In a famous scene, Sir Humphrey justifies the existence of a hospital with no patients but 500 administrative staff: Jim Hacker: "A hospital without patients? What's the point of that?" Sir Humphrey: "It's a perfectly good hospital, Minister. It has excellent administration and an efficient staff." Jim patients!" Hacker: "But no Sir Humphrey: "Patients are an unnecessary inconvenience for the staff." Jim Hacker: "Isn't the purpose of a hospital to have patients?" Sir Humphrey: "Oh no, Minister. The purpose of the health service is to provide health care, not health." This dialogue perfectly satirises the absurdity of outdated systems, reminding me of rules in our formal sector, framed in the 1950s. These rules on Employee Provident Fund (EPF), Employees State Insurance (ESI) and Profession tax burden employers and employees alike, especially as we struggle to increase formal employment.
Take the example of Sarita, a (fictitious) new employee in Mumbai earning ₹15,000 per month (1.80 lakh annually).
She must pay a profession tax of ₹2,500 annually. The administrative burden of paying this tax is high. With no time limit for arrears collection, notices can arrive 10-15 years later, with steep penalties.
Esta historia es de la edición September 09, 2024 de Business Standard.
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Esta historia es de la edición September 09, 2024 de Business Standard.
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Avoid partial payout: Buy health cover with fewer sub-limits
At a recent Confederation of Indian Industry (CII) summit, Satyajit Tripathi, member (distribution), Insurance Regulatory and Development Authority of India (Irdai), highlighted that grievances in general insurance, especially health insurance, mainly revolve around claim payments.
'Largecaps appear reasonably valued'
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Sustained FPI activity lifts Sensex, Nifty
Equity benchmark index Sensex rebounded nearly 100 points to hit a lifetime closing high on Monday and Nifty scaled an intraday record level, propelled by bargain hunting in energy, utility and banking stocks amid sustained foreign fund inflows.
Investors may book partial profit: Brokerages
Analysts on Monday attributed the blockbuster debut of Bajaj Housing Finance Ltd (BHFL) on the bourses to its strong fundamentals and the brand 'Bajaj', and said it could emerge as a long-term wealth creator.
Interest, trust of investors humbling: Sanjiv Bajaj
Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, on Monday said he expected 12-15 per cent credit growth in the housing finance industry, amid the strong tailwinds in the economy.
Trent may replace Bajaj Finserv in Sensexrejig in December
Bajaj Housing Finance Ltd's impressive stock market debut has brought cheer to the 100year-old Bajaj Group, but the conglomerate faces the prospect of Bajaj Finserv being removed from the benchmark Sensex index.
Sebi withdraws earlier statement on staff unrest
The Securities and Exchange Board of India (Sebi) on Monday said it was amicably addressing the concerns of its protesting employees on \"internal\" matters, as it withdrew an earlier press release that claimed that its staff's complaints were influenced by external elements.
The clash of 'will'power: The jury is still out
Following courtroom drama, experts analyse which one will dominate legal proceedings
FIRST LINE OF DEFENCE
Why New Delhi is underlining the role of border villages as custodians of India's frontiers
A fine balance
Markets in agriculture must be allowed to function