Sabarimala turns police fortress as Ayyappa temple is set to reopen

New Delhi, Mar 5: Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said Labour Minister Santosh Gangwar on Thursday.

The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee.

"The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the Central Board of Trustees (CBT) meeting today," Gangwar told reporters after the meeting here.

Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal.

The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes.

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.

Davos, Jan 20: India's richest 1 per cent hold more than four-times the wealth held by 953 million people who make up for the bottom 70 per cent of the country's population, while the total wealth of all Indian billionaires is more than the full-year budget, a new study said on Monday.

Releasing the study 'Time to Care' here ahead of the 50th annual meeting of the World Economic Forum (WEF), rights group Oxfam also said the world's 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 per cent of the planet's population.

The report flagged that global inequality is shockingly entrenched and vast and the number of billionaires has doubled in the last decade, despite their combined wealth having declined in the last year.

"The gap between rich and poor can't be resolved without deliberate inequality-busting policies, and too few governments are committed to these," said Oxfam India CEO Amitabh Behar, who is here to represent the Oxfam confederation this year.

The issues of income and gender inequality are expected to figure prominently in discussions at the five-day summit of the WEF, starting Monday. The WEF's annual global risks Report has also warned that the downward pressure on the global economy from macroeconomic fragilities and financial inequality continued to intensify in 2019.

Concern about inequality underlies recent social unrest in almost every continent, although it may be sparked by different tipping points such as corruption, constitutional breaches, or the rise in prices for basic goods and services, as per the WEF report.

Although global inequality has declined over the past three decades, domestic income inequality has risen in many countries, particularly in advanced economies and reached historic highs in some, the Global Risks Report flagged last week.

The Oxfam report further said "sexist" economies are fuelling the inequality crisis by enabling a wealthy elite to accumulate vast fortunes at the expense of ordinary people and particularly poor women and girls.

Regarding India, Oxfam said the combined total wealth of 63 Indian billionaires is higher than the total Union Budget of India for the fiscal year 2018-19 which was at Rs 24,42,200 crore.

"Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women. No wonder people are starting to question whether billionaires should even exist," Behar said.

As per the report, it would take a female domestic worker 22,277 years to earn what a top CEO of a technology company makes in one year.

With earnings pegged at Rs 106 per second, a tech CEO would make more in 10 minutes than what a domestic worker would make in one year.

It further said women and girls put in 3.26 billion hours of unpaid care work each and every day -- a contribution to the Indian economy of at least Rs 19 lakh crore a year, which is 20 times the entire education budget of India in 2019 (Rs 93,000 crore).

Besides, direct public investments in the care economy of 2 per cent of GDP would potentially create 11 million new jobs and make up for the 11 million jobs lost in 2018, the report said.

Behar said the gap between rich and poor cannot be resolved without deliberate inequality-busting policies, and too few governments are committed to these.

He said women and girls are among those who benefit the least from today's economic system.

"They spend billions of hours cooking, cleaning and caring for children and the elderly. Unpaid care work is the 'hidden engine' that keeps the wheels of our economies, businesses and societies moving.

"It is driven by women who often have little time to get an education, earn a decent living or have a say in how our societies are run, and who are therefore trapped at the bottom of the economy,” Behar added.

Oxfam said governments are massively under-taxing the wealthiest individuals and corporations and failing to collect revenues that could help lift the responsibility of care from women and tackle poverty and inequality.

Besides, the governments are also underfunding vital public services and infrastructure that could help reduce women and girls' workload, the report said.

As per the global survey, the 22 richest men in the world have more wealth than all the women in Africa.

Besides, women and girls put in 12.5 billion hours of unpaid care work each and every day -- a contribution to the global economy of at least USD 10.8 trillion a year, more than three times the size of the global tech industry.

Getting the richest one per cent to pay just 0.5 per cent extra tax on their wealth over the next 10 years would equal the investment needed to create 117 million jobs in sectors such as elderly and childcare, education and health.

Governments must prioritise care as being as important as all other sectors in order to build more human economies that work for everyone, not just a fortunate few, Behar said.

Oxfam said its calculations are based on the latest data sources available, including from the Credit Suisse Research Institute's Global Wealth Databook 2019 and Forbes' 2019 billionaires list.

United Nations, Jan 2: Nearly 400,000 babies were born around the world on New Year's Day with India recording the highest number of these births worldwide at 67,385, the UN children's agency said.

An estimated 392,078 babies were born around the world on New Year's Day, according to UNICEF. Of this, an estimated 67,385 babies were born in India, the most globally. China comes in second with 46,299 births.

The beginning of a new year and a new decade is an opportunity to reflect on our hopes and aspirations not only for our future, but the future of those who will come after us,” UNICEF Executive Director Henrietta Fore said.

As the calendar flips each January, we are reminded of all the possibility and potential of each child embarking on her or his life's journey—if they are just given that chance.”

Fiji in the Pacific most likely delivered 2020's first baby, while the US, the last of the New Year's Day. Globally, over half of these births were estimated to have taken place in eight countries - India (67,385), China (46,299), Nigeria (26,039), Pakistan (16,787), Indonesia (13,020), United States of America (10,452), Democratic Republic of Congo (10,247) and Ethiopia (8,493).

Each January, UNICEF celebrates babies born on New Year's Day, an auspicious day for child birth around the world, it said. However, for millions of newborns around the world, the day of their birth is far less auspicious.

In 2018, 2.5 million newborns died in just their first month of life; about a third of them on the first day of life. Among those children, most died from preventable causes such as premature birth, complications during delivery, and infections like sepsis. In addition, more than 2.5 million babies are born dead each year.

UNICEF said over the past three decades, the world has seen remarkable progress in child survival, cutting the number of children worldwide who die before their fifth birthday by more than half. But there has been slower progress for newborns. Babies dying in the first month accounted for 47 per cent of all deaths among children under five in 2018, up from 40 per cent in 1990.

UNICEF's Every Child Alive campaign calls for immediate investment in health workers with the right training, who are equipped with the right medicines to ensure every mother and newborn is cared for by a safe pair of hands to prevent and treat complications during pregnancy, delivery and birth.

Too many mothers and newborns are not being cared for by a trained and equipped midwife or nurse, and the results are devastating,” said Fore. “We can ensure that millions of babies survive their first day and live into this decade and beyond if every one of them is born into a safe pair of hands.”

India is projected to surpass China as the world's most populous country around 2027. According to UN estimates, India is expected to add nearly 273 million people between 2019 and 2050, while the population of Nigeria is projected to grow by 200 million. Together, these two countries could account for 23 per cent of the global population increase to 2050.

China, with 1.43 billion people in 2019, and India, with 1.37 billion, have long been the two most populous countries of the world, comprising 19 and 18 per cent, respectively, of the global total in 2019. Through the end of the century, India is estimated to remain the world's most populous country with nearly 1.5 billion inhabitants, followed by China with just under 1.1 billion, Nigeria with 733 million, the US with 434 million, and Pakistan with 403 million inhabitants.