Pre-Budget Discussion, Finance Minister Meets Trade Union Leaders

By: EconomyWatch   Date: 30 June 2010

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The Union Finance Minister Shri P. Chidambaram met the major trade union leaders as a part of pre-budget consultations with various interest groups. The major suggestions made by the trade union leaders are as follows:

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  • Inflation should be checked.
  • Policy on SEZs should be revisited since it leads to loss of revenue, using up of agricultural land and dilution of labour laws.
  • Exemption limit for personal income tax to be enhanced to Rs.2 lakh.
  • Pending Pay Commission award, Interim relief should be allowed to the tune of 15 percent of DA plus basic pay. Pensioners should also be allowed interim relief.
  • There should be no ceiling for payment of bonus out of profits and Payment of Bonus Act should be suitably amended. Bonus should be paid to all employees of profit making companies.
  • Interest rates should not be reduced on EPF and GPF.
  • Employment guarantee should be provided.
  • Interest rates on the deposits of senior citizens in banks should be enhanced to 9 per cent .
  • Export of iron ore should be banned.
  • Comprehensive legislation is required for Social Security of labour in the informal sector.
  • Impact study should be done on effect on employment of lifting quantitative restrictions, dereservation of items in SSI and Press Note 18.
  • Workers should be given shares in industries.
  • Mandatory contribution of workers to social security funds should not be diverted to stock markets or placed in private hands.
  • Revival package for the sick PSUs which are potentially viable should continue.
  • More investment should be made in the social sectors like health, education for better human development.
  • Centrally funded schemes are required for enforcement of labour legislations.
  • Pension Funds should be invested in infrastructure.
  • Macroeconomic balance, including low inflation should be maintained through fiscal prudence to benefit the workers.
  • There should be a Member representing labour in Planning Commission.
  • Ban on child labour should go hand in hand with poverty alleviation of the parents of child labour.

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