What is it? The likely increase in economic output because of allowing Saudi women to drive. The West Asian country allowed women to drive for the first time on Sunday.
Why is it important? Freedom to drive is likely to increase labour participation of Saudi women, and this could boost the Saudi economy by $90 billion by 2030, according to a report by Bloomberg Economics. The report expects 70,000 Saudi women to join the workforce each year.
Tell me more: Saudi women would be covered the guardianship rules in other areas like opening a bank account or travelling abroad or getting married. India has one of the lowest female labour force participation rate at 27%, and is ranked 121 out of 131 countries according to International Labour Organisation.
What is it? The amount of minimum monthly pension that is likely to be paid to a retired organized sector employee in India. The proposal is under consideration by the government.
Why is it important? If implemented, it would double the current minimum pension of Rs1,000 per month. The recommendation is part of a three-member committee constituted by the labour ministry three months back. The committee felt the existing pension (effectively, Rs33 per day) would not even cover food cost for one person.
Tell me more: Employees’ Provident Fund (or EPF) of India has more 60 million active members (at least one month contribution in the last six months). EPF contribution is mandatory for all organized sector employees earning less than Rs15,000 per month. Employee and employer are required to contribute 12% of basic pay and house rent allowance into the EPF. From the employer’s contribution, 8.33% goes towards pension.
What is it? The percentage votes secured by Recep Erdogan in the first round of Turkey’s presidential polls, according to the state media.
Why is it important? The victory, if confirmed by official electoral results, would result in Erdogan consolidating powers without corresponding checks and balances. The post of prime minister will be removed, president can appoint senior officials directly and can also intervene in the legal system. These changes were approved in a referendum conducted last year with 51% of votes.
Tell me more:Turkey’s is facing high inflation of 11% and its currency lost 17% of the value since January 2018. The country also fights against kurdish rebels and the Islamic State group.
What is it? The surcharge levied on liquor sales in Rajasthan to fund the cow protection programme run by Vasundhara Raje government.
Why is it important? This is in addition to 10% surcharge levied on stamp duty on all non-judicial instruments like rent agreements and mortgage papers. The BJP government has so far collected Rs895 crore for cow protection. The state runs 2,562 cow-shelters with more than 8.58 lakh cows.
Tell me more:Alcohol taxes is yet to be brought under the Goods and Services Tax, and state governments are allowed to levy tax and surcharge as they wish.
What is it? The number of farmers who have availed farm insurance under the Pradhan Mantri Fasal Bima Yojana or PMFBY in 2017-18.
Why is it important? This is 14% lower when compared with number of farmers who availed PMFBY in 2016-17. The area covered has also shrunk by 55 lakh hectares to 496 lakh hectares. Delayed settlement of claims is cited as one of the reasons for decline in enrollment.
Tell me more:There were 9.5 crore farmers in India as per Census 2011. PMFBY is compulsory for all farmers taking crop loans, and is optional for others.