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Time of India
a day ago
- Business
- Time of India
You may be contributing to State Labour Welfare Fund from your salary: What is it, and how it helps employees
Not many employees are aware, but a small portion of their salary may be contributing to the State Labour Welfare Fund . For instance, if you are working for a company in Gurugram, then your company can charge you Rs 34 per month for the contribution towards the State Labour Welfare funds. Similarly, if you are based in Hyderabad, your company can charge Rs 2 per month for contribution towards the State Labour Welfare Fund . For different states, there may be a contribution amount that varies. ET Wealth Online explains what the State Labour Welfare Fund is and how it benefits employees. What is State Labour Welfare Fund? Vaibhav Bhardwaj, Partner at Khaitan & Co - a law firm, says, "The labour welfare fund (LWF) is a statutorily set up fund that is intended to promote the welfare of workers engaged in various specified sectors such as manufacturing, hospitality, construction, textile, transport, and agriculture. How does State Labour Welfare Fund help employees? The Labour Welfare Fund is used to finance activities that promote the welfare of labour in the state. It also helps to utilize unpaid accumulations (such as wages, bonuses, gratuities, etc.) lying with the employer in the best interests of labour. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Hombre (68) entabla relación con cuidadora - Meses después, ella entra en el sótano y le denuncia Crowdy Fan Undo Puneet Gupta, Tax Partner at EY India says, "The Labour Welfare Fund is utilised to cover the expenses of labour by providing various facilities." Some of these facilities provided to employees, as per Gupta, are: (a) Community and social education centres, including reading rooms and libraries; (b) Community necessities; (c) Games and sports; Live Events (d) Excursions, tours, and holiday homes; (e) Entertainment and other forms of recreation; (f) Home industries and subsidiary occupations for women and unemployed persons; (g) Corporate activities of a social nature; (i) Such other objects as would, in the opinion of the state government, improve the standard of living and ameliorate the social conditions of labour. According to Aarti Raote, Partner at Deloitte India, says, "The objective of the State Labour Welfare Fund is to provide financial assistance, improve working conditions and provide medical facilities for the workers. It is supposed to be financial aid." Bhardwaj says, "The amount collected through the LWF is used to provide financial aid, social security, improved working conditions, and higher standards of living for workers. The benefits offered via LWF include educational support, medical care, housing, and recreational facilities for workers and their dependents. The impact of the LWF is significant, especially for low-income workers. By providing vocational training to workers and educational support to their children, the LWF enables skill development, which can allow workers to access better employment opportunities and better educational opportunities for their families in the future. Additionally, by providing workers and their families with medical facilities, housing facilities, access to nutrition, etc, the LWF provides for their long-term well-being and enhances their socio-economic status. The financial assistance available through the LWF also helps ensure workers have a safety net during emergencies, contributing to their financial security." How are contributions to Labour Welfare Fund made? Gupta from EY India, says, "It comprises contributions from employers, employees, and the Government/State Government (in a few states). Unpaid accumulations (such as wages, bonuses, and gratuities) held by the employer are also deposited into the fund. Currently, there is a total of 16 states where state-specific labour welfare laws are applicable, including two Union Territories." "It is governed by the state-specific Labour Welfare Fund Acts and the rules framed thereunder, which inter alia often mandate employers and employees to make periodic contributions to the LWF. However, do note that contribution requirements, applicability, and benefits vary from state to state. In fact, some states such as Rajasthan, Uttarakhand, Jharkhand, etc, do not have a statutorily set up LWF," says Bhardwaj. He adds, "The contribution is determined on a state-specific basis, depending mostly on economic factors (for instance, the cost of implementing welfare schemes, inflation, cost of living adjustments, etc). The State Labour Welfare Boards, at times, pass amendments revising the contribution rates to ensure that the LWF is maintained sustainably and it achieves its purpose. It is common for contributions to be required both on the part of the employer and the employee. In some cases, the State government makes a separate contribution as well." Raote says, "The contribution is made by the employer and the employee. Since this is a state legislation, the contribution may differ from State to State. Some states have not incorporated this legislation, so it's not applied uniformly across India."
