Latest news with #Jebaraj
Mint
6 days ago
- Business
- Mint
NaBFID set to launch credit enhancement facility early next month to boost infrastructure bond issues
New Delhi: The National Bank for Financing Infrastructure and Development (NaBFID) is preparing to roll out a key credit enhancement facility by early next month, after the Reserve Bank of India releases the final guidelines on the framework, a senior official told Mint. The move, under which lenders will offer enhanced guarantees on bonds issued by infrastructure companies and special purpose vehicles, follows an announcement in the FY26 Union Budget authorising NaBFID to offer Partial Credit Enhancement (PCE). The facility is designed to improve the credit ratings of such bonds, making them more attractive to investors. However, its rollout is contingent on the RBI releasing the final framework for regulated entities such as NaBFID to issue PCEs. Samuel Joseph Jebaraj, NaBFID's deputy managing director, told Mint that the RBI is expected to issue its final guidelines on non-fund-based credit facilities sometime in August, providing a new and overhauled framework for PCE by regulated entities. 'This will clear our plan to launch PCE products soon after, maybe by early next month (September),' Jebaraj said. The RBI's revised norms are expected to allow regulated entities to offer PCEs covering up to 50% of a bond issue, up from the earlier cap of 20%. This would give NaBFID greater room to address credit rating concerns and support the fundraising plans of infrastructure companies more effectively. 'We are already funding the infrastructure sector in a big way, with additional disbursements expected to be around ₹ 70,000 crore in FY26, taking total outstanding disbursements to over ₹ 1.1 trillion," Jebaraj said. "PCE will add another product that would aid the sector to mobilise crucial funding from the market on attractive terms.' Cumulative sanctions by NaBFID currently stand at ₹ 2.5 trillion across sectors such as roads, renewable energy, ports, railways, water and sanitation, and city gas distribution. It is expected to rise to ₹ 3.5 trillion by the end of FY26. NaBFID is also in talks with the World Bank to collaborate on product design and risk-sharing frameworks to improve the creditworthiness of infrastructure bonds, lower borrowing costs, and strengthen investor confidence. 'Our talks with the World Bank are to share a portion of the credit risk associated with our PCE facility for the infrastructure sector. The World Bank's backing for our guarantees will further strengthen our capital allocation, allowing us to be competitive in our pricing for PCE products," Jebaraj said. "The talks with the World Bank are a work in progress, but this will not impact our plan to launch PCE, which will progress as per the plan.' At present, discussions are under way on the extent of counterguarantees the World Bank would provide, either fully or partially. The expectation is for an 80% guarantee on NaBFID's PCE exposure, for which the institution will pay a fee. A partnership with the World Bank would bolster NaBFID's capital efficiency, reduce its capital provisioning needs, and allow it to offer more guarantees at lower costs, ultimately encouraging more companies to tap the facility. Spokespersons of the ministry of finance, the RBI, the World Bank and the secretary of the Department of Financial Services didn't respond to emailed queries. While credit enhancement mechanisms help improve the credit rating of corporate bond issues, enabling issuers to access the market at more favourable terms, lenders must set aside regulatory capital to offer such guarantees, based on the underlying rating of the bonds. India's vision of a $30 trillion economy by 2047, built on smart cities and seamless connectivity, faces a persistent infrastructure funding gap of over 5% of GDP. Public capital expenditure has more than doubled from FY21 to and FY24, but private capital remains scarce. As things stand, insurers and pension funds, key sources of long-term finance, allocate only 6% of assets to infrastructure, deterred by long gestation risks and high capital intensity.
