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<ul><li>According to the International Labour Organisation’s India Wage Report, the average annual wage growth from 1993-94 to 2011-12 was 3.7%, while <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> grew at a yearly rate of 7%. </li><li>By 2011-12, the overall daily wage in India was around ₹247, while casual workers, estimated to total 62% of the total workforce, only earned ₹143 a day. </li><li>It does bear mentioning, however, that the gender wage gap has decreased from 48% in 1993-94 to 34% in 2011-12. </li></ul>When India opened up its economy in 1991, the goal of the policy was clear: to accelerate <keyword id="47276" type="PERSON" weightage="20" keywordseo="Economic-growth">economic growth</keyword>. Two decades, later, it seems that India’s financial liberalisation - which comprised a surge in foreign investment, a reduction in tariffs and deregulation- has had its intended effect on India’s GDP and then some. However, a recent <a href="https://www.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_638305.pdf">report</a> by the International Labour Organisation shows that this growth hasn’t been inclusive, indicated by the fact that wage growth in India has significantly trailed economic growth from 1993-94 to 2011-12. Over the period in question, the average annual growth in <keyword id="6356975" type="UNKNOWN" weightage="20" keywordseo="wages">wages</keyword> was a mere 3.7% compared to the 7% average yearly growth in India’s GDP. On a cumulative basis, India’s GDP grew by four times in the last two decades, while real wages only doubled. Interestingly, most of the increase in wages came in the last 8 years. This sluggish wage growth has contributed to a rise in inequality and exacerbated the economic divide between rural and urban areas. The daily wage in urban centres in India is still double that of rural areas, indicating a lack of good-quality jobs in rural regions of the country. By 2011-12, the overall daily wage in India was around ₹247, while casual workers, estimated to total 62% of the total workforce, only earned ₹143 a day. Additionally, nearly half of India’s workforce is estimated to be employed in the agricultural sector, a sector that has consistently trailed others in terms of output growth and productivity. The report did show a few positive changes. Rural wages increased at a faster pace than urban wages. Additionally, wages for female workers also increased at a faster pace than wages for male workers. However, this is largely due to the fact that both rural wages and female wages had a low base from which to grow from. It does bear mentioning, however, that the gender wage gap has decreased from 48% in 1993-94 to 34% in 2011-12. The <keyword id="6456249" type="UNKNOWN" weightage="20" keywordseo="ilo">ILO</keyword> suggested a number of ways to reduce the level of wage inequality such as the continued revision of minimum wage laws, the improved collection of worker data by government agencies, the formalisation of the informal sector and the implementation of skilling programmes to improve labour flexibility and productivity.

India's wage growth significantly trails economic growth, says the ILO

<ul><li>India scored zero out of 100 when it comes to giving <keyword id="7397146" type="UNKNOWN" weightage="20" keywordseo="Equal-pay-rights">equal pay rights</keyword> to women compared to men, said a recent report by World Bank on “Women, Business, and the Law 2019,” </li><li>Only six countries are giving equal rights to men and women, said the report by World Bank. </li><li>There was an increase in global average by four and a half points compared to a decade ago. </li></ul>India is among the 12 countries in the world that scored the lowest on laws and regulation governing equal pay rights. Right, away equal wages to women. In other words, working women in India do not have the same night hours as men and are not allowed to do jobs that are hazardous, arduous or morally inappropriate, said a new report from the World Bank titled <a href="https://openknowledge.worldbank.org/bitstream/handle/10986/31327/WBL2019.pdf">“Women, Business, and the Law 2019,</a>” According to World Bank, “Getting Paid measures laws affecting occupational segregation and the gender wage gap.” The indicator is broken down into four questions mainly — does the law mandate equal remuneration for work of equal value? Can women work the same night hours as men? Can women work in jobs deemed hazardous, arduous or morally inappropriate in the same way as men? And lastly, are women able to work in the same industries as men? The decade-long study by the World Bank was concluded by examining laws relating to working women in 187 countries across the world. The World Bank then ranked each country on the basis of the score it gave on a scale of zero to 100. The scores given to each country were on the basis of eight indicators — Going Places, Starting a Job, Getting Paid, Getting Married, Having Children, Running a Business, Managing Assets and Getting a Pension. Overall, India scored 71.25 out of 100 overall and did not make in the list of top 50 countries. However, it scored 100 out of 100 for “starting a job,” which measured laws letting women pursue a job as man, and getting married. In fact, only six countries now give equal rights to men and women, <a href="https://www.businessinsider.in/A-decade-long-study-found-that-only-6-countries-have-equal-rights-for-women-and-men-and-the-US-isnt-one-of-them/articleshow/68262600.cms">said </a>the report by World Bank. The report noted an increase in the global average score on all counts by four and a half points compared to a decade. According to the report, "a typical economy gives women only three-fourths the legal rights of men in the measured areas." See more: <a href="https://www.businessinsider.in/india-left-out-women-from-its-largest-child-nutrition-program-study/articleshow/68201093.cms">India left out women from its largest child nutrition program: Study</a>

