Wages for rural jobs guarantee scheme increased by 4-10%
The wage revision was notified by the Union rural development ministry on Wednesday after clearance from the Election Commission as the Model Code of Conduct is in force for the Lok Sabha polls. The increases have been made on the 2023 wage rates under the flagship rural jobs scheme. Goa has seen the highest wage rate increase of Rs 34 to Rs 356 per day in the state, according to the notification. Key Points
Economic TimesIndia plans to replace minimum wage by living wages by 2025; Here's what it could it mean
India is planning to replace its minimum wage system with a living wage by 2025, seeking assistance from the International Labour Organization (ILO) to develop a framework for estimating and implementing it. The move aims to lift millions out of poverty and ensure their well-being. India has more than 500 million workers, with 90% in the unorganized sector. While many earn a daily minimum wage of ₹176 or more, stagnant since 2017, the national wage floor lacks enforceability across states, leading to wage payment discrepancies. Key Points
Economic TimesLIC shares slip after 17% salary hike
India Business News: Read about the recent dip in LIC shares following a 17% salary hike announcement by the corporation. Stay updated on the latest financial news. Key Points
Times Of IndiaNew Zealand is raising minimum wage requirements for foreign workers from February 28
Starting February 28th, Immigration New Zealand (INZ) is raising wage thresholds for most work visas to reflect the latest median wage increase, indicating growing demand for skilled individuals. The Accredited Employer Work Visa (AEWV) remains at its current wage threshold. Key Points
Economic TimesFocus on gig workers isn't enough. New report paints bleak picture of India's wage labourers
Policy neglect, uncertain job market, and increased contractualisation are making labourers' economic condition worse. Inflation is negating purchasing power too. Key Points
ThePrint
Centre notifies revised MGNREGS wage rates
Centre has notified a hike in wage rates under MGNREGS for the 2023-24 financial year with Haryana having the highest daily wage at ₹357 per day and M.P. and Chhattisgarh the lowest at ₹221 Key Points
The HinduGovt hikes wages under MGNREGA scheme, effective from April 1. Check latest rates of states here
The Union Ministry of Rural Development issued a notification for the rural job guarantee programme for the financial year 2023-24. The wage revision was done under the Mahatma Gandhi National Rural Employment Guarantee Scheme 2005 of section 6(1). Key Points
mintCentre notifies revised MGNREGA wage rates
The Centre has notified a hike in wage rates under the rural job guarantee programme for the 2023-24 financial year with Haryana having the highest daily wage at Rs 357 per day and Madhya Pradesh and Chhattisgarh the lowest at Rs 221. The wage hikes, which range from Rs 7 to Rs 26, will come into effect from April 1. Key Points
Economic TimesCalifornia minimum wage spike initiates Pizza Hut franchise workforce cuts and delivery alterations
Pizza Hut franchises in various California counties anticipate a $20 hourly minimum wage hike by 2024, foreseeing substantial job cuts, affecting around 2,000 workers across regions. This shift also marks the end of in-house delivery, redirecting services to Uber Eats or DoorDash. Franchise autonomy is stressed, promising continued service quality via Pizza Hut's app and website. Yum! Brands, Pizza Hut's owner, supports accessible delivery. The pending wage law change prompts concerns among fast-food giants like McDonald's and Chipotle. Key Points
Economic TimesGovt approves 17% wage hike for 1.10 lakh employees of LIC
New Delhi, Mar 15 (PTI) The government has approved a 17 per cent overall hike in wages for more than 1.10 lakh employees of insurance giant Life Insurance Corporation of India (LIC). The wage hike approval has come days after the government cleared a similar raise for the employees of public sector banks. The wage […] Key Points
ThePrint
NREGS outlay for FY24 may see steep hike with 58% used in Q1
The Centre may have to sharply increase the outlay for its flagship rural job guarantee scheme, with 58% of the budgeted Rs 60,000 crore for 2023-24 used up in the first quarter itself, an official indicated. Almost steady work demand and up to 10.4% hike in wage rates under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) have kept expenditure under the programme elevated, the official told ET on condition of anonymity. Key Points
Economic TimesMGNREGS wage hike just, based on Consumer Price Index for Agricultural Labour: Govt source
MGNREGS wage hike based on CPI-AL at 7.7%. New rates announced by Rural Development Ministry. Gujarat, MP, Andhra Pradesh see higher increases. West Bengal wages above many. Congress criticizes rates below Shramik NYAY guarantees. Key Points
Economic TimesGovt panel suggests sharp hike in NREGS wage rates, budgetary outlay
A high-level government panel, tasked with recommending changes to make the rural job guarantee scheme more effective, has called for a significant increase in the extant wage rates--over and above the recent annual hike--and the budgetary allocation for the programme. The report was submitted with the rural development ministry in July and is yet to be made public. Key Points
Economic TimesTotal wage for tea estate workers in West Bengal to increase soon: ICRA