Barnama
19-07-2025
- Health
- Barnama
Why Some Foreign Workers Remain Underserved Despite PERKESO Coverage
T wo foreign workers were injured on the job in Malaysia but their stories couldn't have been more different. One — Jebaraj Kumar (not his real name) from India — died alone, with his hospital bills unpaid. His body remained in the morgue for nearly two months and was only flown back to India in a closed casket after the outstanding bills were settled. The other — Sri Handayani or Riyanie, a 49-year-old maid from Indonesia — was hit by a car while heading to the grocery store. She was treated and discharged within hours, received a month of physiotherapy, and has since returned to work. The incidents happened about a year apart. The Malaysian government-backed insurance scheme for workers, the Social Security Organisation (PERKESO), paid for both medical bills. All workers, foreign and local, are required by law to be enrolled in PERKESO, which not only pays for medical bills for injuries and illnesses sustained at work, but also disability and death benefits. But Jebaraj did not receive any help from PERKESO until almost two months after his death, while Riyanie received assistance almost immediately. Their stories expose the stark difference in outcome on a system that arguably relies too much on employers and luck for workers with little support system here. 'For migrants, it is essential to be covered by (PERKESO) as migrants work in 3D (dirty, dangerous, difficult) sectors where injuries can happen anytime,' said Sumitha Shaanthinni Kishna, founder and director of the migrant labour rights group Our Journey. 'PERKESO has a very strong system when it works as intended.' Sumitha Shaanthinni Kishna. WITHOUT PERKESO The case of Jebaraj illustrates what could happen to a worker if the unthinkable happened without PERKESO's assistance. On March 6, 2024, the 48-year old man from Tamil Nadu, India was working in the kitchen of a restaurant in Bangsar, when a gas tank exploded. He sustained severe burns on 80 per cent of his body and was the only one injured, according to news reports on the incident. He was brought to Kuala Lumpur Hospital (HKL) for treatment. No one had notified his family. His 25-year-old daughter, who asked to be identified only as Suba, told Bernama via an interpreter that they only knew something was wrong when her father failed to call them at 6.30 pm as scheduled. She called her father's employer, who informed her that Jebaraj had been injured at work and was in the hospital. 'He told me my father was ok, he was awake and talking,' she said via Google Meet. 'We didn't fly to see him because we thought he was going to be ok.' She said in reality, her father was in a coma. She and her mother asked to talk to Jebaraj, or see photos of him recovering in the hospital, but the employer said HKL did not allow any phones on its premises. Things got worse from there. Jebaraj passed away on June 2, 2024. But Suba and her mother would not be able to bury him until almost two months later. She claimed that Jebaraj's employer tried to persuade the family to bury him in Malaysia, citing the extensive paperwork involved in repatriating the body. She then asked her father's friend to check on her father's case and found out that the body had not been released because of unpaid hospital bills. Suba does not know whether her father's employer reported the case to PERKESO, as required by law. In any case, it appears PERKESO was not involved in Rebaraj's case until Sumitha—whose NGO is representing Suba and her mother—petitioned the organisation to cover the hospital bill and provide the entitlements owed to them. When contacted, Jebaraj's employers said he had PERKESO coverage at the time of the incident but did not explain why the hospital bills were left unpaid. PERKESO confirmed to Bernama via WhatsApp that Jebaraj was covered. 'PERKESO has investigated this case and confirmed that the case is covered under the Employment Injury Scheme (Act 4) and eligible to receive benefits from PERKESO,' the group said. Suba confirmed her mother has begun receiving dependent's benefits through the scheme. Malaysia made PERKESO coverage mandatory for foreign workers in 2019, and expanded its Invalidity Scheme to foreign workers in July 2024 to provide disability pension, funeral and death benefits, as well as survivors' benefits. Failure to comply could result in a RM10,000 fine or two-years' imprisonment or both. PERKESO has covered Malaysian workers' since 1971 via the Employees' Social Security Act 1969 (Act 4), Self-Employment Social Security Act 2017 (Act 789) and Employment Insurance System Act 2017 (Act 800). WITH PERKESO Riyanie vividly recalls the terrifying moment the car struck her—her body and purse flying into the air. Just moments earlier, she had been waiting for the light to turn green so she could cross. Now, she lay sprawled in the middle of the road in Puchong like a rag doll, blood covering her face and body, the contents of her purse scattered around her. 