India among the worst countries for laws governing equal pay rights for women: World Bank

<ul><li>The <keyword id="7829013" type="UNKNOWN" weightage="20" keywordseo="Economic-Survey-2018-19">Economic Survey 2018-19</keyword> has called for a national floor minimum wage. </li><li>Indian states would be allowed to fix the wages which cannot be lower than the floor wage. </li><li>The government also wants to leverage technology to monitor the implementation of the national minimum wage. </li></ul>As the Economic Survey 2018-19 was tabled in the Rajya Sabha, the Indian government is looking to establish a national floor minimum wage. The idea behind the move is to bring in uniformity in the minimum wages in India. The government would then allow states to find allow states to fix the wages which cannot be lower than the floor wage. Furthermore, the decision of fixing the minimum wage would be based upon primarily two factors – the skill category, that is whether the person is unskilled, semi-skilled, skilled or highly skilled, and the geographical region. In India, currently there are 1,915 minimum wages, with the liberty given to each state to fix their own wages. The government believes that the establishment of minimum wage which will also lead to reduction in labour migration in the country as it will push industries in India to move to interior areas. A day before the Economic Survey was tabled the Cabinet had also approved the Code Wages Bill which allows the Centre to fix minimum wages for the entire country. The<a href="https://www.business-standard.com/article/economy-policy/national-minimum-wage-will-hurt-jobs-states-must-fix-earnings-cii-119062300514_1.html"> Confederation of Indian Industry</a> had said that the establishment of a national minimum wage could possibly hurt job creation and that the states should be in charge of fixing the minimum wages. The technological push The digitally savvy Modi government wants to ensure that the minimum wages are paid to Indian workers and for that, it wants to leverage the use of technology. The Economic Survey 2018-19 stated, “Use of a variety of online, mobile phone and networking technologies have the potential to facilitate the collection and analysis of labour statistics, assist with the dissemination of information about labour laws and policies, reduce costs and improve transparency.” The government also wants to build a national level dashboard that will regulate the minimum wages and will also issue ‘red alerts’ if any state fails to follow the mandate. The Survey also talks about a toll-free number which can be used to address grievances. See Also: <a href="https://www.businessinsider.in/budget/india-economic-survey-2019-recommends-subsidy-to-save-water/articleshow/70070808.cms">Give money to farmers who save water, India’s chief economic advisor tells government</a> <a href="https://www.businessinsider.in/indias-latest-economic-survey-makes-a-case-to-use-aadhaar-create-a-master-database-of-every-citizen/articleshow/70069756.cms">India's latest economic survey makes a case to use Aadhaar to create a master database for every citizen</a>

India has nearly 2,000 different minimum wages and the latest Economic Survey has called for ‘uniformity’— an idea corporates won’t like

In a move that will benefit millions of unskilled workers across the country, the current Indian government is about to make its first significant foray into <keyword id="954190" type="PERSON" weightage="20" keywordseo="labour-reform">labour reform</keyword>. On May 1st, the country’s minister of labour, Santosh Gangwar, told the Press Trust of India that a Parliamentary standing committee had finalised a policy draft of the <a href="http://www.prsindia.org/uploads/media/Code%20on%20Wages,%202017/Code%20on%20Wages,%202017.pdf">Wage Code Bill 2017</a>, and that the bill would be debated for passage in the next session of <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> commencing in July. The bill largely aims to set a <keyword id="562632" type="UNKNOWN" weightage="20" keywordseo="minimum-wage">minimum wage</keyword> for different geographical regions in India. It was introduced in the lower house of Parliament (Lok Sabha) in August last year before being referred to a standing committee- the second step in the process of a bill becoming an act. Once the bill is implemented, a state government will not be allowed to set a minimum wage below the central government’s benchmark for that industry. A combination of four laws The bill updates and combines all four of India’s outdated minimum wage and remuneration laws- the 1936 Payment of Wages Act, 1936, the 1949 Minimum Wages Act, the 1965 Payment of Bonus Act, and the 1976 Equal Remuneration Act - into one <keyword id="2808767" type="PERSON" weightage="20" keywordseo="Labour-Code">labour code</keyword>. This will reduce overlap and contradictions and also make it easier for businesses to comply with the norms. The previous minimum wage acts only applied to “scheduled companies” with more than a 1000 employees, while the new bill applies to all workers across India in different sectors. The new bill also proposes the payment of wages to beneficiaries through electronic means, for the purpose of monitoring, and allows the central government to set a minimum overtime wage- which will be twice the normal minimum wage. No national benchmark The government will not specify a set national minimum wage. In response to news reports that the national floor level minimum wage would be fixed at ₹18,000 per month, the labour ministry has said that the <a href="http://www.business-standard.com/article/news-ani/national-minimum-wage-will-vary-not-fixed-at-rs-18-000-month-centre-117090501042_1.html">minimum wage will vary across the country</a>. Furthermore, the minimum wage levels will be assessed and revised every five years by central and state governments. While one can’t help thinking that a national floor rate across the country would be easier to enforce, the government is taking into account the widely disparate costs of living in different states and the nature of work in different industries. For example, rent and food costs in urban areas in Maharashtra are a lot higher than they are in the Northeast, hence they will have a higher minimum wage. Or labour intensive industries like manufacturing will likely have a higher minimum wage than less arduous ones like hospitality. A few problems There are a few weaknesses in the new bill, however. Firstly, it dilutes the Equal Remuneration Act of 1976 by taking out the clause preventing companies from discriminating against women when making <keyword id="6357342" type="UNKNOWN" weightage="20" keywordseo="Hiring">hiring</keyword> decisions, <a href="https://www.businessinsider.in/India-would-be-US550-billion-richer-if-it-just-increased-its-share-of-women-in-the-labor-force-by-10/articleshow/63974273.cms">which is definitely a problem </a>in today’s climate. Secondly, while the practice of having different minimum wage levels for different states and industries makes sense, it could lead to lobbying by large companies or resistance from states that aren’t ruled by the BJP. A number of industry leaders campaigned for lower GST rates while the rates were being set, and it isn’t hard to see that happening again here. Knock-on effects Following the recent slowdown in India’s economy, India’s small businesses have been struggling to stay afloat. They have had to contend with demonetisation, the implementation of GST, a dearth of credit options and a hike in wages paid to employees might just force them to slow down their hiring. While actual minimum wage rates are yet to be determined, they will be higher than current wage rates, which could impact employment in the formal sector. Concurrently, as India struggles to create new jobs, higher minimum wages could serve to exacerbate the situation. A hike in minimum wages could compel companies to hire employees on a temporary basis or off the books- something that the new bill should seek to address. Companies could also pass on the higher labour costs to customers. It’s highly plausible that you might end up having to pay more for your food at a restaurant or for gadgets that were assembled in India. What is certain though, is that the government needs to supplement the minimum wage code with policies that enable the formalisation of the economy and make hiring-and-firing easier. This will allow the new bill to have its intended effect.

