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EPFO sees marginal dip in addition of net employees in Jan

March 20, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

Month-on-month comparison of the addition of formal workforce, however, shows an increase of 15.6% with December net employee addition at 1.28 million compared to 1.48 million in January.

The Employees’ Provident Fund Organisation (EPFO) witnessed a marginal dip of 2.6% in year-on-year addition of net employees in January at 1.48 million as against 1.52 million added in January last year.

Month-on-month comparison of the addition of formal workforce, however, shows an increase of 15.6% with December net employee addition at 1.28 million compared to 1.48 million in January.

According to the provisional payroll data released by the labour ministry on Monday, out of 1.48 million subscribers added to EPFO during the month, around 0.77 million new members have come under the ambit of EPFO for the first time.

Further, only 0.34 million members exited from the retirement fund body coverage in January, which is the lowest exit in the last four months while approximately 1.06 million members re-joined EPFO membership.

“These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus extending their social security protection,” it said.

Among the newly joined members, highest enrolment is registered in the age-group of 18-21 years with 0.22 million members, followed by the addition of 0.20 million members in the 22-25 years age bracket.

“The age-groups of 18-25 years constitute 55.52% of total new members during the month. This indicates that the majority of the members are first-time job seekers joining the organised sector workforce of the country,” it added.

Gender-wise analysis of payroll data reflects that enrolment of net female members has been 0.28 million in January, 2023, of which around 0.19 million female members are the new joinees.

“This shows that 68.61% of the net female members have come under the fold of EPFO for the first time,” the ministry said.

State-wise comparison shows high month-on-month addition in Karnataka , Uttar Pradesh , Orissa, Delhi and Himachal Pradesh . As per the data, the top five states in terms of net member addition are Maharashtra , Karnataka, Tamil Nadu , Gujarat and Delhi, together constituting 58.85% of net member addition during the month.

“Of all the states, Maharashtra has added 22.73% of overall member addition followed by Karnataka with 10.58% during the month.

The classification of industry-wise payroll data indicates that ‘Expert Services’ (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.) constitute 40.64% of total member addition during the month.

Further, month-on-month payroll data shows higher enrolments across industries such as automobile servicing, banks other than nationalized banks, restaurant and tea plantation.

“The payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process,” it added.

EPFO has been releasing the payroll data since April 2018 covering the period September, 2017 onwards.

EPFO is a social security organization responsible for providing social security benefits in the form of provident, pension and insurance funds to the organized workforce of the country covered under the provisions of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.

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Filed Under: News Inflation, monetary policy, rbi rates, EPFO Employees, maharashtra, uttar pradesh, karnataka, himachal pradesh, tamil nadu, uttar..., net interest margin, dip net, Net Margin Analysis, net profit margin formula, net profit margin ratio, net profit margin calculator, net profit margin percentage, net profit margin analysis

Old pension scheme: Maharashtra government employees end strike

March 20, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

Chief Minister Shinde welcomed the decision to withdraw the strike, which had affected work at government offices and functioning of state-run hospitals. The government employees were on an indefinite strike since March 14 demanding restoration of the OPS which was discontinued in the state in 2005.

Maharashtra government employees agitating for restoration of the old pension scheme (OPS) on Monday called off a week-long strike after a meeting between their representatives and Chief Minister Eknath Shinde here, a union leader said. Vishwas Katkar, the striking unions coordination committee’s convenor, claimed the state government has ‘in principle’ agreed to extend monetary benefits “equivalent” to the OPS to employees who are part of the New Pension System ( NPS ). He did not provide further details.

Chief Minister Shinde welcomed the decision to withdraw the strike, which had affected work at government offices and functioning of state-run hospitals. The government employees were on an indefinite strike since March 14 demanding restoration of the OPS which was discontinued in the state in 2005.

Making a statement in the Legislative Assembly in Mumbai, Shinde said, “Meetings were held between the chief secretary, the Chief Minister’s Office and representatives of various unions of state government employees.

Today (Monday), I held a meeting with representatives of the unions who positively responded to my appeal and decided to withdraw their ongoing strike.” The CM, without referring about the key demand of OPS restoration, said the government was positive regarding their grievances. “I welcome the decision of the unions to withdraw their strike amid challenges before the state government.

