Day: May 23, 2020

UK to require employers to pay 20-30% of furloughed wage cost

LONDON (Reuters) – The United Kingdom has drawn up plans to require employers to cover 20% to 30% of furloughed employees’ wages from August to reduce the vast burden of the coronavirus crisis on government finances, The Times newspaper reported.

The United Kingdom on May 12 extended its job retention scheme – the centrepiece of its attempts to cushion the coronavirus hit to the economy – by four months but told employers they would have to help to meet its huge cost from August.

“The Treasury has drawn up plans that would require employers to cover between 20 and 30

Alert! Digital payments fraud shoots up as consumers prefer UPI, cards; cases rise this much in a month

Nearly one-third of the consumers have been a recent victim of a card or digital payment fraud or know someone among their immediate family or friends who has. Among them, 17 per cent of those frauds have been within the last month.

As digital transactions are being preferred over cash for being a contactless mode of payment amid coronavirus concern, the fraud cases related to digital payments have also significantly increased. Nearly half of the Indian consumers are more concerned about digital payments fraud now than when the novel coronavirus first emerged, according to a study by a UK-based market

Canara Bank announces credit support for borrowers affected by COVID-19

The bank has since sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories.

Canara Bank has announced credit support for all its borrowers who have been affected by the COVID-19. The Canara Credit Support is extended as a quick and hassle-free loan to overcome temporary liquidity mismatches
for payment of statutory dues, salary/wages/electricity bill, rent etc., the bank said in a statement. The bank has since sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories, it said.

It has employed various strategies like SMS, call centres,