India is revamping its minimum wage laws for the first time in 60 years

The long pending wage revision talks between the General Insurers' (Public Sector) Association of India (GIPSA) and the various employee unions have begun in a bad taste. The talks were held on Wednesday. The GIPSA, the lobby body for the four government owned multiline non-life insurers and the General Insurance Corporation of India (GIC Re) made their offer that was expected to be rejected and the unions rejected the same. The wage revision for the public sector general insurance employees was due from August 1, 2017. "The GIPSA offered seven per cent hike on the wage bill (without any wage arrears from 2017) or five per cent wage hike with two per cent of arrears," Sanjay Jha, Secretary Standing committee (General Insurance, All India Insurance Employees Association-AIIEA), told IANS. Jha said the AIIEA and other unions have rejected the 'disappointing' offer. According to him, the Joint Forum of Trade Unions and Associations will hold demonstrations during the lunch recess demanding a respectable wage offer maintaining insurance sector parity. "The financial position of the companies in 2017 was good. There is no reason for the management to make such an offer. Perhaps it is done to delay the wage revision further," said Vijay Sharma, President, National Confederation of General Insurance Officers Association (CONFED) and All India President of New India Assurance Officers Association. Sharma said the employees expect at least a 15 per cent hike offer, similar to what was given to the employees of Life Insurance Corporation of India. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/pankaj-tripathi-could-have-been-a-politician-like-his-character-in-mirzapur/articleshow/92403253.cms">Pankaj Tripathi could have been a politician like his character in Mirzapur</a> <a href="https://www.businessinsider.in/business/ecommerce/news/recommerce-platform-cashify-raises-90-mn-in-its-series-e-funding/articleshow/92402742.cms">Recommerce platform Cashify raises $90 mn in its Series E funding</a>

