Skip to main content

Govt aims to pass two labour Bills in Budget session

By
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

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more

E tailers global warehouses may come under tax net

By
E tailers  global warehouses may come under tax net Warehouses of e-commerce companies based in countries such as Australia, Japan, Italy,  Spain, the Netherlands, and Russia may not be exempted from paying the income tax in India  once the multilateral instrument (MLI) to prevent base erosion and profit shifting (BEPS)  comes into force. BEPS refers to the reporting framework mooted by the Organisation for Economic  Co-operation and Development (OECD) and signed by over 100 countries, including India, to  prevent exploiting gaps and mismatches in tax rules to shift profits by multinational  companies (MNCs) artificially to low-tax regimes. The representatives of 68 countries on June 7 this year signed an agreement (MLI) in Paris  to amend their tax treaties to bring them in alignment with measures to prevent BEPS.  However, there is still time for synchronising tax treaties with the multilateral  instrument. India has submitte...
17 comments
Read more