Skip to main content

Govt aims to pass two labour Bills in Budget session

The government is planning to resume labour reforms by introducing twolabour Bills in the second half of the Budget session of Parliament,a move Likely to be resisted by Opposition parties andunions. 
The Bills are the Industrial Relations Code Bill, 2016, and the Wage Code Bill, 2016.The second half of the session begins on March 9.Labour ministry officials say that all formalities, including tripartite consultations with the trade unions and approval from the law ministry,have been done. 
Both the Bills are with a Group of Ministers. It will make changes if required and then they will be placed before the cabinet. 
The government wants to integrate around 40 labour laws into four pieces of legislation. For example, all wage-related laws will be amalgamated to form the Wage Code and the industrial relations laws will be part of the related Code.
In his Budget speech, Union Finance Minister Arun Jaitley reiterated forming the four labour Codes,the process of which starteds in the  BJP came to power but has been facing hurdles.
Once passed, the Industrial Relations Code would facilitate hiring and retrenchment in factories,an official said.A previous draft of the proposed law had suggested that companies did not require approval for retrenching upto 300 employees in the case of anemergency.
The Wage Code Bill was sent to the Cabinet by the labour ministry,but has been returned to the Group of Ministers, headed by Jaitley, for review. 
“If it is not possible to pass these in this session, it expects to do so in the next session,”said a senior labour ministry official.
Union Labour Minister Bandaru Dattatreya,who had earlier announced that the Bills would be passed in the winter session,wants the to get Parliament’s  in the Budget session.
However,trade unions say they have voiced the is strong opposition to the Bills.
 
06TH FEBRUARY,2017, BUSINESS STANDARD, NEW-DELHI

Comments

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...

GST collections rise 9.9% to exceed Rs 1.96 trillion in March 2025

  Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.       - Business Standard 02 th March, 2025