PSU insurance unions angry with the 7% salary hike offer, seek LIC-like hikes

<ul><li><keyword id="6477319" type="UNKNOWN" weightage="20" keywordseo="bank-employees">Bank employees</keyword> are protesting a proposal by the Indian Banks Association to hike their <keyword id="6356975" type="UNKNOWN" weightage="20" keywordseo="wages">wages</keyword> by only 2%. </li><li>Their last wage revision in 2015 comprised a 15% hike. </li><li>However, India’s banks are in a worse state than before, given the continued buildup in non-performing loans. </li></ul>If you’re in India, planning to use an ATM or withdraw a portion of your monthly salary this week, you might have to hold off for a few days. A large number of bank employees, all of whom are members of bank unions, are set to stage a <keyword id="6358138" type="PERSON" weightage="20" keywordseo="Strike">strike</keyword> tomorrow and day after, across the country, in response to insufficient hike in their wages. D T Franco, the general secretary of the All India Bank Officers’ Confederation, told media outlets that the number of participants in the strike would total around <a href="http://www.business-standard.com/article/current-affairs/around-1-million-bank-employees-to-go-on-2-day-strike-from-wednesday-118052900024_1.html">1 million</a>. The strike comes despite efforts by the central government to avert it. The Chief Labour Commissioner, Rajan Verma, was unable to convince the representatives of all nine of India’s bank unions - which come together under the umbrella of the United Forum of Bank Unions (UFBU) - to accept the 2% increase in their wages that was proposed by the Indian Banks Association (IBA). According to a notice issued by the UFBU, the workload of these employees has surged in recent years, given the expansion of branch networks, launch of government banking schemes and increased compliance protocols. Concurrently, their costs of living have also increased. The UFBU’s demands include a swift and adequate increase in wages as well as the inclusion of lower-level managers, who were excluded from the wage hike scheme. The IBA only awarded pay hikes to senior managers, above the Scale III level. No easy solution The last time bank employees received a wage hike was in February 2015, when wages for the period starting November 2012 were retroactively <a href="https://www.thehindubusinessline.com/economy/15-salary-bonanza-for-bank-employees/article7244522.ece">increased by 15%</a>. Employees were likely expecting a proportional hike this time. A wage hike has been due since November 2017, when the last hike agreement expired. In the ensuing months, the 2% hike proposal has been discussed and rejected, with employees <a href="https://www.livemint.com/Politics/NRQ1kZlB7vVaUe2ICcsKKK/Bank-employees-unions-reject-2-salary-hike-threaten-strik.html">threatening a strike</a> if the proposal wasn’t revised. Given the build-up in non-performing assets, slowdown in lending and widening losses, India’s banks aren’t in the best of health at the moment. Hence, a larger wage hike will only hurt their finances more. However, as the UFBU argued, employees can’t be forced to bear the burden of India’s bad loan problem. The IBA has no choice but to negotiate an increase in wages - one that is not only acceptable to all striking employees, but that is also feasible for all banks. It will be a tricky balancing act.

Nearly 1 million bank employees in India are set to go on strike this week

<ul><li>The <keyword id="1197189" type="ORGANIZATION" weightage="20" keywordseo="Indian-Bankers-Association">Indian Bankers Association</keyword> (IBA) has decided to distribute one month’s extra salary to public sector bank employees.</li><li>The bank unions are unhappy that they were not consulted on this decision despite ongoing negotiations around wage revision. </li><li>Some bankers are also unhappy with the move since it means paying more income tax.</li></ul>Public sector bank employees in India are owed a wage revision from two years ago. Instead of the much awaited hike, the Indian Bankers Association (IBA) decided to dole out an ad hoc amount of one month’s salary. New salaries for employees in public sector banks have been due since 1 November 2017. Negotiations were initiated in June 2017 and in the last meeting, which took place on 17 September 2019, the negotiating committee proposed a 12% hike in wages — but no conclusive agreement has been reached yet. In the interim, banks’ staff will get a raise, meant for the entire year, and this will be equivalent to a month’s salary along with a 12% hike, according to documents seen by Business Insider. This payout has been timed such that employees have additional cash ahead of the key festive season of Diwali and Dussehra. Any bank employee who joined after 1 November 2017 will only be getting an ad hoc amount equalling to 15 days’ salary. Bank unions unhappy with decision All India Bank Officers' Confederation (AIBOC) isn’t happy with the IBA’s decision to compensate by giving out a month’s salary. They claim that they were not consulted on this decision. The IBA’s decision to disburse an ad hoc “undermines the very existence of trade unions” and “underestimates the quality and character of bank employees,” according to the AIBOC in a statement. The arrears were distributed as scheduled on 4 October 2019 by the State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB) and UCO Bank. Other banks distributed the ad hoc arrears one day later. Due to the union’s reaction, these banks decided to give bankers the choice to opt in or opt out of accepting the arrears. This takes the responsibility for the ad hoc amount off the bank’s plate and on to individuals. The bankers conundrum It should be noted that these arrears are not bonuses but will be adjusted against the actual payable amounts after the outcome of the ongoing wage negotiation talks. The ad hoc wages will also be adjusted for income tax and other statutory deductions. This could complicate matters for staffers and officers who did not fall into the taxable income bracket before the addition of the ad hoc amount, but will now be subject to income tax. See also: <a href="https://www.businessinsider.in/sbi-and-private-banks-will-gain-customers-due-to-the-latest-news-on-psu-bank-mergers-says-clsa/articleshow/70942009.cms">SBI and private banks may gain customers from India's government banks' mergers</a> <a href="https://www.businessinsider.in/business/news/public-sector-banks-in-india-to-have-uniform-timings-across-all-states-starting-today/articleshow/71386948.cms">Public sector banks in India to have uniform timings across all states starting today</a>

Here's why the staff at India's government banks are not happy with the salary hike ahead of the festive season