The state government is totally positive regarding their demands. A committee has already been formed to address their demands. An appropriate decision would be taken after we receive the committee’s report,” Shinde said. Deputy Chief Minister Devendra Fadnavis thanked the state employees for withdrawing their strike and said the government will be working on providing them benefits of good social security and proper resources after their retirement.

Speaking to the media on the sidelines of the Civil20 India 2023 inception conference (part of G20 group meetings) in Nagpur , he said, “We had a series of negotiations with the state government employees. We told them we are in agreement with the idea of strong social safety net and proper resources for post-retirement life.”

Fadnavis said the government committee will examine old and new pension systems and ensure that employees are provided with necessary post-retirement benefits. “It is an independent committee which will be holding discussions with all employee unions. I thank the employees and congratulate Chief Minister Eknath Shinde (for end of the strike),” he said.

Under the OPS, a government employee gets a monthly pension equivalent to 50 per cent his/her last drawn salary. There was no need for contribution by employees. Under the NPS, a state government employee contributes 10 per cent of his/her basic salary plus dearness allowance with the state making a matching contribution. The money is then invested in one of the several pension funds approved by the Pension Fund Regulatory and Development Authority (PFRDA) and returns are market-linked.

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Filed Under: Uncategorized OPS, nps, fadnavis, shinde, new pension system, nagpur, when bus strike will end in maharashtra, government/subvented employees/cap 30 pensioners biometric registration, why pension is not given to government employees, nps to old pension scheme order pdf, dyfed local government pension scheme, scheme for old age pension, worthington employee pension top up scheme

Quiet Quitting, Rage Applying, Resenteeism: What Is a Disgruntled Employee

March 20, 2023 by www.newsweek.com Leave a Comment

Quiet quitting is a buzzword for slacking or taking your foot off the gas pedal at work. Doing the bare minimum. Doing nothing more than meeting expectations. The concept is nothing new.

In a recent Gallup poll, “quiet quitters” make up at least 50% of the U.S. workforce . In 2023, employers are responding by quiet firing. ResumeBuilder.com surveyed 1,000 managers with at least one direct report. One in three managers have responded to “quiet quitting” by “quiet firing.”

Their key findings include:

• 98% of managers of “quiet quitters” say it’s important their reports do more than the bare minimum.

• 91% of managers have taken some action against “quiet quitters,” including taking steps to terminate them and denying promotions/raises.

• 64% of managers say “quiet quitters” are unlikely to have a successful career.

Rage-applying is the phenomenon of simultaneously applying to several different jobs when feeling burnt out or distressed at your current job. Again, the concept of applying to several positions is nothing new. Is sending off a flurry of frustration-fueled applications without putting too much thought into whether the role is your dream job or not a good idea?

Resenteeism is the shiny new word for when you hate your job enough to do more than “quiet quit” but are too anxious about the economy to leave. Again, remaining in your job when you are fundamentally unhappy? Sound familiar? This concept is nothing new.

Is this all on the employee? No, in many cases, this is a result of poor management.

Managers need to engage with their employees to address burnout and disengagement. In this hybrid environment, they need to have at least one meaningful conversation once a week. They need to develop a culture in which people are engaged and feel they belong. They should do what’s in their power to improve their employee’s daily experience, including embracing flexible working, monitoring workloads to reduce cases of burnout, offering chances to progress where possible, and creating an environment where discussions about mental health are considered.

