603

EPFO Payroll Data In The Formal Sector Touched A 17-Month High Of 8.96 Lakh In January

New Delhi: According to the latest EPFO payroll data the net employment generation in the formal sector touched a 17-month high of 8.96 lakh in January. The EPFO has been releasing payroll data from April 2018, covering the period starting September 2017.

The addition in January was 131 per cent higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month. In September 2017, a net of 2,75,609 jobs were created.

Around 76.48 lakh new subscribers were added to social security schemes of the Employees’ Provident Fund Organisation (EPFO) from September 2017 to January 2019, the data showed. This indicates that these many jobs were created in the formal sector over the past 17 months.

503

Jet Airline On The Verge Of Collapse; Pilots Facing Lot Of Financial Hardships Without Any Relief In Sight

New Delhi: The National Aviators Guild (NAG) has written a letter to Prime Minister Narendra Modi, flagging concerns about non-payment of salaries.

The pilots’ grouping of Jet Airways has said that the airline is on the “verge of collapse” and that they are facing lot of financial hardships without any relief in sight.

“We fear that the airline is on verge of collapse and this will leave thousands of people unemployed and change the dynamics of aviation as fares will increase due to reduction in capacity and travelling public will face major inconvenience,” the letter said.

413

Government Asks State-Run Banks To Rescue Jet Airways Without Pushing It Into Bankruptcy

New Delhi: To bail out Jet Airways, the government has asked state-run banks to rescue privately held aviation company without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election.

The finance ministry has in the past year sought regular updates from the banks, led by State Bank of India (SBI), on Jet’s financial health, the people said. In recent months, the banks have provided weekly updates about a revival plan and also sought government advice, the people added.

“Top officials at the finance ministry seek regular updates on the issue,” said an official at one of Jet’s lenders, who did not want to be identified as discussions are private.

343

Hong Kong Plans To Build One Of The World’s Largest Artificial Islands With $79 Billion Price Tag

New Delhi: To deal with the housing shortage, Hong Kong plans to build one of the world’s largest artificial islands with an eye-watering $79 billion price tag. The government’s HK$624 billion proposal to reclaim 1,000 hectares (2,471 acres) of land around the territory’s largest island, Lantau, has been touted as a solution to the pressing housing shortage in the city, which is notorious as one of the least affordable markets on the planet.

Authorities said they hope to start work on reclaiming land in 2025, with an eye on allowing residents to move to the island in 2032.

The artificial island -- the city’s most expensive infrastructure project to date -- would be four times the cost of building Hong Kong International Airport, which opened on Lantau in 1998, and far outstrip Dubai’s famous palm-tree shaped Palm Jumeirah, which reportedly cost $12 billion to build.

323

Jet Airways Grounds Four More Planes And Likely To Delay Paying Interest On Maturing Debt

New Delhi: Jet Airways Ltd said that it has grounded four more planes and would delay paying interest on maturing debt in a fresh sign of deepening liquidity crisis engulfing the Indian carrier saddled with over $1 billion debt.

India’s second-largest carrier has delayed payments to its pilots, suppliers and lessors for months and defaulted on loans, as it battles intensifying competition, a weak rupee and rising fuel costs. The airline said it will delay paying interest to its debenture holder, due March 19, owing to financial constraints.

Jet did not immediately respond to request for comment on payment-related details. Meanwhile, the airline grounded four more aircraft on Monday, taking the number of planes tied down to 41, or more than a third of its entire fleet.