Skip to main content

Labour reforms: Talks fail, unions to strike on Sept 2

Central trade union leaders on Wednesday refused to withdraw their nationwide strike call for September 2 to protest against proposed labour reforms, after their meeting with a group of ministers (GoM) failed to make any headway.

The GoM, headed by finance minister Arun Jaitley, will meet the union leaders again on Thursday to break the logjam and deliberate on their demands, senior labour ministry officials told HT.

The 12-point charter of demands include urgent measures for containing price rise through universalisation of the public distribution system (PDS), ban on speculative trade in the commodity market, strict enforcement of basic labour laws without any exemption or exception, and stringent punitive measures for violation of labour laws, among others.

“There are 7-8 demands, which are agreeable and the discussion is an ongoing process….the government is positive about the demands (of labour unions). The meeting will continue tomorrow,” labour minister Bandaru Dattatreya said after the two-hour long meeting.

Trade unions, however, refused to budge. “We have refused to withdraw our September 2 nationwide strike. The government has called us again tomorrow for another round of meeting,” Gurudas Dasgupta, general secretary, All India Trade Union Congress, told HT.

During Wednesday’s meeting, the government defended its position and said that labour reforms are needed for the country, sources said. Union leaders, however, said the government did not offer any concrete assurance on their charter of demands.

“The call for the strike stands as of now because there is no concrete assurance from the government in today’s meeting,” said AK Padmanabhan, president, Centre of Indian Trade Unions, who attended the meeting.

“We agreed to come tomorrow for the meeting because we don’t want to leave the table, otherwise they will blame us for not discussing the issues. There is no agreement on any issue so far,” he added.

Hindustan Times, New Delhi, 27 August 2015

Comments

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...

Luxury carmakers urge clarity on GST rates to boost festive season sales

  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...

Sebi proposes tighter norms for green bond third-party reviewers

  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...