A Deloitte Global 2022 Gen Z and Millenial survey connected with respondents around the globe to gauge their views about work and the world around them. When asked what employers could do to attract and retain top talent, the survey results were as follows:

• Good work/life balance. Millennials, 38%; Gen Z, 35%

• Learning and development opportunities: Millennials, 29%; Gen Z, 29%

• A higher salary or other financial benefits: Millenials, 27%; Gen Z, 24%

• Positive workplace culture: Millenials, 23%; Gen Z, 23%

• Opportunities to progress/grow in their career: Millenials, 24%; Gen Z, 23%

• Derive a sense of meaning from my work: Millenials, 26%; Gen Z, 21%

• Flexible working model: Millenials, 21%; Gen Z, 20%

Employees, this isn’t a world where just participation matters. You know this. Did you begin your career with a vision of how your journey would be motivating, satisfying and benefit your life? Few of us start out dreaming of the day we can give the bare minimum. If you aren’t reflecting and paying attention, you will lose the magic and your position and future positions will turn into redundant patterns. Quiet quitting, resenteeism, and rage applying don’t get to the root cause of your unhappiness. Are you in the right career? Are you in the right company or firm? Do you have what it takes to leave the workforce and start a business?

Consider these quotes often attributed to successful people while you work on answering those questions for yourself:

Denzel Washington: “Don’t aspire to make a living. Aspire to make a difference. Hard work, works.”

Oprah Winfrey: “Your life’s work is to find your life’s work and then to exercise the discipline, tenacity, and hard work it takes to pursue it.”

A September 2022 Microsoft report which surveyed 20,000 people in 11 countries showed that younger generations are the most likely to aspire to be their own boss, with 76% of Gen Z and Millennials saying that this is a goal, compared with 63% of those who are Gen X and older. This is exciting news for these generations and the potential long-term impact and creativity they can have on our country.

Elon Musk says in being your own boss, “you’ve got to do all sorts of jobs and tasks that you might not wish to do, that are not intrinsically interesting to you. You’ve got to be prepared to do whatever it takes, work whatever hours. No task is too menial. I think that’s the right attitude for the CEO of a startup.” He also said, “Running a start-up is like chewing glass and staring into the abyss. After a while, you stop staring, but the glass chewing never ends.” Are you ready to do this?

Employees need to identify the key criteria they are looking for in order to make a move into their next position or that business idea they have. Kudos to you for expecting more out of your job, your workplace, the culture you want to be around, the societal impact of your company and assessing what is important in life and your work. You need to reflect on this very carefully. Rage applying, quiet quitting, resenteeism — all these catchy little buzzwords are not a positive approach to the outcome you want to obtain.

In the end, if you don’t manage your career, someone else will manage it for you.

Superstar rapper Drake said it very well , “I am always going to work like I have something to prove. When writing the story of your life, don’t let anyone else hold the pen.”

Filed Under: Uncategorized Experts, NEF, Quiet Quitting, rage applying, resenteeism, rage quitting games, rage quitting pillow, rage quitting definition, rage quitting for honor, rage quitting dragon ball fighterz, rage quitting dead by daylight, rage quitting fortnite, rage quitting overwatch, rage quitting memes, employees don't quit their job they quit their boss

Safety, Tech Skills And Worker Satisfaction Will Define The Future Of Work

March 20, 2023 by www.forbes.com Leave a Comment

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In the summer of 2022, two maintenance workers found themselves waist-deep in liquid chocolate after falling into a tank at a candy factory in Pennsylvania. Stuck for over an hour, the two workers couldn’t climb out and had to be cut from the tank by emergency responders.

Thankfully, the workers weren’t injured. But the incident — which cost the company more than $14,000 in fines — could have been much worse. Workplace incidents, particularly in high-risk sectors like public safety, power utilities, mining and construction, have historically resulted in tragic outcomes.

This doesn’t have to be the case. With new digital tools driven by Industry 4.0 initiatives, risks can be mitigated and incidents are less likely to occur by giving organizations the awareness needed to increase workplace safety.

But it’s not just safety that can be assured by digital-era technologies. Artificial intelligence, machine learning, automation, robotics and the industrial metaverse are all expected to have a huge impact on the future of work , enhancing everything from staffing and training to employee satisfaction. All told, more than a billion jobs are set to be radically transformed by technology by 2030.

Smarter workplaces = safer workers

Workplace injuries and illness have a significant impact on the economy , costing an estimated €476 billion per year in the European Union , with over 2.6 million cases reported in the US in 2021. More importantly, workplace accidents can be devastating to workers as well as their families, co-workers and employers. Everyone should go home safely at the end of the day.

