) -- A Japanese government panel on Wednesday recommended the nation's largest minimum wage increase in nearly 20 years, which would push hourly earnings in major cities like Tokyo above 1,000 yen for the first time. The labor ministry's advisory panel issued the recommendations after marathon meetings that began mid-Tuesday. It proposed raising the national hourly minimum to 901 yen -- equivalent to $ 8.30 -- in fiscal 2019, also a record level. The minimum wage would be higher in certain, larger cities. Seventeen rural areas would see an average of 700 yen ($ 6.45) per hour, whereas Tokyo and Kanagawa would have the highest, at about 1,010 yen ($ 9.33) per hour. In previous years, the minimum wage has risen about 25 yen a year. Some critics say, however, whatever workers ga...

Jun242019 by adminNo Comments

Consultation on for increasing minimum pension: Santosh Kumar Gangwar to LS

Finance

NEW DELHI: An increase in minimum pension for employees affiliated to EPF to Rs 2000 will cost the government Rs 4,671 crore and Rs 11696 crore if hiked to Rs 3000, Labour Minister Santosh Kumar Gangwar told the Lok Sabha on Monday. Amid demand by some members to increase the minimum pension from the existing Rs 1000, Gangwar told the House that a consultation process has been initiated with Employees' Provident Fund Organisation (EPFO) and Central Board of Trustees. He noted that a committee had earlier recommended increase of the minimum monthly member pension. It was the Modi government which had hiked the pension to Rs 1000 in 2014, he said. Let's block ads! (Why?) Personal Finance News-Wealth-Economic Times

May282019 by adminNo Comments

Connecticut is raising its minimum wage to $15. Here’s what it is in other states

Finance

Connecticut's governor on Tuesday signed a bill into law that will increase the state's minimum wage to $ 15 an hour by 2023.The state thus joins a growing list of jurisdictions where the amount is higher than the federal government's minimum of $ 7.25.Here's a map showing the current minimum wage in each state, as well as where it is scheduled to rise (or not).More from Personal Finance:Kids are increasingly worried about paying for collegeClimate change can pose big risks to real estate investments5 affordable places to retire abroadSubscribe to CNBC on YouTube.Let's block ads! (Why?) Personal Finance