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Here are all the schemes announced in the Cabinet briefing today

Govt will invest Rs 12,750 crore in recapitalising the three state-owned insurance companies- Oriental Insurance, National Insurance and United India Insurance

Topics
Union Cabinet | Insurance companies | EPFO

Sukanya Roy  |  New Delhi 

Cabinet approves distribution of free foodgrain till November

Javadekar said that in view of the need for continuous support to the poor and needy, the Cabinet approved extension of "Pradhan Mantri Garib Kalyan Yojana" for Ujjwala beneficiaries by three months with effect from July 1, 2020. Prime Minister Narendra Modi had, on June 30, announced the scheme to ensure that millions of poor in the country get food during the pandemic.

Recapitalising the three state-owned insurance companies

In a major announcement, he said Govt will invest Rs 12,750 crore in recapitalising the three state-owned insurance companies– Oriental Insurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited (including Rs 2,500 crore infused in FY 2019-20). The approved amount also includes Rs 2,500 crore infused in FY 2019-20. In the last budget on February 1, the government had set aside Rs 6,950 crore for of the three public sector general Experts have time and again sought capital infusion in the state-run insurers as they are undercapitalised. The government also looks to improve the solvency ratio of these companies before merging the three entities to create a general insurance giant.

Extension of PF contributions by Govt till August

The Cabinet today approved extension of EPF contribution of 24 per cent (12 per cent employees share and 12 per cent employers share) for another 3 months from June to August 2020 under PMGKY/Aatmanirbhar Bharat. With a total estimated expenditure of Rs 4,860 crore, this move will benefit over 367,000 employers and 7.2 million employees: Sitharaman in May had announced the extension of the scheme. Javadekar said that the decision has been taken to facilitate more take-home salary for employees and give relief to employers in payment of PF dues.


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First Published: Wed, July 08 2020. 18:06 IST
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