Current Affairs 1st May 2014

Current Affairs 1st May 2014

Updated : 01-May-2014

Current Affairs 1st May 2014 - Important Points
Current Affairs 1st May 2014 - Details
The 2014 Summer Youth Olympic Games are to be held in Nanjing, China
2nd Summer Youth Olympic Games are to be held from 16th to 28th August 2014 in Nanjing, China. The games are international sports, education and cultural festival for teenagers. The subsequent Winter Youth Olympics will be held in 2016 in Lillehammer, Norway.

Labour Day will be observed across the globe on 1st May
1st May of every year is observed as International Labour Day, So 1st May 2014 will also be observed as same. 1st May is national holiday in more than 80 countries. It is also the traditional European Spring holiday of May Day.
International Worker's Day is the commemoration of the May 4, 1886 Haymarket affair in Chicago. The police were trying to disperse a public assembly during a general strike for the eight-hour workday, when an unidentified person threw a bomb at the police. The police responded by firing on the workers, killing four demonstrators.
Facebook launched FB Newswire for journalists
Facebook on 24 April 2014 launched FB Newswire, acts as a repository of verified, real-time content for use of journalists and news publications. It is designed to help journalists share and embed newsworthy Facebook content that is made public by its members of Facebook.
FB Newswire is accessible on Facebook at Facebook.com/FBNewswire and on Twitter at @FBNewswire.
Mahatma Gandhi Pravasi Suraksha Yojana scheme launched in UAE
A leading Indian financial and health care service player has tied up with the UAE Exchange to offer Mahatma Gandhi Pravasi Suraksha Yojana Scheme in the Gulf country.
The announcement was made in Abu Dhabi yesterday in the presence of Indian Ambassador to the UAE, T P Seetharam, and other senior officials from the Indian Embassy in Abu Dhabi.

About Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) :
- Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) Scheme is a pension and life insurance scheme and is recognised by the Indian government.
- Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) is a special social security scheme for overseas Indian workers on temporary work permit in 17 Emigration Check Required (ECR) countries.
- The MGPSY is aimed at helping the workers to save money for their retirement, their return to India and resettlement and provides life insurance cover against natural death during the period of coverage.
- It provides home and a life insurance cover for 1 lakh rupees during their work abroad.
- The Government of India will contribute up to 2000 rupees every year for male workers and 3000 rupees every year to women workers for up to either five years or until the worker returns home, whichever is earlier.
- It will be added to the Pension and Life Insurance (PLIF) account of each eligible subscriber.
- The workers have to contribute between 1000 rupees and 12000 rupees per annum towards the pension fund and 4000 rupees towards the return and resettlement fund. They will derive corresponding benefits when they go back home and during their old age.
- Indian Workers Resource Centre or IWRC is the support center for Indian workers in the UAE while Bank of Baroda is the official banking partner of the scheme to enroll the workers.
Ex-Australian judge Michael Hudson McHugh appointed as arbitrator by SC
On 29th April 2014, The Supreme Court of India appointed former judge of the High Court of Australia, Michael Hudson McHugh as the third arbitrator to resolve the dispute between the Central government and Mukesh Ambani-led Reliance Industries Ltd (RIL) on KG basin.
Important to note :
RIL had moved the SC seeking appointment of an arbitrator from a foreign country with which parties in disputes are not connected with.