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

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm

Credit card spending growth declines on RBI gaze, stress build-up

  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and