'I could tell it was bad because there was so much blood. My hand was covered in blood,' said the Indonesian domestic worker to Bernama. Pedestrians and the remorseful driver helped her contact her employer and took her to the nearest clinic and then to Putrajaya Hospital. Her employer met her there, stayed by her side during the X-rays, helped her through treatment for a scalp gash, and arranged her physiotherapy sessions. She also assisted Ryanie fill out the necessary forms. Not once during that time did she worry about accessing medical care, including the physical rehabilitation for muscle damage on her right side. 'I received physiotherapy from PERKESO too—they covered everything,' she said, adding that her employer had enrolled her in the programme as required by law, and also provided coverage under the Indonesian government's workers' insurance scheme. The accident took place on May 6 this year. Today, Riyanie is fully healed, healthy and moving without any aches or pains. She described the entire process as smooth and mostly hassle-free. All she had to do was provide her PERKESO number to the hospital staff, and if she didn't have it, her employer would do it for her. For Riyanie, the system worked as intended. DIFFERENCES IN RESPONSE Both are foreign workers who met with an accident at work. Both have PERKESO coverage. Yet, the paths diverged sharply. Experts said the difference came down to how helpful the employers are. For foreign workers, who are often alone and lack a support network here, this reliance on the employer is compounded. Malaysian workers who are recent transplants may be in a similar situation. Bar Council Migrants and Refugees Committee Co-Chair Datuk Seri Ramachelvam told Bernama the onus was mostly on employers contacting PERKESO when accidents happen. 'There's also nothing barring an employee from reporting, but employees are less likely to report it in the sense of the lack of knowledge,' he told Bernama via Zoom. Media reports of serious or deadly incidents are not enough to trigger PERKESO action either as there is no way to know who the workers involved were or whether they were contributors to PERKESO. Under Malaysian law, not all workers are covered. Workers who earn more than RM6,000 are not required to have PERKESO coverage, a ceiling increase from RM 4,000 to RM5,000 on Sept 1, 2022, and another to RM6,000 on Oct 1, 2024. National Association of Human Resources Malaysia (PUSMA) president Zarina Ismail said the way PERKESO is set up, employers have an outsized role in looking after their employees. 'As employers, that is their responsibility. Whether it's a big or small company, once we hire workers—whether foreign or local—it is our duty to ensure their welfare,' she said. Nevertheless, labour experts said most employers are compliant and provide PERKESO and other coverage for their workers as required by law. FILLING IN GAPS That employers should be responsible for their employees' well-being is a given. But a system that hinges on them to activate benefits leaves too much room for failure. Labour experts say to prevent cases such as Jebaraj's, there needs to be changes at the systemic and administrative level. All said better communication between governmental agencies would help plug the gap in reporting and service. Attorney Michael Cheah, who deals with labour issues among others at AmerBON Advocates, blamed government agencies' tendency to work in siloes. 'The system is built in such a way that everyone operates in siloes so there's no integration between the agencies,' he said. Datuk Seri M. Ramachelvam (2023) COPYRIGHT RESERVED Ramachelvam agreed. He said having a standard operating procedure (SOP) in place where one department receiving a report triggers action from another agency would prevent cases from slipping through the cracks. For instance, the law mandates reporting of industrial accidents to the Department of Occupational Safety and Health (DOSH). Should any worker die or be injured, DOSH can take note and inform PERKESO. 'I don't see why, when an accident is reported to the department (DOSH), there should (not) be an SOP for it to notify PERKESO as well—so that PERKESO can follow up,' he said. That future may not be long way off. Even now, the government is in the process of digitalisation and possibly digitally linking their services between agencies, as part of the five-year digitalisation plan, overseen by Jabatan Digital Negara (JDN). In the meantime, Riyanie—who still cares for her employer's elderly mother—considers herself fortunate to be working for a family that follows the rules. A mother of three grown children, she feels assured they will be taken care of should anything happen to her while she's away from home. 'I'm not worried because I have insurance,' she said, smiling. For Suba, her father's passing, alone and unconscious in a strange land, is still a source of pain. She last saw him in 2019 when he was in India for a vacation. 'He was supposed to come back last year to arrange my marriage,' she said. Instead, the next time Jebaraj was back on Indian soil, it was in a closed casket, buried hurriedly at 2 am without a priest attending the burial. 'I'm still heartbroken that I couldn't talk to him before he died.'
