NREGS BASE WAGE RATE
Finding jobs in Canada getting harder. Youth unemployment rate rises to multi-year highs
Canada's economy saw a surprising loss of 1,400 jobs in June, causing the unemployment rate to rise to 6.4%, the highest in 29 months. Analysts had expected job gains. The Bank of Canada is closely monitoring the situation for any potential impact on inflation.
ECB's next rate cut an easy decision before choices become hard, Wunsch says
The European Central Bank's next interest rate cut is still a relatively easy decision, but subsequent moves should only come once inflation is clearly heading towards the 2% target, ECB policymaker Pierre Wunsch said in an interview.
Dollar steadies; sterling dips ahead of inflation test
The dollar weakened after soft U.S. retail sales data increased expectations of Federal Reserve rate cuts, while sterling dipped ahead of UK inflation data. Markets predict a 67% chance of rate cuts in September.
EM bond rally threatened as hawkish flags multiply
The balmy days of dovish monetary policy that fuelled a rally in emerging-market bonds looks to be over as central banks across the developing world turn more hawkish.
General Provident Fund (GPF) interest rate for April-June 2024 quarter announced
The Ministry of Finance has announced the interest rate for the General Provident Fund (GPF) and other similar provident fund initiatives for April- June 2024 quarter.
JPMorgan, Citi scrap Fed rate-cut bets for July after jobs data
JPMorgan's chief US economist, Michael Feroli, stated in a report on Friday that "the recent momentum in job growth" indicates that the "broader" labor-market weakening, which the Fed mentioned could justify a rate cut, might take more than three months to materialize.
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ECB cuts rates, keeps next move under wraps
The European Central Bank cut interest rates for the first time in five years, lowering the deposit rate to 3.75%. The move came in response to inflation uncertainty following a slowdown. This move is seen as the start of an easing cycle, but future cuts may be delayed due to price and wage pressures. ECB remains data-dependent and may wait until September for further action. Fed's stance may impact ECB's decisions.
European Central Bank set to cut rates for the first time since 2019 even as inflation fight continues
All 82 economists polled by Reuters expected the ECB to trim its deposit rate to 3.75% on Thursday from a record 4.0%, in what would be its first cut since 2019. ECB policymakers have clearly telegraphed their intention to lower borrowing costs after seeing inflation in the 20 countries that share the euro fall from more than 10% in late 2022 to just above their 2% target in recent months.
ECB to start rate cuts but sticky inflation clouds path ahead
The European Central Bank (ECB) is set to reduce eurozone interest rates from historic highs this week, with a quarter-point cut expected on Thursday, lowering the key deposit rate to 3.75%. Despite the reduction, persistent inflation and stronger-than-expected economic data suggest a slow pace for further rate cuts. ECB President Christine Lagarde is anticipated to provide future guidance post-meeting. Analysts predict only modest rate reductions throughout the year, with the deposit rate projected to reach 3.25% by the end of 2024.
Fed's Powell: PPI mixed, next move unlikely to be a rate hike
Though he said "my confidence in that is not as high as it was," given faster than expected inflation through the first three months of the year, the U.S. central bank chief said it remained unlikely in his view that the Fed would have to raise rates any further, even if the prospect for rate cuts has become less certain.
FM Nirmala Sitaraman flags 'gigantic schemes of fiscal splurge' pledged by Congress
The Congress has promised to launch a Mahalakshmi Scheme to provide Rs 1 lakh per year to every poor Indian family as unconditional cash transfer, and write off student loans, if voted to power. It also wants to guarantee a national minimum wage of ₹400 per day, among a host of other populist pledges.
SBI can have 15% credit growth if GDP grows at about 8%: Dinesh Kumar Khara
Dinesh Kumar Khara of SBI plans to maintain deposit rates and improve advances yield. SBI sees credit availment rise due to capacity utilization. Khara evaluates RBI guidelines, aims to sustain NIMs, ROA, and ROE.
Panel to relook at floor wage rates, prepare a road map
A high-level expert panel on floor wages in India is set to re-examine the wage rates finalised earlier, considering minimum wages notified by all states across three categories. The panel, led by SP Mukherjee, will hold its final meeting on May 27 and submit its report to the new government by June 2024. The three-year term of the expert committee, established in 2021, will end on June 30, 2024.
Japan real wages fall for 23rd straight month in February
Japanese workers faced a 23rd month of falling real wages in February due to higher prices. This crucial data, monitored by the Bank of Japan, reflects consumer purchasing power and was reported by the labour ministry.
MGNREGS wage hike just, based on Consumer Price Index for Agricultural Labour: Govt source
MGNREGS wage hike based on CPI-AL at 7.7%. New rates announced by Rural Development Ministry. Gujarat, MP, Andhra Pradesh see higher increases. West Bengal wages above many. Congress criticizes rates below Shramik NYAY guarantees.
