All South Korean companies hiring foreign manual workers will be required from later this year to subscribe to the departure-expiration insurance to pay their retirement benefits, the labor ministry said today. Owners of smaller firms hiring at least five foreigners with E-9 or H-2 visas are currently required to subscribe to the departure-expiration insurance to ensure that retirement benefits are paid before the departure of a worker.
The Finance Minister Shri Pranab Mukherjee has said that a robust comprehensive and transparent accounting system is a must for any government. He was inaugurating a day- long national conference of the State Finance Ministers on ‘Accrual Based Financial Reporting in Government’, here today. Shri Mukherjee stated that accrual based financial reporting in the Government is an important initiative in the reform of the system of accounts and financial reporting in the public domain.
Following three months of consecutive decline, foreign direct investment (FDI) flows into India grew by about 43 per cent to USD 3.12 billion in April, 2011. The country received USD 2.17 billion worth of FDI in April, 2010. The figure is showing a recovery in the global markets, especially in European economies, an official said.
Emphasising on the need to boost growth in the manufacturing sector, Bharat Forge Chairman and Managing Director Baba Kalyani today expressed hope that the soon-to-be-announced manufacturing policy would give an impetus to the sector.