Malaysian Reserve
19-07-2025
- Health
- Malaysian Reserve
WHy some foreign workers remain underserved despite PERKESO coverage
KUALA LUMPUR — Two foreign workers were injured on the job in Malaysia but their stories couldn't have been more different. One — Jebaraj Kumar (not his real name) from India — died alone, with his hospital bills unpaid. His body remained in the morgue for nearly two months and was only flown back to India in a closed casket after the outstanding bills were settled. The other — Sri Handayani or Riyanie, a 49-year-old maid from Indonesia — was hit by a car while heading to the grocery store. She was treated and discharged within hours, received a month of physiotherapy, and has since returned to work. The incidents happened about a year apart. The Malaysian government-backed insurance scheme for workers, the Social Security Organisation (PERKESO), paid for both medical bills. All workers, foreign and local, are required by law to be enrolled in PERKESO, which not only pays for medical bills for injuries and illnesses sustained at work, but also disability and death benefits. But Jebaraj did not receive any help from PERKESO until almost two months after his death, while Riyanie received assistance almost immediately. Their stories expose the stark difference in outcome on a system that arguably relies too much on employers and luck for workers with little support system here. 'For migrants, it is essential to be covered by (PERKESO) as migrants work in 3D (dirty, dangerous, difficult) sectors where injuries can happen anytime,' said Sumitha Shaanthinni Kishna, founder and director of the migrant labour rights group Our Journey. 'PERKESO has a very strong system when it works as intended.' WITHOUT PERKESO The case of Jebaraj illustrates what could happen to a worker if the unthinkable happened without PERKESO's assistance. On March 6, 2024, the 48-year old man from Tamil Nadu, India was working in the kitchen of a restaurant in Bangsar, when a gas tank exploded. He sustained severe burns on 80 per cent of his body and was the only one injured, according to news reports on the incident. He was brought to Kuala Lumpur Hospital (HKL) for treatment. No one had notified his family. His 25-year-old daughter, who asked to be identified only as Suba, told Bernama via an interpreter that they only knew something was wrong when her father failed to call them at 6.30 pm as scheduled. She called her father's employer, who informed her that Jebaraj had been injured at work and was in the hospital. 'He told me my father was ok, he was awake and talking,' she said via Google Meet. 'We didn't fly to see him because we thought he was going to be ok.' She said in reality, her father was in a coma. She and her mother asked to talk to Jebaraj, or see photos of him recovering in the hospital, but the employer said HKL did not allow any phones on its premises. Things got worse from there. Jebaraj passed away on June 2, 2024. But Suba and her mother would not be able to bury him until almost two months later. She claimed that Jebaraj's employer tried to persuade the family to bury him in Malaysia, citing the extensive paperwork involved in repatriating the body. She then asked her father's friend to check on her father's case and found out that the body had not been released because of unpaid hospital bills. Suba is unsure whether her father's employer reported the case to PERKESO, as required by law. In any case, it appears PERKESO was not involved in Rebaraj's case until Sumitha—whose NGO is representing Suba and her mother—petitioned the organisation to cover the hospital bill and provide the entitlements owed to them. When contacted, Jebaraj's employers said he had PERKESO coverage at the time of the incident but did not explain why the hospital bills were left unpaid. PERKESO confirmed to Bernama via WhatsApp that Jebaraj was covered. 'PERKESO has investigated this case and confirmed that the case is covered under the Employment Injury Scheme (Act 4) and eligible to receive benefits from PERKESO,' the group said. Suba confirmed her mother has begun receiving dependent's benefits through the scheme. Malaysia made PERKESO coverage mandatory for foreign workers in 2019, and expanded its Invalidity Scheme to foreign workers in July 2024 to provide disability pension, funeral and death benefits, as well as survivors' benefits. Failure to comply could result in a RM10,000 fine or two-years' imprisonment or both. PERKESO has covered Malaysian workers' since 1971 via the Employees' Social Security Act 1969 (Act 4), Self-Employment Social Security Act 2017 (Act 789) and Employment Insurance System Act 2017 (Act 800). WITH PERKESO Riyanie vividly recalls the terrifying moment the car struck her—her body and purse flying into the air. Just moments earlier, she had been waiting for the light to turn green so she could cross. Now, she lay sprawled in the middle of the road in Puchong like a rag doll, blood covering her face and body, the contents of her purse scattered around her. 