Time of India
27-04-2025
- Business
- Time of India
US economy was already sputtering before trade pain from Trump's tariffs kicked in
After cruising along comfortably for most of last year, the world's largest economy lost altitude at the start of 2025 as consumers tired and the trade deficit ballooned on a tariff-related scramble for imports. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" The US government's initial estimate of first-quarter gross domestic product is projected to show the economy expanded at a 0.4% annualized rate, the weakest in nearly three years. With financial markets hypersensitive to the economy's prospects, near-stagnant GDP would risk elevating concerns about a potential recession and any unraveling of the job market. Bloomberg So far, though, the hiring pace has cooled just a bit, and there are no signs of widespread layoffs. On Friday, the closely watched monthly employment report is forecast to show a 130,000 increase in payrolls — about 100,000 less than the larger-than-expected March gain. The jobless rate is projected to hold at 4.2%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Blind husband regains his sight, but doesn't tell his wife and he realizes he's been lied to for years. Crowdy Fan Undo GDP data on Wednesday will be an appraisal of the economy in the early period of Donald Trump 's presidency, showing the initial impact of his tariffs and trade-policy messaging in the lead-up to more sweeping duties that were announced April 2. Business investment in equipment — largely, commercial aircraft — may be a bright spot in the GDP report. However, companies have since become increasingly guarded about spending as they await more clarity on tariffs, trade deals and tax policy. Live Events The latest Bloomberg monthly survey of economists shows GDP will expand by less than 1% in each of first three quarters of this year, with private investment retrenching. Consumers, many of whom have grown concerned about job security, are also seen limiting their purchases. Another key report in the coming week is a monthly reading on personal consumption and income at the end of the first quarter. Economists forecast a healthy increase in March spending along with cooler income growth. Wednesday's report is also seen showing a welcome slowdown in the Federal Reserve 's preferred inflation gauge. The personal consumption expenditures price index, minus food and fuel, is forecast to have risen 2.6% from a year ago, which would be the smallest annual gain since June. The figure surfaces about a week before the Fed's May meeting, at which economists expect no change in interest rates. Policymakers observe a traditional blackout period in the week preceding each gathering. Elsewhere, Chinese purchasing manager indexes, economic output and inflation data across Europe, and the election in Canada will be in focus. Central banks in Japan, Hungary, Chile and Colombia are expected to leave rates unchanged, while Thai policymakers may cut. Bloomberg Canada Canadians vote Monday in a consequential election to determine who'll lead them through a fractious trade war with the US. Trump's economic and sovereignty threats have shaken Canadians, who polls suggest are leaning toward Mark Carney's Liberals over Pierre Poilievre's Conservatives. Both leaders have promised swift trade negotiations with Trump as well as deficit spending to strengthen Canada's economy and military. Bloomberg GDP data by industry for February and a flash estimate for March will offer insight into Canada's first-quarter economic performance. Exporters rushing to get ahead of Trump's tariffs were a source of strength early in the year, but the trade war has weighed heavily on business and consumer confidence, restraining investment and spending. The Bank of Canada expects about 1.8% annualized growth in real GDP in the first quarter. The central bank will release a summary of the deliberations that led to its decision earlier this month to hold rates steady and to avoid giving concrete economic projections due to the unpredictability of US trade policy. The summary may give insight into the conditions that would spur the Bank of Canada to resume its easing cycle, given that the outlook for Canadian growth is increasingly weak. Asia China releases figures that may be somewhat distorted by Trump's tariff campaign. The week kicked off on Sunday with data that showed profits at the country's industrial firms rebounded in March, driven by a boost in income from the high-technology manufacturing sector and signaling economic resilience. Both the official and Caixin manufacturing PMI