In what is seen as a major standdown, the pilots' union of <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> has withdrawn its opposition to the new wage pact and employment agreement. In a joint letter issued on Thursday, the Indian Pilots' Guild (<keyword id="179256" type="General" weightage="50" keywordseo="ipg" source="Orion">IPG</keyword>) and Indian Commercial Pilots' Association (ICPA) withdrew their stand and told their members that they are free to sign new wage contracts offered by the new <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata group</keyword> management of Air India. "As dedicated <keyword id="4746568" type="General" weightage="50" keywordseo="air-indians" source="Orion">Air Indians</keyword>, we believe it is crucial to express our readiness to settle the dispute at hand and find an amicable resolution for the benefit of both parties," the IPG and ICPA said in a joint letter to their members. The letter further read, "Over the past year, our attempts to reach a resolution have been hindered by a lack of cooperation from the management. Their unwillingness to address our concerns and apathetic attitude has resulted in a prolonged stalemate and escalating tensions." "Upon the assurances given in the online 'Townhall Meeting for Pilots' and in the interest of the aspirations of Air India, The <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword> Group and our passengers, the Joint Directive No.01 of 2023, Sub: Unilateral Changes in Policies stands withdrawn," the letter titled as 'Withdrawn of Joint Directive Np01 of 2023', added. The announcement came after a joint meeting held on Thursday, wherein the unions' members were told that they are free to sign the new wage contract. Last month, the Tata Group-owned airline announced a new salary structure for pilots and cabin crew but the staff was disappointed with the revisions. Their main grouse was about promoting captains with more than four years of experience in management. In a communication to all employees including pilots and crew members in April this year, Air India management had said that they announced the revision of their employment contracts and revised compensation for flying staff. "I am reaching directly to our flying staff through this platform as currently there is no recognized union at Air India. This is within the framework of law," said Air India Chief Human Resource Officer Suresh Tripathi, had said in a video message. The airline had said that the contract sent is a compilation of applicable policies and existing rules. Wherever there are differences, their changes are introduced to have a performance and merit-based culture as would be the ask of any world-class and professionally run airline. In the last one year, they have been hearing all the concerns of their flying community through various forums and constant communication, the Air India management said. "Guaranteed flying allowance has moved upwards from existing 20 hours to fixed 40 hours. With our ambitious growth and large aircraft order, we as an organisation are confident to provide you more and more opportunities for flying. The fact remains that at 70 hours of flying, income across the board has increased. We are a productivity-oriented organisation, and anyone who is ready to contribute will grow and prosper," the airline had said. "Our Trainers who would be investing more time in training as we ramp up, have been given a significant increase in pay in the form of both fixed and variable. There is more than 40 per cent increase in the allowance for trainers," it added. Air India said flying allowance rates are one of the highest in the Indian industry, with even higher amounts beyond 40 hours. There used to be a difference in flying rates in the same pilot rank which has been done away with to promote fairness. They have introduced additional compensation during training of command upgrade and conversion training which was not existing earlier. There was not any service reward existing to recognise the contribution of experienced staff. A fixed amount has been added to salaries. "These are all changes we have introduced for the better and to become market competitive, which was a key ask. We have also introduced best-in-class employee insurance and other benefits which were not existing earlier at Air India to support the welfare of our flying staff," the airline's management had said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations/articleshow/100164083.cms">Adani-Hindenburg row: Mauritian minister rejects shell company allegations</a> <a href="https://www.businessinsider.in/entertainment/news/ipl-2023-scores-over-1300-crore-video-views-on-jiocinema-in-the-first-five-weeks/articleshow/100155165.cms">IPL 2023 scores over 1,300 crore video views on JioCinema in the first five weeks</a> <a href="https://www.businessinsider.in/investment/news/investment-supertrends-2023-ai-to-digitalisation-and-green-energy/articleshow/100126382.cms">AI to digitalisation and green energy: Supertrends defining investment for today and the future</a>