'I could tell it was bad because there was so much blood. My hand was covered in blood,' said the Indonesian domestic worker to Bernama. Pedestrians and the remorseful driver helped her contact her employer and took her to the nearest clinic and then to Putrajaya Hospital. Her employer met her there, stayed by her side during the X-rays, helped her through treatment for a scalp gash, and arranged her physiotherapy sessions. She also assisted Ryanie fill out the necessary forms. Not once during that time did she worry about accessing medical care, including the physical rehabilitation for muscle damage on her right side. 'I received physiotherapy from PERKESO too—they covered everything,' she said, adding that her employer had enrolled her in the programme as required by law, and also provided coverage under the Indonesian government's workers' insurance scheme. The accident took place on May 6 this year. Today, Riyanie is fully healed, healthy and moving without any aches or pains. She described the entire process as smooth and mostly hassle-free. All she had to do was provide her PERKESO number to the hospital staff, and if she didn't have it, her employer would do it for her. For Riyanie, the system worked as intended. DIFFERENCES IN RESPONSE Both are foreign workers who met with an accident at work. Both have PERKESO coverage. Yet, the paths diverged sharply. Experts said the difference came down to how helpful the employers are. For foreign workers, who are often alone and lack a support network here, this reliance on the employer is compounded. Malaysian workers who are recent transplants may be in a similar situation. Bar Council Migrants and Refugees Committee Co-Chair Datuk Seri Ramachelvam told Bernama the onus was mostly on employers contacting PERKESO when accidents happen. 'There's also nothing barring an employee from reporting, but employees are less likely to report it in the sense of the lack of knowledge,' he told Bernama via Zoom. Media reports of serious or deadly incidents are not enough to trigger PERKESO action either as there is no way to know who the workers involved were or whether they were contributors to PERKESO. Under Malaysian law, not all workers are covered. Workers who earn more than RM6,000 are not required to have PERKESO coverage, a ceiling increase from RM 4,000 to RM5,000 on Sept 1, 2022, and another to RM6,000 on Oct 1, 2024. National Association of Human Resources Malaysia (PUSMA) president Zarina Ismail said the way PERKESO is set up, employers have an outsized role in looking after their employees. 'As employers, that is their responsibility. Whether it's a big or small company, once we hire workers—whether foreign or local—it is our duty to ensure their welfare,' she said. Nevertheless, labour experts said most employers are compliant and provide PERKESO and other coverage for their workers as required by law. FILLING IN GAPS That employers should be responsible for their employees' well-being is a given. But a system that hinges on them to activate benefits leaves too much room for failure. Labour experts say to prevent cases such as Jebaraj's, there needs to be changes at the systemic and administrative level. All said better communication between governmental agencies would help plug the gap in reporting and service. Attorney Michael Cheah, who deals with labour issues among others at AmerBON Advocates, blamed government agencies' tendency to work in siloes. 'The system is built in such a way that everyone operates in siloes so there's no integration between the agencies,' he said. Ramachelvam agreed. He said having a standard operating procedure (SOP) in place where one department receiving a report triggers action from another agency would prevent cases from slipping through the cracks. For instance, the law mandates reporting of industrial accidents to the Department of Occupational Safety and Health (DOSH). Should any worker die or be injured, DOSH can take note and inform PERKESO. 'I don't see why, when an accident is reported to the department (DOSH), there should (not) be an SOP for it to notify PERKESO as well—so that PERKESO can follow up,' he said. 'That future may not be long way off. Even now, the government is in the process of digitalisation and possibly digitally linking their services between agencies, as part of the five-year digitalisation plan, overseen by Jabatan Digital Negara (JDN). In the meantime, Riyanie—who still cares for her employer's elderly mother—considers herself fortunate to be working for a family that follows the rules. A mother of three grown children, she feels assured they will be taken care of should anything happen to her while she's away from home. 'I'm not worried because I have insurance,' she said, smiling. For Suba, her father's passing, alone and unconscious in a strange land, is still a source of pain. She last saw him in 2019 when he was in India for a vacation. 'He was supposed to come back last year to arrange my marriage,' she said. Instead, the next time Jebaraj was back on Indian soil, it was in a closed casket, buried hurriedly at 2 am without a priest attending the burial. 'I'm still heartbroken that I couldn't talk to him before he died.' –BERNAMA