ICRA has reported that tea producers in West Bengal may face margin pressure due to the estimated 6% increase in the total wage rate per day for tea estate workers from June 1, 2023, as part of a long-term wage settlement. The proposed wage hike would cost an additional Rs. 9/kg, increasing the cost of production. Key Points
Economic TimesWorkers’ strike hits wheat procurement in Sangrur
Mandi workers in Sangrur district went on strike after the state government increased their wage by only 12 paise instead of the promised 25%. This disrupted wheat procurement in the region. Key Points
Hindustan Times
Finmin asks IBA to finalise wage revision of bankers of PSU banks by Dec 1
The Indian government has instructed the Indian Banks' Association (IBA) to begin negotiations for the 12th bi-partite settlement and finalize it by December 1, 2023, to improve working conditions and incentivize employees of public sector banks. The finance ministry has requested that all future wage negotiations be concluded before the subsequent period begins so that the wage revision can be implemented on time. Key Points
Economic TimesMore is less: Labour force rises but wage growth slows, gender pay gap widens
Labour force participation has increased, but it has resulted in depressed wage growth and a widened gender pay gap. The average wage growth rate for regular salaried employees in urban areas declined from 8.3% to 4.9% in 2022-23. The decline was more pronounced for lower-paying jobs. The gap between male and female earnings at managerial levels increased, and women faced higher job losses during economic downturns. Key Points
Economic TimesHow much salary can you earn in European countries? Check the list here
The minimum wage in EU countries varies significantly. Among these countries, monthly minimum wages range from €399 in Bulgaria to €2,387 in Luxembourg. Key Points
mintHigher EPS pension calculator: How to use it, calculate the amount payable for higher pension
The Excel calculator released by the EPFO on the Member Sewa portal will help an employee to know how much of the past contributions he/she has to pay to opt for higher pension. Once the amount is known, it will make easier for him/her to evaluate the pros and cons of opting for it. Key Points
Economic TimesCentre increases MGNREGA wages by 3-10%. Haryana highest at Rs 374 per day, Arunachal lowest
Issue of low wages was pointed out by Parliamentary panel in a report tabled in February. It demanded increase in wages to engage more workers and to bring uniformity across states. Key Points
ThePrint
Rural-urban wage gap narrows in manufacturing; greater mobility, MNREGA factors
Greater mobility, higher payouts under NREGS, and lower urban wage elasticity are bringing parity between urban and rural manufacturing units. The gap between rural and urban wage growth has widened post-pandemic. The relative stickiness of urban wages with regard to profits may be a factor in the narrowing of the gap. Key Points
Economic TimesIndia plans to shift from minimum wage to living wage by 2025
Living wages – a minimum income necessary for a worker to meet their basic needs, factoring in key social expenditure by an individual such as housing, food, healthcare, education and clothing – were endorsed by the ILO earlier this month. These would be higher than basic minimum wages. “We could go beyond minimum wages in a year,” a senior govt official told ET. Key Points
Economic TimesGovernment increases minimum wage rates for workers
This revision marks the second wage adjustment for 2024, following the previous update in April. The government revises the VDA biannually, in April and October, based on fluctuations in the Consumer Price Index for industrial workers. Key Points
India TodaySBI Q3 Preview: PAT may fall on higher operating expenses; NII growth muted
Net interest income is likely to grow around 6% year-on-year (YoY) in the December quarter, according to an average estimate of five brokerages. Net profit for the same period is seen declining 12% YoY. Key Points
Economic TimesBanks in talks to offer 5-day work week, 15% wage hike
Government-owned and established private-sector banks are currently in discussions to grant their employees an approximately 15% salary increase and are considering implementing a five-day workweek. While the Indian Banks' Association proposed the 15% raise, unions are pressing for more significant improvements. Key Points
Economic Times
Banks, employee unions agree to 17% salary hike, latest on 5-day week proposal: 10 points
IBA-bank employee union wage revision agreement: The djustment is set to take effect from November 1, 2022, and will span a period of five years. According to the agreement, the wage revision will result in a total expenditure of Rs 12,449 crore for all public sector banks, including the State Bank of India (SBI). Key Points
Economic TimesFive-day work week, big hike: Bonanza for bankers awaits government nod
This decision will lead to an additional yearly expenditure of approximately Rs 8,284 crore for these banks, benefiting around 8 lakh bank employees. The wage hike is set to take effect from November 2022. Key Points
Economic TimesSBI Q3 results today: What to expect, key things to track for investors
SBI has guided for a shortfall of Rs 10,000 crore towards the new wage agreement, which will be spread over two quarters of H2FY24. In the second quarter, SBI had a one-off wage provision of Rs 3400 crore. Key Points
Economic TimesEPFO extends last date for employers to upload wage details for higher pension by 5 months. Details here
Employers can upload the wage details online until May 31. More than 3.6 lakh applications for validation are still pending with the employers for processing, according to the labour ministry. Key Points