Air India pilots' union withdraws opposition to new wage agreement

The new fiscal year 2020-21 has started for about 1.14 lakh employees of <keyword id="6368369" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation-of-india">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="COMPANY" weightage="20" keywordseo="LIC">LIC</keyword>) on a happy note with over 25 per cent hike in their <keyword id="44629" type="PERSON" weightage="20" keywordseo="pay-packets">pay packets</keyword>, said a top union leader. The Central government on Thursday notified the revised pay packets for <keyword id="532212" type="UNKNOWN" weightage="20" keywordseo="LIC-EMPLOYEES">LIC employees</keyword>. The wage revision is effective from 1.8.2017. "The employees are happy with the wage revision that has come at a difficult situation. The pay hike for the employees is expected to be over 25 per cent per month," <keyword id="11107200" type="UNKNOWN" weightage="20" keywordseo="shreekant-mishra">Shreekant Mishra</keyword>, General Secretary, <keyword id="699829" type="COMPANY" weightage="20" keywordseo="All-India-Insurance-Employees-Association">All India Insurance Employees Association</keyword> (AIIEA) told IANS. He said a loading of 15 per cent has been given after 100 per cent neutralization of dearness allowance (DA) at 6,352 points of consumer price index (CPI). An additional Special Allowance ranging between ₹1,500 to ₹13,500 per month has been introduced for all cadres, which shall be reckoned for the purpose of calculation of dearness allowance (DA) but will not count for any other purpose i.e. house rent allowance, city compensatory allowance, privilege leave encashment, gratuity, superannuation benefit and others. Mishra said the overall increase in LIC's total wage bill will be about ₹2,700 crore per year. Mishra also said it will be five day week for LIC employees. "In the first round, the management offered 10 per cent wage hike and it was revised upwards in the second round to 15 per cent. We said the offer does not meet our expectations," Mishra said. According to Mishra, the 15 per cent wage hike offer was made on September 30, 2020 and the first offer of 10 per cent hike was made in March 2019. "We were having regular discussions with the management on the wage revision," Mishra said. The AIIEA had submitted a charter demanding 40 per cent wage hike. In the last wage agreement, the hike given was 25 per cent at average. Mishra said the unions next focus is to conclude wage revision for the employees of the government companies in the general insurance sector. The management of the four government owned general insurance companies are yet to call a meeting of the unions there for wage revision talks, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/news/flipkart-acquires-cleartrip-in-an-effort-to-cement-its-position-in-the-travel-booking-segment/articleshow/82081931.cms">Flipkart acquires Cleartrip in an effort to cement its position in the travel booking segment</a> <a href="https://www.businessinsider.in/science/health/news/remdesivir-injection-price-jumps-five-times-as-covid-19-cases-rise/articleshow/82083414.cms">The utter chaos and confusion over Remdesivir in India is making the COVID-19 second wave worse</a> <a href="https://www.businessinsider.in/careers/news/jira-and-trello-maker-atlassian-is-looking-to-hire-300-engineers-in-india-in-2021/articleshow/82083765.cms">Atlassian, the maker of Jira and Trello, is looking to hire 300 engineers in India this year</a>

Around 1.14 lakh LIC employees to get over 25% hike in their salaries

Oxfam, an international confederation of charitable organizations focused on the alleviation of global poverty, in its report titled 'An economy for the 99 per cent', said that it is time to build a human economy that benefits everyone, not just the privileged few. It also said that since 2015, the richest 1 per cent has owned more wealth than the rest of the planet. It also highlighted the fact that globally, just 8 billionaires have the same amount of wealth as the poorest 50 per cent of the world population. 
 
"Over the next 20 years, 500 people will hand over USD 2.1 trillion to their heirs - a sum larger than the GDP of India, a country of 1.3 billion people," Oxfam said. 
 
The study, released by rights group Oxfam ahead of the <a href="http://www.businessinsider.in/searchresult.cms?query=World+Economic+Forum&amp;sortorder=effectivedate">World Economic Forum</a> (WEF) annual meeting here attended by rich and powerful from across the world, showed that just 57 billionaires in India now have same wealth (USD 216 billion) as that of the bottom 70 per cent population of the country. 
 
If the report is to be believed, the poorest half of the world has less wealth than had been previously thought while over the last two decades, the richest 10 per cent of the population in <a href="http://www.businessinsider.in/searchresult.cms?query=China&amp;sortorder=effectivedate">China</a>, Indonesia, <keyword id="190980" type="COUNTRY" weightage="20" keywordseo="Laos">Laos</keyword>, India, <a href="http://www.businessinsider.in/searchresult.cms?query=Bangladesh&amp;sortorder=effectivedate">Bangladesh</a> and Sri Lanka have seen their share of income increase by more than 15 per cent. However, the poorest 10 per cent have seen their share of income fall by more than 15 per cent. 
 
"Due to a combination of discrimination and working in low-pay sectors, women's wages across Asia are between 70-90 per cent of men's," it said. 
 
Citing the Global Wage Report 2016-17 of <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Labour+Organisation&amp;sortorder=effectivedate">Indian Labour Organisation</a>, the study said India suffers from huge gender pay gap and has among the worst levels of gender wage disparity -- men earning more than women in similar jobs -- with the gap exceeding 30 per cent. 
 
It also said, in India, women form 60% of the lowest paid wage labour, but only 15 per cent of the highest wage-earners. It means that in India women are not only poorly represented in the top bracket of wage-earners, but also experience wide gender pay gap at the bottom. 
 
It also said that more than 40% of the 400 million women who live in rural India are involved in agriculture and related activities. However, as women are not recognised as farmers and do not own land, they have limited access to government schemes and credit, restricting their agricultural productivity.

Eight men own half of the world's wealth: Oxfam

<ul><li>The global salary forecast by <keyword id="743341" type="PERSON" weightage="20" keywordseo="Korn-Ferry">Korn Ferry</keyword> pegged India’s salary growth at 9.2% in the coming year. </li><li>This is expected to be the highest across Asian countries. </li><li>However, the real-wage salaries in India is anticipated to be constant at 5%, thanks to low <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword>.</li></ul>India’s salaried employees may hope for a good summer. The global salary forecast by Korn Ferry, a management consulting company pegged India’s salary growth at 9.2% for the coming year — which is the highest across Asian countries. However, the real-wage salaries in India is anticipated to be constant at 5%, thanks to an estimated 4.2% inflation. 
 