India plans to replace minimum wage by living wages by 2025; Here's what it could it mean
India is planning to replace its minimum wage system with a living wage by 2025, seeking assistance from the International Labour Organization (ILO) to develop a framework for estimating and implementing it. The move aims to lift millions out of poverty and ensure their well-being. India has more than 500 million workers, with 90% in the unorganized sector. While many earn a daily minimum wage of ₹176 or more, stagnant since 2017, the national wage floor lacks enforceability across states, leading to wage payment discrepancies.
Big poll spends unlikely to lift rural demand
Economists suggest that rural consumption in India needs further government support and sustained capital expenditure to become broad-based in the coming quarters. The upcoming general election is unlikely to provide a significant boost to consumption. Instead, broader economic growth, easing inflation pressures, and government measures such as rationalizing GST rates and increasing allocations to rural schemes could support demand. Automakers also do not expect a huge sales boost from the elections, as historical data shows no real correlation between election years and sales.
Toyota agrees to biggest wage hike in 25 years, paves way for BOJ shift
Toyota, Panasonic, Nippon Steel and Nissan were among some of Japan Inc's biggest names that agreed to fully meet union demands for pay hikes at annual wage negotiations that wrap on Wednesday.
Rural-urban wage gap narrows in manufacturing; greater mobility, MNREGA factors
Greater mobility, higher payouts under NREGS, and lower urban wage elasticity are bringing parity between urban and rural manufacturing units. The gap between rural and urban wage growth has widened post-pandemic. The relative stickiness of urban wages with regard to profits may be a factor in the narrowing of the gap.
Unfazed by recession, BOJ keeps April policy shift on table
Japan shocked analysts on Thursday when data showed gross domestic product unexpectedly contracting for two straight quarters, the technical definition of a recession, and losing its place as the world's third-largest economy to Germany.
Rural distress? Where?
The narrative of deepening rural distress is flawed and relies on misconstrued data about wage growth. Comparisons between different time periods fail to consider the context and statistical nuances. Nominal wage growth during the last two decades has been significant, with average wages more than doubling in the current regime. However, interpreting this data as a sign of rural prosperity overlooks important factors.
Strong pitch for hike in NREGS base wage rate
The standing committee on rural development & panchayati raj has called for an upward revision of the base wage rate under the Mahatma Gandhi National Rural Employment Guarantee Scheme. At the same time, it has suggested that the base year used for computing wage growth be updated from the current 2009-10 to reflect today's reality.
Wages under MGNREGA inadequate, says parliamentary panel
The Parliamentary Standing Committee on Rural Development and Panchayati Raj, in a report tabled in Lok Sabha, pointed out the high range of variations in MGNREGA wages across the states.
Budget 2024: NREGS likely to get another Rs 13,500 crore in revised estimate for 2023-24
Union Budget 2024: The finance ministry may allocate about ₹13,500 crore more for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) in this financial year, bringing the total outlay to about ₹88,000 crore. The additional amount could be part of the second batch of supplementary demands for grants, reflecting in the revised estimate.
Finance ministry releases Rs 10,000 crore in urgent aid for NREGS
The unusual move came after 95% of the FY24 budgetary outlay of ₹60,000 crore for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) was exhausted well before the commencement of the winter session of parliament, thanks to a rise in work demand, the official told ET.
Finance ministry may grant NREGS Rs 28,000 cr more, over and above budgeted Rs 60,000 cr
Nearly 95% of the budgetary allocation for FY24 has already been released. The additional funds will be included in the first batch of supplementary demands for grants and will bring the total outlay for the scheme closer to last year's level of ₹90,000 crore. The government aims to maintain its fiscal deficit target of 5.9% of GDP by cutting wasteful expenditures and reallocating savings.
Deadline for these wage payments using Aadhaar-based Payment System (ABPS) extended to this date
The Central Government has been informed that numerous transactions for wage payments are being rejected due to an outdated account number by destination bank branch due to frequent changes in Bank Account Numbers made by the beneficiary and non-updating of the new account number
Govt panel suggests sharp hike in NREGS wage rates, budgetary outlay
A high-level government panel, tasked with recommending changes to make the rural job guarantee scheme more effective, has called for a significant increase in the extant wage rates--over and above the recent annual hike--and the budgetary allocation for the programme. The report was submitted with the rural development ministry in July and is yet to be made public.
Aadhaar-linked NREGS payments to get more time
The directive for a mandatory use of the Aadhaar-Based Payment System (ABPS) under the MGNREGS from February 1 had stoked massive protests by workers, many of whom claimed that they were being deprived of payments due to technical glitches. Subsequently, the rural development ministry decided to allow payments through both the ABPS and the usual National Automated Clearing House (NACH) electronic payment system until the end of March.
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