gauges for April are due on Wednesday, with readings likely to sag from trade tensions as well as settling back from a seasonal bump in March. Bloomberg Economics estimates that tariffs at current levels may reduce China's direct US exports by more than 80% over the medium term, putting as much as 2.3% of GDP at risk, adding to pressure on policymakers to implement stimulus measures. Bloomberg The region also gets several price growth updates. Australia's consumer inflation on Wednesday is seen having cooled a bit in the first quarter, to 2.3% year on year, pushing up real interest rates and pressuring the RBA to cut its benchmark interest rate when it next sets policy on May 20. South Korea's CPI may back the case for a rate cut after recent grim GDP data. Indonesia, Pakistan and Uzbekistan also publish CPI statistics. Taiwan reports first-quarter GDP on Wednesday, and trade figures are due during the week from Sri Lanka, Thailand, South Korea, Australia, Hong Kong and the Philippines. On the policy front, the Bank of Japan is widely expected to hold its key rate steady on Thursday as authorities assess the likely impact from tariffs. Economists surveyed by Bloomberg have pushed back their expectations for rate hikes, with most seeing the possibility the BOJ may have to stay on hold for the rest of 2025. The second round of US-Japan trade talks, expected mid-week, may shed light on the tariff front. A day earlier, the Bank of Thailand is expected to lower borrowing costs by a quarter point. The central bank has cut its policy rate by 50 basis points since October as the growth outlook for Southeast Asia's second largest economy dims and domestic financial conditions tighten. Europe, Middle East, Africa Euro-area GDP and inflation numbers will be in focus, with data due Friday set to show that the European Central Bank's task of restoring 2% inflation is almost complete. Consumer-price growth probably slowed to 2.1% this month, while an underlying measure that strips out volatile elements such as energy is predicted to have ticked up to 2.5%. Bloomberg ECB policymakers have struck an optimistic tone on inflation of late, with the French central-bank chief Francois Villeroy de Galhau concluding that there 'is currently no inflationary risk in Europe.' Numbers from his country, due on Wednesday, support that statement, with economists predicting a slowdown to just 0.7%. Meanwhile, German and Italian readings will stay above 2%. GDP data the same day will show the state of the economy before Trump's April 2 tariff announcement. France's output probably grew just 0.1%, while Germany, Italy and the wider euro area each expanded 0.2%. Economic growth and GDP indicator numbers are also due across Europe, including from Ireland, Sweden and Poland. Bloomberg Earlier in the week, ECB Vice President Luis de Guindos and Governing Council members Olli Rehn, Robert Holzmann and Madis Muller are scheduled to make appearances, and the Frankfurt-based central bank publishes its monthly survey of consumers' inflation expectations. Elsewhere in the region, UK mortgage and house price numbers are due, with Bloomberg Economics predicting the country's housing market will enter a soft patch. Further south, Kenya's central bank expects annual inflation to quicken to 4.2% from 3.6% in March on the back of tight supplies of vegetables and cornmeal, the nation's staple. Latin America In a busy week, Brazil posts the central bank's weekly survey of economists, government debt totals, current account, foreign direct investment, nominal and primary budget balance data, along with its broadest measure of inflation. The IGP-M general prices index has risen for 12 straight months and is nearing a three-year high, as are wholesale prices. In that time, the benchmark inflation index is up almost 180 basis points to be well above the central bank's inflation target of 3%, plus or minus 1.5 percentage point. Bloomberg Chile reports seven economic indicators including March GDP-proxy data, all of which will take a back seat to the central bank's Tuesday monetary policy meeting. Policymakers led by Rosanna Costa will likely keep their key rate unchanged for a third straight time as inflation runs above target, growth and demand have surprised on the upside, and Trump's tariffs cloud the global economic outlook. Surprising growth and resilient inflation are front and center for Colombia's central bank at its meeting on Wednesday. That mix sees the early consensus of analysts forecasting that Banrep will again hold at 9.5%. Meanwhile, the IMF suspended on Saturday Colombia's flexible credit line due to the lack of measures to reduce public deficit and debt, which have risen more than expected in the fund's eyes. Bloomberg A light week in Argentina offers up February wages data, while Peru has only its Lima consumer prices report. Inflation in the country's megacity capital likely moved up for the first month in five, from March's 1.28%. Mexico on Wednesday posts its flash first-quarter output report, which may show that Latin America's No. 2 economy narrowly avoided falling into recession in the three months through March. Bloomberg