mintS&P 500, Nasdaq hit record highs as jobs data strengthens rate cut bets
At 09:37 a.m. ET, the Dow Jones Industrial Average was up 8.98 points, or 0.02%, at 38,800.33, the S&P 500 was up 9.57 points, or 0.19%, at 5,166.93, and the Nasdaq Composite was up 55.76 points, or 0.34%, at 16,329.14. Key Points
Economic Times
Unrest over wage hike kills woman garment worker in Bangladesh
Third death in seven days came day after Bangladesh authorities announced a 56.25 per cent hike in salary structure for readymade garment factory workers. A female worker was killed on Wednesday as protesting readymade garment workers in Bangladesh clashed with police at an industrial hub near here over the unacceptable wage hike announced by the authorities. Key Points
The Tribune IndiaIt pays to fix gender wage disparity
Some of these factors are addressed by the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) scheme that acted as a ballast during the pandemic's reverse migration. Enhanced budgetary allocation to the scheme since 2020 absorbed some shock of the steep fall in women's employment. Key Points
The Economic TimesPMAY drives up MGNREGS wage costs
MGNREGS wages of about ₹35,000-40,000 crore are estimated to have gone into the construction of houses under the PMAY (Gramin) since the scheme was rolled out in November 2016 by revamping the erstwhile India Awas Yojana, said the person. House construction has picked up pace in the last two years, pushing up the MGNREGS wage costs on such an account. Key Points
Economic TimesBelow-expectation inflation may boost growth by hiking real wages: Ind-Ra
The economists said a percentage point increase in real wages leads to a rise in GDP by 0.64 percentage point. So, if inflation were to fall from 5.3% (current projection for Ind-Ra) to 4.5% in FY24, it could lead to real wage rising to 4.4% from 3.6% and GDP growth settling at 6.4% compared to projected 5.9%. Key Points
Economic TimesAmid calls for 5-day week in banks, IBA invites employee unions for wage settlement signing
The Indian Banks Association (IBA) has extended an invitation to bank unions to participate in the signing of the wage revision settlement scheduled to take place in Chennai on March 11, 2024. CH Venkatachalam, the general secretary of the All India Bank Employees' Association (AIBEA), shared this information through a social media post, stating that the IBA has called upon the United Forum of Bank Unions to sign the wage revision settlement. Key Points
Economic Times
Coal India Q4 profit drops 18% on wage bill; record net profit in FY23
The company said salaries for non-executives are due for revision from July 1, 2021 and pending finalisation of a wage agreement with unions, a provision of Rs 5,870.16 crore has been made in the quarter. Key Points
FinancialexpressSpending under rural jobs scheme up 4% in 2023-24
Total expenditure under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) - including states' contribution for materials used in the work - stood at Rs 1.05 lakh crore in 2023-24, against Rs 1.01 lakh crore in the previous year, showed preliminary data compiled by the rural development ministry. Erratic monsoon reduced the typical large-scale migration of workers to farm activities in the second quarter of the financial year, experts said. Key Points
Economic TimesMan strangled over wage dispute in Jhansi district
Man strangled to death by two over wage dispute in rural SP. Accused arrested & booked under IPC section 302. Incident in village Panari, victim declared dead at Moth CHC. Key Points
Hindustan TimesCoal India executives threaten to hold strike over pay conflict
Kolkata, Jun 25 (PTI) A body of executives of Coal India Ltd on Sunday threatened to go on a strike unless their pay conflict with non-executive employees is addressed. The Coal Ministry has said it approved a wage revision agreement that was reached with trade unions for non-executive employees of the miner. All India Association […] Key Points
ThePrintCoal India executives threaten to hold strike over pay conflictCoal India executives threaten strike over pay conflictKolkata, June 25 (PTI)'
Kolkata, Jun 25 (PTI) A body of executives of Coal India Ltd on Sunday threatened to go on a strike unless their pay conflict with non-executive employees is addressed. The Coal Ministry has said it approved a wage revision agreement that was reached with trade unions for non-executive employees of the miner. All India Association […] Key Points
ThePrint
Digital India: About 88 per cent wage payment under MNREGS done through ABPS in May
Digital India: National Payments Corporation of India data shows that there is a higher success percentage to the extent of 99.55 per cent or above where Aadhaar is enabled for Direct Benefit Transfer (DBT). Key Points
FirstpostDelhi govt hikes minimum wages of workers in unorganised sector
According to the new rates, the monthly wage of skilled workers has been increased from Rs 20,357 to Rs 20,903, a hike of Rs 546. The monthly salary of semi-skilled workers has been increased by Rs 494 per month from Rs 18,499 to Rs 18,993. There will a monthly raise of Rs 442 in the minimum wages of unskilled workers, from Rs 16,792 to Rs 17,234. Key Points
Economic TimesMGNREGS wages raised by up to 10.4% for FY24
In absolute terms, the daily wages have been raised in the ₹7-26 range, according to a notification by the rural development ministry. The increase assumes significance, as the MGNREGS rates serve as the benchmark for rural wages and influence the rise in industrial wages as well. Key Points
Economic Times