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Hiring in India picks up pace by 35 percentage points during April to June: LinkedIn

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NEW DELHI: There has been a significant rebound in hiring following the easing of lockdown restrictions and, between early-April to end-June recruitment in India has increased by 35 percentage points, says a report. According to LinkedIn‘s latest ‘Labour Market Update’, a monthly update on hiring trends and insights, though there has been a significant hiring rebound, the pace of these gains is expected to slow down given the continued economic uncertainty.

As per the data, in India, hiring declines reached a low of (-) 50 per cent year-on-year in April, before starting to slowly recover. The hiring sentiment stood at (-) 15 per cent year-on-year as of the end of June.

“As risks of second-wave of infections emerge, some states have imposed lockdown measures again. Given this uncertainty, the recovery is expected to remain fairly flat in the coming weeks,” it said.

Data also suggested that the gap between hires for males and females has narrowed from about 40 percentage points in February to around 30 percentage points in June.

The competition for jobs has also doubled compared to 6 months ago, with the average number of applications per job posted on LinkedIn increasing from around 90 in January 2020, to 180 in June 2020.

The Labour Market Update also highlighted the roles that are in demand at present and are expected to remain relevant in the near future. The top five in-demand jobs are Software Engineer, Business Development Manager, Sales Manager, Business Analyst and Content Writer.

“These roles have the greatest number of job openings on LinkedIn, have seen steady growth over the past four years, pay a liveable wage, and require skills that can be learned online,” it said.

The top five in-demand skills are JavaScript, SQL, sales management, team leadership and recruiting.

LinkedIn’s ‘Labour Market Update’ is a monthly update on hiring trends and insights based on LinkedIn’s Economic Graph, a digital representation of the Indian economy and insights from the graph provide real-time information on trends that are emerging in the labour market.

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Education

Maharashtra board announces time table for SSC, HSC supplementary exam

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PUNE: The supplementary exam of secondary school certificate (SSC, std X) and higher secondary certificate (HSC, std XII) will start from November 20 and exams will conclude on December 7, a statement issued by the Maharashtra state secondary and higher secondary education said on Tuesday. The state board also released the entire time table for both exams in detail on its website. The exam will be conducted by the state board in Pune, Mumbai, Kolhapur, Konkan, Nashik, Aurangabad, Amravati, Latur and Nagpur.

Students who are eligible for ATKT will also be able to appear for respective subjects in this supplementary exam, the state board said. The SSC exam will start on November 20 and conclude on December 5 while the HSC exam will end on December 10 for general subjects and for vocational subjects it will end on December 7.

The oral, practical and grade examination of SSC board will start from November 18 and end on December 5 while the HSC oral exam will start from November 18 and end on December 10. The datewise time table has been made available on the state board portal: www.mahahsscboard.in.



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FINANCIAL TERM OF THE WEEK: EQUITY- LINKED SAVINGS SCHEME (ELSS)

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mediawire_image_93403210Nippon India Mutual Fund

Equity Linked Savings Scheme (ELSS) is a type of mutual fund scheme that invests in equity-related instruments and helps you claim your investment in an ELSS for an income tax deduction. The latter part, i.e. the ELSS tax benefit, is what sets ELSS apart from other equity-oriented mutual fund schemes. ELSS comes with a lock-in period of 3 years from the date of investment, which means that you can redeem your investment in ELSS only after 3 years of investment. Since it is an equity-oriented scheme, it is recommended for a relatively long-term investment with an aim to get relatively better returns.

How to invest in ELSS funds?

Two ways to invest in ELSS funds- Systematic Investment Plan (SIP) wherein you invest a pre-defined chunk of money at regular intervals in the scheme or Lump sum investment wherein you invest all the money at one go.

Scenario I- SIP

Let us assume that you have started a monthly SIP of Rs 5000 on 1st Jan 2020; then your lock-in period will be as follows-

  • Investment Date is 1st Jan 2020 than Redemption Date on 1st Jan 2023
  • Investment Date is 15th May 2021 than Redemption Date on 15th May 2024
  • Investment Date is 19th Dec 2022 than Redemption Date on 19th Dec 2025

As can be seen, every installment of SIP has a different lock-in period and can thus be redeemed accordingly.

Scenario II- Lump sum

If the same investment was made as a lump sum amount on 1st Jan 2020, then the entire capital can be redeemed on 1st Jan 2023.

