Now, Corporate Social Cover for the Elderly

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The elderly can now hope to get some reprieve from corporate India for a happier old age.

The government would bring changes in the recently notified Companies Act and subsequent rules to include elderly — constituting 8.5% of the country’s population — under the ambit of the law.

helping handNewspaper on September 17 had reported that the government has not included elderly in the Corporate Social Responsibility (CSR) activities that the companies with a turnover of more than Rs. 500 crore would be required to undertake.

Reacting to the story, corporate affairs minister Sachin Pilot said “nobody would be left-out” from the ambit of the CSR activities for companies, adding that he has constituted a non-bureaucratic committee to come out with “holistic” rules to implement provisions regarding CSR in the law. This committee would examine comments received by the ministry on the draft CSR rules 2013.

The draft rules stipulate that the companies will have to provide 2% of the net average profit of the last three years for CSR and the companies will have to constitute a CSR committee as well.

(Hindustan Times)

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