Digitalization can help ensure that happens, dramatically improving safety through innovative technologies and solutions such as on-site anomaly detection and digital twins that allow organizations to safely reveal and examine areas of risk. Utility companies, for example, are testing drones to replace the use of helicopters when inspecting power lines in remote locations – a dangerous and expensive undertaking. Railway operators can leverage digital automatic coupling to automatically couple and uncouple rolling stock which speeds up operations, boosts capacity and improves safety. When done manually, it is a dangerous job for workers requiring them to climb wagons and handle couplers that can weigh up to 20kg/40+lbs – no matter the weather conditions and time of day or night. At mining sites around the world, Komatsu is using fully autonomous haulage systems, where several pieces of equipment are “driven” and monitored by a single controller who can be thousands of kilometers away in an office — keeping them away from the pit and dangerous blasting and crushing operations.

The digital transformation of the workplace can go beyond improving worker safety to deliver new levels of productivity. For example, Germany’s national railway, Deutsche Bahn , is building a standalone 5G network to control fully automated trains in real-time using an intelligent traffic management system. This approach not only improves safety for passengers, but also increases capacity and ensures always on-time operations.

Attracting and keeping the best talent

Around the world, job vacancies are high and skilled workers are in great demand. The U.S. saw nearly 11 million job vacancies in June 2022, while Japan had 2.5 million vacancies in December 2022. In Canada, 64% of companies felt that the worker shortage has had an impact on their business growth, with similar attitudes seen among enterprises all over the world.

To address these shortages, organizations must enhance their approach to recruitment, retention and operational efficiency. That starts by embracing new technologies that can enhance automation and augment their workforces to deliver a better (and safer) employee experience.

Digitalization and automation can help eliminate monotonous, repetitive and hazardous tasks. This creates time for workers to focus on more skilled and meaningful work — which in turn helps them feel more valued by their employers and less likely to leave for another company. As companies look to replace retiring workers, workplaces augmented with digital tools are also more likely to attract Gen Z “digital natives” who are looking for roles that will allow them to use the latest in cutting-edge technology.

New digital tools such as robotics, automation, immersive virtual training and collaboration are also reducing the physical labor requirements for many jobs. As a result, companies can tap into a greater pool of talent — including remote workers as well as workers with disabilities who may not have been able to access work in certain industries previously — this creates more inclusive work environments than ever before.

Digitalization is transforming the training process

A review of the candy factory accident found inadequate training to be the root cause. It’s a common problem, with many organizations challenged by the time and resources involved to properly onboard, train and prepare their employees with true-to-life scenarios. Digitalization and the industrial metaverse are critical to this, with tools such as virtual, augmented and extended realities allowing workers to gain “hands-on” training experience and receive real-time feedback in an immersive digital environment that eliminates risk to personnel, equipment or products.

This can be especially important in mission-critical industries such as public safety and utilities. Virtual reality training can help first responders practice emergency situations so they are better prepared when disaster strikes. Data analytics can also be used to review past public safety incidents, revealing patterns and trends that might help implement safer, more efficient response strategies. In the utility market, cybersecurity and at-height training scenarios can be safely and thoroughly simulated for a better prepared workforce.

Success through employee satisfaction

Employees who feel fulfilled, valued and respected are happier in their work life, more productive on the job and deliver superior customer experiences. So it’s not a surprise that more and more workers are rethinking the relationship with their jobs, looking for roles that offer real meaning and purpose. The digital-native Gen Z workforce is especially attuned to social responsibility. Employers need to keep this in mind and create workplaces that offer flexibility and collaboration.

Digital tools make things easier for workers in their day-to-day and help companies dematerialize certain operations. By deploying productivity tools and digitalized processes that are traditionally paper- or equipment-based, organizations can, for example, improve workflow management, enable real-time change order communication, and simplify approval loops.

Beyond just boosting productivity, real-time digital collaboration and communication tools are the key to empowering workers to be more autonomous and creative. They also help create inclusive workplaces while making operations more sustainable and environmentally responsible.