ELSS Tax Benefit

The investments made under an ELSS scheme are eligible for deduction from your taxable income under section 80C of The Income Tax Act, 1961 up to Rs 1.5 Lakh. For example, if you start a SIP on 1st Apr 2020 in an ELSS fund of Rs 10,000 per month, then you can claim a deduction of Rs 1,20,000 (12x Rs 10,000) for the entire year under the Section 80C. This translates into ~ Rs 46,800 worth of tax saving in a year. Tax laws are subject to amendments made thereto from time to time. Investors are requested to consult their tax advisor in this regard before investing.

Who can invest in ELSS?

  • Investors who aim to achieve comparatively better returns than other traditional tax-saving investments
  • Investors who are looking to save tax while investing in a mutual fund scheme
  • First-time mutual fund investors who can seek the dual benefit of tax saving and long-term investments in mutual fund schemes
  • Investors with longer investment horizon than 3 years

Tax implications on ELSS

ELSS are taxed like any other equity-oriented mutual fund scheme. Since ELSS comes with a lock-in period of 3 years, only long-term capital gains tax (LTCG) is applicable, i.e 10% on your gains above Rs 1 Lakh.

For example, if you redeem an investment that has a current value of Rs 2,50,000 after 3 years of lock-in, Then the LTCG levied is 10% on Rs 1,50,000 (gains over Rs 1 Lakh), which is Rs 15,000.

Note: One can save tax upto ₹46,800: Individual and HUF having taxable income of less than ₹50 lakhs can invest upto ₹1.5 lakhs under the ELSS scheme during the FY 2020-21 as per provision of Section 80C of the Income Tax Act 1961 (Includes applicable cess). Tax saving will be proportionately reduced subject to the taxable income and investments. Further, Investment in ELSS schemes is subject to lock in period of 3 years from the date of allotment of units. Long Term capital gain, if any on ELSS scheme investment is subject to applicable tax at the time of redemption. The tax benefits are as per the current income tax laws and rules. Investors are advised to consult their tax advisor before investing in such schemes.

Disclaimer:
Helpful information for investors: All Mutual Fund investors have to go through a one-time KYC (know your Customer) process. Investors should deal only with registered mutual funds, to be verified on SEBI website under ‘Intermediaries/ Market Infrastructure Institutions’. For redressal of your complaints, you may please visit www.scores.gov.in . For more info on KYC, change in various details & redressal of complaints, visit www.nipponindiamf.com/InvestorEducation/what-to-know-when-investing.htm

This is an investor education and awareness initiative by Nippon India Mutual Fund.

“ABOVE ILLUSTRATIONS ARE ONLY FOR UNDERSTANDING, IT IS NOT DIRECTLY OR INDIRECTLY RELATED TO THE PERFORMANCE OF ANY SCHEME OF NIMF. THE VIEWS EXPRESSED HEREIN CONSTITUTE ONLY THE OPINIONS AND DO NOT CONSTITUTE ANY GUIDELINES OR RECOMMENDATION ON ANY COURSE OF ACTION TO BE FOLLOWED BY THE READER. THIS INFORMATION IS MEANT FOR GENERAL READING PURPOSES ONLY AND IS NOT MEANT TO SERVE AS A PROFESSIONAL GUIDE FOR THE READERS.”

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

Disclaimer: Content Produced by Nippon India Mutual Fund



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Govt funding of madrasas should be stopped, says MP minister

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INDORE: Madhya Pradesh Culture Minister Usha Thakur said on Tuesday that government funding of madrasas must be stopped, alleging that they nurture “fundamentalists and terrorists”.

The Congress said the ruling BJP was communalising the campaign for November 3 byelections in the state with such statements, and the Election Commission should take note of it.

Speaking at a press conference, Thakur said, “All the fundamentalists and terrorists of the country have grown up in madrasas. Children are children and students are students. So I believe students of all religions should be collectively given the same education.

“Religion-based education is increasing fanaticism and spreading hatred,” she added.

“What culture are they (madrasas) teaching? If you are a citizen of this country, then you see all fundamentalists and terrorists have grown in madrasas. Jammu and Kashmir was made a factory of terrorists,” she further said.

Thakur said madrasas need to be linked to a “proper education system” to connect students to “nationalism and mainstream society”.

Those who want religious education can obtain it at their own expense, as the Constitution gives them this right, the minister said.

“However, government’s financial assistance to madrasas must stop. The Wakf Board is economically the strongest organisation in the world and it would take care of funding for madrasas,” she said.

State Congress spokesperson Narendra Saluja said the Election Commission should take note of her statements.

“The BJP is trying to divert the bypoll campaign towards a communal agenda and Thakur’s statements are part of this strategy,” he alleged.



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