Skip to main content

Labour reforms will create quality jobs: Bandaru Dattatreya

By

Labour minister Bandaru Dattatreya on Monday reiterated the government’s resolve to pursue labour reforms in a manner that will lead to creation of quality jobs, seeking to dismiss criticism that the BJP-led NDA government has presided over three years of jobless growth in the country.
"Labour reforms are on the agenda. Group of ministers has cleared the wage code. This will now go to the Cabinet and will come up in the next session of Parliament," Dattatreya said while recounting his ministry’s achievements over the past three years.

Highlighting the combined efforts of 23 ministries in imparting skills training to 1.25-crore people, Dattatreya said, "Employment generation is our top priority. So far six lakh jobs have been created under the Pradhan Mantri Rozgar Protsahan Yojana and going forward, we aim to give jobs to 50 lakh youths in the country."
 
The minister said that in the next few months, the labour ministry will bring Anganwadi and Asha workers under the social security net while launching the U-WIN (Unorganised Workers Identification Number) cards for 40-crore workers. "This will help establish a unique identity for all of them while helping them avail social security schemes such as Atal Pension Yojana," Dattatreya said.
 
Earlier in the day, at the start of a three-hour long event to mark the three years of Narendra Modi government, labour secretary M Sathiyavathy said the labour ministry has outpaced other ministries as far as passage of legislations is concerned. In the past three years, the ministry has overseen the passage of amendment to Child Labour Regulation Act, the Employees Compensation Act, the Bonus Amendment Act and the Maternity Benefit Act, which it said benefited different sections of the society ..


Besides, the ministry has significantly reduced the burden of compliance and is pursuing amalgamation of 44 labour laws in four codes to further enhance the ease of doing business in the country.

While outlining the achievements of labour ministry since the Modi government assumed office, Sathiyavathy said that employees should continue their faith in the Employees Provident Fund Organisation since it gives maximum rate of return on investment. "The central board of trustees of EPFO had last week decided to increase EPFO investment in exchange traded funds from 10% to 15%. This will fetch better returns to workers," she said, reiterating that investments in ETFs are completely safe and risk free

The government has given employees the option to invest in National Pension Scheme (NPS) alongside the EPFO. However, the NPS is yet to yield much results because most employees continue to favour the EPFO.

Economic Times New Delhi, 30th May 2017

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Healthy balance sheets augur well for economy: RBI Governor Sanjay Malhotra

By
  Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India(RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released today.Noting that domestic growth momentum is buoyed by strong domestic drivers, sound macroeconomic fundamentals and prudent policies, Malhotra said: “External spillovers and weather-related events could pose downside risks to growth.”On the other hand, he said the outlook for inflation is benign, and there is greater confidence in the durable alignment of inflation with the Reserve Bank’s target.Commenting that the structural shifts reshaping the global economy are making policy intervention challenging, the Governor emphasised the need for central banks and financial sector regulators to remain vigilant, prudent and agile in safeguarding their economies and...
Post a Comment
Read more