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 “India posted a strong growth despite real wages taking a hit globally. With our current economic scenario and progressive reforms by the government, there is a sense of cautious optimism across sectors in India that continues to show high salary increments. We recommend organizations to re-examine their talent strategies and remuneration and reward policies, considering the rising cost of living, leading to marginal real wage increases,” said Rajiv Krishnan, managing director of Korn Ferry Advisory India. The salaries in India are growing in an inconsistent manner. “Companies will continue to differentiate their top performers, high potentials and critical talent. Given the increasing cost pressures on the businesses, fixed salary sees a slow growth whereas high performers will continue to see a steady growth in total remuneration including performance incentives,” added Roopank Chaudhary, associate client partner at Korn Ferry India. And it will be much higher than the average salary increase in the US — which is at 3%. Globally, Asia is expected to have the highest real wage growth at 3% with the salary forecast to grow by 5.3%. The lowest salary growth is expected in Japan and Taiwan at 2% and 3.9% respectively. “Compensation programmes need to be regularly reviewed to make sure they align with changing business and market conditions. Companies take a broader perspective by defining and agreeing upon their own measures of cost drivers, business strategy and local trading conditions,” said Benjamin Frost, who is the global general manager of Korn Ferry. The report analysed database of over 20 million salaried employees across 25,000 organizations in more than 130 countries. The predictions are as per the trends for 2019, taking into account inflation and other growth factors. See also: <a href="https://www.businessinsider.in/careers/news/indians-are-unhappy-with-their-pay-but-satisfied-with-their-jobs/articleshow/72055840.cms">Indians are unhappy with their pay but satisfied with their jobs</a> <a href="https://www.businessinsider.in/careers/news/more-women-are-drawing-salaries-in-india-but-the-gender-pay-gap-persists/articleshow/72236452.cms">More women are drawing salaries in India but the gender pay gap persists</a> <a href="https://www.businessinsider.in/indian-employees-are-willing-to-give-up-10-of-salary-for-job-security/articleshow/69839667.cms">Indians are willing to give up 10% of salary for job security</a>

India’s salary growth at 9.2% in the coming year: the salary forecast by Korn Ferry

<ul><li>The Lok Sabha passed the Code on Wages Bill, 2019 on Tuesday, paving the way for labour reform. </li><li>The move will benefit 500 million workers across the country. </li><li>The overtime wage will be twice the normal wages, if the bill goes through. </li><li>The <keyword id="85252" type="PERSON" weightage="20" keywordseo="Minimum-wages">minimum wages</keyword> will be set by the government according to skills and difficulty of tasks.</li></ul>The Lok Sabha passed the Code on Wages Bill, 2019 on Tuesday, paving the way for labour reform. The bill was introduced to extend provisions of <keyword id="562632" type="UNKNOWN" weightage="20" keywordseo="minimum-wage">minimum wage</keyword> and timely payments to all employees — railways, mines and others. The Minister of State for Labour and Employment said that the bill will ensure ‘Right to Sustenance’ regardless of the wage bracket, across verticals. The move will benefit 500 million workers across the country. “This Bill provides for monthly wage holders to get their salary on time and all sections of society which were outside the ambit of the minimum wages will now get the right to minimum wages,” <keyword id="258592" type="PERSON" weightage="20" keywordseo="Santosh-Kumar-Gangwar">Santosh Kumar Gangwar</keyword>, the Minister of State for Labour and Employment<a href="https://www.thehindu.com/news/national/lok-sabha-passes-wage-code-bill-to-ensure-minimum-wage-for-workers/article28761226.ece"> said</a> in the Parliament. The bill will revoke the Minimum Wages Act, 1948, the Payment of Wages Act, 1936, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976. What amendments would the bill entail? The bill will formulate laws to increase <a href="https://www.prsindia.org/billtrack/code-wages-2019">provision of minimum wages</a> to employees across sectors. As of now, the Minimum Wages Act and Payment of Wages Act is applicable to workers below a certain wage bracket. This will also help workers of unorganised sectors, receive timely payments. As per the amendment, the minimum wage for farmers shall be revised every two years while the wages should be revised every four years for other workers. What are the provisions for minimum wages of employees? The minimum wages will be set by the government according to skills and difficulty of tasks. The employers will not be able to set wages which are less than the base that will be set by the government. How will it work? The government will set a ‘floor wage,’ according to the employee’s standard of living. And the minimum wage shall be higher than the floor wage value, set by the central government. How will it affect overtime policy and bonuses? The government will define the minimum number of hours that will constitute a normal working day. And if the employees work more than that, they will be given overtime wages — which is at least twice of the normal wage. The bill does not have provisions for bonuses like travel allowance and others. What will be the mode of payment of salaries and wage period? The employers can pay their employees either daily, weekly, fortnightly or monthly via cheque, currency notes, bank transfer or digital payment modes. How can it benefit female employees? The bill will provide equal wages to both men and women for similar type of work. Employees will be hired on the basis of skill, effort, experience. See also: <a href="https://www.businessinsider.in/markets/budget-2019-cues-one-third-of-national-income-goes-to-labour/articleshow/70040122.cms">In India, money is making money while the worker is left with a third-- explaining the gaping income inequality in the world’s fastest growing economy</a> <a href="https://www.businessinsider.in/india-economic-survey-2019-recommends-uniformity-in-minimum-wages/articleshow/70070881.cms">India has nearly 2,000 different minimum wages and the latest Economic Survey has called for ‘uniformity’— an idea corporates won’t like</a>