Yahoo
11-06-2025
- Business
- Yahoo
BoldSign® Wins Developer's Choice in the 2025 Postman API Network Awards
The Syncfusion® eSignature solution earns top honors for outstanding experience, performance, and community impact RESEARCH TRIANGLE PARK, N.C., June 11, 2025 (GLOBE NEWSWIRE) -- Syncfusion®, Inc., the enterprise technology provider of choice, today announced that its eSignature solution, BoldSign®, won the Postman Developer's Choice Award. Selected by Postman's worldwide developer community, the award spotlights APIs that deliver exceptional user experience, measurable business value, and active community engagement. Syncfusion coming in at number one is a result of its commitment to building tools that developers and businesses trust. 'BoldSign started with a simple goal: give developers an eSignature API that lets them plug in, sign, and ship without friction,' said Daniel Jebaraj, CEO of Syncfusion. 'This award tells us we're on the right path and motivates us to keep raising the bar with features that help our customers move their products forward.' Businesses choose BoldSign due to its: Fast, friction-free signing: Legally binding signatures captured in seconds. Easy implementation: Most teams roll out in under a day with no heavy IT lifting. Web-to-mobile flexibility: Seamless experience for in-office and on-the-go staff. Bank-grade security and compliance: Robust encryption and compliance with SOC 2, HIPAA, GDPR, and eIDAS regulations. Scalability: Usage-based plans stay cost-effective for individuals, startups, and large enterprises. Real-time human support: Direct access to BoldSign experts whenever questions arise. Customer-driven roadmap: Continuous feature drops shaped by user feedback. 'Winning Developer's Choice is both humbling and energizing,' added Jebaraj. 'We're just getting started—look for new features, expanded SDKs, and deeper integrations so teams can scale from 10 to a million documents without switching platforms.' Learn more about the BoldSign® eSignature APIs in Postman. For more information about fast, secure, and scalable eSignature functionality in BoldSign, visit its website. About Syncfusion, in the technology hub of Research Triangle Park, N.C., Syncfusion®, Inc. delivers an award-winning ecosystem of developer control suites, embeddable BI platforms, and business software. Syncfusion was founded in 2001 with a single software component and a mission to support businesses of all sizes—from individual developers and start-ups to Fortune 500 enterprises. Though its pilot product, the Essential Studio® suite, has grown to over 1,900 developer controls, its mission remains the same. With offices in the U.S., India, and Kenya, Syncfusion prioritizes the customer experience by providing feature-rich solutions to help developers and enterprises solve complex problems, save money, and build high-performance, robust applications. Contact: Brittany KearnsPhone: 571-271-7211Email: brittany@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
10-02-2025
- Business
- Axios
University of Arkansas economist bullish on 2025
Mervin Jebaraj, one of the state's top economists, said Friday he's "tariff-ied" by the possibility of trade retaliations. Puns aside, the director of the University of Arkansas' Center for Business and Economic Research is generally bullish on the state's economic outlook for 2025. The big picture: The annual business forecast luncheon helps Arkansas' business leaders and policymakers set expectations for the year ahead. Speakers included Rupal Poltack, CEO of Walton Enterprises; Dana Peterson, chief economist at The Conference Board; Sam Khater, chief economist at Freddie Mac; and Jebaraj. What they're saying: Some key takeaways from the forecast: Global GDP is expected to continue growing, led by China, India and the U.S., but at a slower pace over the next couple of years, Peterson said. Wealth in the U.S. has gained $50 trillion over the past five years and consumers continue to spend, according to Kather. Yes, but: Much of that is in housing and stock equity, meaning the bottom half of the population is losing ground, he said. Both Peterson and Khather agreed that inflation is decelerating but will likely be higher than it was pre-pandemic. Friction point: Attainable housing continues to be a concern across the U.S. and in NWA because inventory increases slowly and the types of homes being built aren't intended for entry-level buyers. Threat level: Showing a standoff scene from " The Good, the Bad and the Ugly," Jebaraj pointed out Arkansas' steel, advanced weapons and aircraft manufacturing are among leading exports. All three of the industries along with agricultural products are major Arkansas exports to Canada and Mexico, so retaliatory tariffs could impact the state's economy. Sad, but true: Noting the impact of avian influenza on poultry and eggs, Jebaraj suggested avocados could be more affordable to hide this Easter. The bottom line: Jebaraj expects the population to continue growing in the 10,000 to 13,000 range. Job growth should be nearly 6,000 in NWA this year, roughly on par with the past two years.