The foundation for the future

The future of work will see enterprises and organizations make significant gains in worker safety, better attract and retain talented workers, and increase employee satisfaction. With the aid of pervasive intelligence, rich data, enhanced awareness and increased automation, organizations that lay the foundations today will not just reap the benefits of improved productivity and efficiency, they are also setting the direction towards a safer, more prosperous tomorrow.

Filed Under: Uncategorized Digitalization, Innovation, work 2 the future, skills 2 work bradford

Kashmiri Pandit staff suspend agitation of 310 days for relocation from Valley

March 4, 2023 by indianexpress.com Leave a Comment

Migrant Kashmiri Pandits employed under the prime minister’s special package suspended on Saturday their 310-day-long agitation seeking relocation to safer places outside the Valley in view of targeted killings by militants.

The core committee of the All Migrant Employees Association, Kashmir, will meet shortly to take a decision on resumption of duties by the agitating migrant employees in Kashmir, its leader Rubon Saproo said.

Alleging that the situation in the Valley was not congenial for their stay, hundreds of Kashmiri Pandit employees posted in Kashmir returned to Jammu in May last year following the targeted killing of Rahul Bhat, a revenue department employee, inside the tehsil complex by militants.

Replug | ‘Time to leave’: Fear, anxiety in Kashmiri Pandit camps

Sitting on a dharna inside the office of the relief and rehabilitation commissioner, the nodal agency for Kashmiri Pandit migrants, the employees had demanded their relocation outside the Valley.

“We are surrendering before the government,’’ Saproo said while announcing the organisation’s decision to suspend its 310-day-long agitation. “Now, it is for the government to decide as to what to do, or not to do with these employees.’’

Apologising to the employees for having failed in getting their demand fulfilled, Saproo said, “We projected the issue, but the government did not accept or reject our demand.’’

Referring to the “arm-twisting” resorted to by the Union Territory administration by withholding their salary , Saproo said, “We have no option except to surrender as we are employees and powerless. We are not in the corridors of power.’’

He added that the administration had perhaps exploited such weaknesses of the protesting employees.

Saproo said the association’s core committee had decided to suspend the agitation and wait for the government’s response, since Lieutenant Governor Manoj Sinha had time and again assured a secure atmosphere for the employees in the Valley.

A migrant employee said the core committee would decide the association’s next course of action. “Our only concern for which we had fled the Valley is our security,” said the employee, Rohit Raina, accusing the administration of arm-twisting using salaries.

Raina said the killing of Kashmiri Pandit Sanjay Sharma by terrorists in south Kashmir’s Pulwama district on February 27 reflected the ground situation, but “we hope that the government will ensure our security in the Valley”.

Neha, a protester, said the employees were left with no option but to give in after the government stopped their salaries. “We do not feel safe there (in Kashmir) but nobody is listening to us. The government exploited the employees by stopping our salaries and choking us financially,” she said.

R K Bhat, president of the Youth All India Kashmiri Samaj—another organisation of migrant Kashmiri Pandits—urged the Kashmiri Muslims to come forward to ensure the security of minority Hindus living in the Valley.

“The real custodian of ensuring the safety and security of the minuscule Kashmiri Pandit population in the Valley is the majority community. They have to ensure it to maintain real Kashmiriyat. Kashmiriyat is meaningless unless Kashmiri civic and political leaders and religious preachers publicly and consistently denounce the killings of Pandits,” Bhat told reporters in Jammu.

Bhat said Kashmiri Pandits belonged to the Valley and that the central government should involve the community’s grassroots leadership to prepare a blueprint for their return and rehabilitation.

“We hope the J&K Reorganisation Bill 2019 will end our miseries and reconnect our lost roots and ancestral motherland soon. We hope the process of delimitation and new arrangements would make Pandits politically empowered democratically,” he said.

Bhat also appealed to various Kashmiri Pandit groups to unite for their rights. “At this crucial time when our own people are again being killed, we have to rise above party lines, personal interests and affiliations to form a ‘joint action committee’ of all Pandit organisations globally and work for the comprehensive rehabilitation of the entire community,” he said.

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Bhat said the community needed to speak in one voice for a dignified return to their roots in the Valley.

(With inputs from PTI)

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