Wage Code Bill can help 500 million Indians. Here’s all you need to know about it

<ul><li>Around 25% of the organizations are planning to include <keyword id="60251" type="General" weightage="20" keywordseo="variable-pay" source="Orion">variable pay</keyword> in the wage definition.</li><li>One out of three organizations in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> are also likely to increase the <keyword id="312732" type="General" weightage="20" keywordseo="basic-pay" source="Orion">basic pay</keyword>, as per <keyword id="11979993" type="General" weightage="20" keywordseo="WTW-report" source="Orion">WTW report</keyword>.</li><li>40% of organizations are expecting to have a significant impact on their profit and loss statement due to gratuity.</li></ul>Companies in India are still adapting to the new Labour Code, which will be implemented from July 1 this year. However, a majority of organizations are reviewing retirement or long-term benefits and looking for new ways to package them. In fact, 25% of the organizations are planning to include variable pay in the wage definition. But, a similar percentage of them are also unsure about what to do, reveals a new WTW report on ‘State of Retirement benefits in India’. Variable pay is also known as performance pay and is given to an employee based on the results of their performance. It is usually offered in addition to the employee's fixed salary on completion of certain targets. One out of three organizations in India are also likely to increase the basic pay as a part of the new wage code. The four <keyword id="9986984" type="General" weightage="20" keywordseo="New-labour-codes" source="Orion">new labour codes</keyword> approved by the President of India are — Code on <keyword id="6356975" type="General" weightage="100" keywordseo="wages" source="Orion">Wages</keyword>, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020. These four codes will replace the existing 29 labour laws in India. Code on Wages will ensure timely payment of salaries and wages both in organized and unorganized sectors. Industrial Relations Code expands the definition of worker to be included under — skilled, unskilled, manual, technical, clerical and operational workers. Code on Social Security is about social security schemes like EPF, EPS, ESI — which are beneficial to the employees and workers. <cmsannotation type="cmsannotation" annotationid="Gratuity pay would rise" comment="subhead" text="Gratuity pay would rise">Gratuity pay would rise</cmsannotation> According to the report, 40% of organizations are expecting the code to have a significant impact on their profits; and are considering options to update their gratuity policy to mitigate the impact. While 28% say that they will not change their gratuity policy and are not expecting any change in their P&amp;L. Gratuity benefits are projected to have the largest impact in the new definition of wages. It is paid to employees who exit their companies after working for over five years. In the new code, the gratuity is expected to increase significantly, particularly for organizations where the basic pay to gross pay ratio has been quite low previously. <cmsannotation type="cmsannotation" annotationid="No change in PF contributions" comment="subhead" text="No change in PF contributions">No change in PF contributions</cmsannotation> The report further suggests that over 46% of the organizations would continue to contribute 12% of basic salary as per prevailing regulation in the provident fund. However, 8% say that they will restrict the PF upto ₹15,000 per month. As many as 32% of the organizations are unsure about what to do with the provident funds for its employees, says the report. During COVID-19 pandemic, a lot of companies had provided extra sick leaves to their employees as the infection required proper isolation and rest. This has led three out 10 organizations to restructure their leave policies, the report says. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mid-cap-stocks-will-remain-under-pressure-for-few-more-months-say-experts/articleshow/92387603.cms">Mid cap stocks will remain under pressure for few more months, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/not-just-health-tobacco-products-also-degrades-ecosystem-integrity-who-report/articleshow/92380121.cms">Not just health, tobacco products also degrades ecosystem integrity: WHO report</a>

You Searched For "india wage" and got 13 results

India's wage growth significantly trails economic growth, says the ILO

Dilsher Dhillon

India among the worst countries for laws governing equal pay rights for women: World Bank

BI India Bureau

India has nearly 2,000 different minimum wages and the latest Economic Survey has called for ‘uniformity’— an idea corporates won’t like

Sanchita Dash

India is revamping its minimum wage laws for the first time in 60 years

Dilsher Dhillon

PSU insurance unions angry with the 7% salary hike offer, seek LIC-like hikes

IANS

Nearly 1 million bank employees in India are set to go on strike this week

Dilsher Dhillon

Here's why the staff at India's government banks are not happy with the salary hike ahead of the festive season

Prabhjote Gill

Air India pilots' union withdraws opposition to new wage agreement

ANI

Around 1.14 lakh LIC employees to get over 25% hike in their salaries

IANS

Eight men own half of the world's wealth: Oxfam

BI India Bureau

India’s salary growth at 9.2% in the coming year: the salary forecast by Korn Ferry

Prerna Sindwani

Wage Code Bill can help 500 million Indians. Here’s all you need to know about it

Prerna Sindwani

One in four organizations plan to make variable a part of the wages

Vaamanaa Sethi

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