Time of India
26-04-2025
- Sport
- Time of India
Steelers' Day 2 draft advantage could land them Shedeur Sanders in the 2025 NFL Draft
The Pittsburgh Steelers are poised to make moves on Day 2 of the 2025 NFL Draft, with speculation growing about drafting Shedeur Sanders, fueled by betting markets. (Credit: Jerome Miron-USA TODAY Sports) The 2025 NFL Draft has already served up one of its biggest surprises, and it revolves around a name that dominated headlines for months—Shedeur Sanders. Once viewed as a near-lock to go within the top 5, the Colorado quarterback found himself unexpectedly sliding down the board, setting the stage for a second-day scramble that could define several franchises. Steelers could make a splash on Day 2 of 2025 draft with multiple picks lined up For weeks, sportsbooks had pegged Shedeur Sanders as a first-round talent, with his over/under draft position sitting comfortably around 8.5. But as draft week unfolded, the betting markets began to shift rapidly. On Wednesday, oddsmakers reacted to inside information and betting trends, adjusting his draft position line to a staggering 21.5 across multiple platforms. Suddenly, a player once destined for early selection found himself in uncharted territory. Pittsburgh Steelers 2025 NFL Draft Live (Round 1) Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ranger Sees Strange Creature On Riverbank. He Says, 'Oh My God,' When He Realizes What It Really Is Crowdy Fan Undo Thursday morning brought more chaos, as the Pittsburgh Steelers emerged as the odds-on favorites to land Sanders, with BetMGM listing them at -145. That surge came after a week of volatile movements. Just days earlier, the New Orleans Saints had been favorites at +160, building on prior momentum where they'd been listed as high as -115. The Cleveland Browns (+220), New York Giants (+450), and Las Vegas Raiders (12-1) also remained firmly in the mix as potential landing spots. But when Pittsburgh was on the clock at No. 21, the script flipped entirely. Despite having a glaring need under center—especially with only Mason Rudolph on the roster—the Steelers stunned fans and analysts alike by selecting Oregon defensive lineman Derrick Harmon. Both Sanders and Ole Miss quarterback Jaxson Dart were still on the board, making the decision even more unexpected. Steelers head coach Mike Tomlin didn't hide his enthusiasm for Harmon, noting, "Extreme urgency," when describing their approach. "To be quite honest with you, there's no substitute for young talent. You don't have a chance to fill a quality defense unless you're stout inside and up front. And this is a young guy that has an opportunity to learn from the likes of Cam Heyward and put his hand in that pile — and be a significant contributor for years to come." While Tomlin's vision for the defense is clear, the quarterback dilemma now looms larger than ever. Jaxson Dart quickly found a home with the New York Giants, and Shedeur Sanders remains available heading into Day 2—a scenario few could have predicted just 24 hours ago. The Steelers now enter the second day of the draft with just one pick, sitting at No. 83 in the third round. That reality significantly complicates their quarterback search. With Sanders and Alabama's Jalen Milroe both still on the board, it's highly unlikely either player will be available that late. Unless Pittsburgh trades up into the second round, they may be forced to look at other options such as Louisville's Tyler Shough, Ohio State's Will Howard, Texas' Quinn Ewers, or Syracuse's Kyle McCord. But trading up won't come cheap, especially with quarterback-needy teams like the Browns holding the No. 33 pick. If Sanders is to wear black and gold, Pittsburgh's front office will need to get aggressive and creative fast. As Day 2 dawns, the fate of Shedeur Sanders remains one of the biggest storylines of the 2025 NFL Draft—and the Steelers, still searching for their future quarterback, are right at the heart of it. Also Read: Who is Ashton Jeanty dating? Meet Gabrielle Miller, girlfriend of Heisman Trophy runner-up who was picked by the Raiders
