FUN FACTs
- Nearly 60% of all wage and salary workers (78.2 million professionals) are hourly employees.
- In 1996 The American National Payroll Association founded National Payroll Week to celebrate the partnership between America’s workers and companies – the weeklong event even has its own theme song.
- Employees tend to retain their training better when they take handwritten notes.
About the Organization
Labour Law Advisor aims to simplify complex labor laws for employees, employers and HRs, and also to help them build a better financial future. The journey started in August 2017 from our homes and reached 1 million subscribers in April of 2020. As a recent move, we have launched the LLA Academy with the objective of bringing curated courses for the skill development employees and employers. These courses emphasize on enhancing the employability of professionals and expanding their portfolio of professional experience.
Let’s dive in!
Before heading up to the newsletter, we sincerely thank you for supporting the endeavor. As our privileged subscriber, you will receive the latest updates of labour laws, social security, employment, career news and more, twice a month. The vision is to bring valuable updates from national and international sources and provide our readers with quick-read articles and save your time. We welcome your feedback and suggestions to help us improve. This issue is dedicated to all our crusaders. Maybe you have a family member or friend who may benefit from the information in our e-newsletter – please share!
Happy reading!
GLOBAL WORDS
ILO Report on Impact of COVID 19 on Informal Economy.
Devastating impact of Covid-19 lockdown on the health and financial conditions of workers in the informal economy.
There’s a need to follow a multitrack strategy wherein, efforts need to be made to improve both, health and economy.
Focus should be on strengthening the health system to ensure access and financial protection for all.
“THE BURNING TALE”
STATES DILUTING LABOUR LAWS
In the race to woo investors and businessmen, a number of state governments made key changes in the application of labour laws. Gujarat, Madhya Pradesh, Uttar Pradesh, Karnataka and many other states have decided to suspend some key labour laws for the next three years to help revive businesses and to improve the ease of doing business in their states. The changes give industries more flexibility in hiring and firing employees, determining their wages, and reduce their liabilities in terms of providing employee benefits. This move has been welcomed by economists and businessmen but at the same time it has been criticized by the workers, unions and the civil society activists as an attempt to undermine the workers’ rights and collapse the system that ensures the welfare of the workers.
Govt announces PF Relief Measures under 20 lakh crore “Atmanirbhar Bharat Package”
Statutory PF contribution of both, the employer and employee has been reduced to 10% each from the existing 12% each for all establishments covered by EPFO for the next three months. Only CPSEs and state PSUs will continue to contribute 12% as employers share. This scheme will be applicable for workers who are not eligible for 24% EPF support under PM Garib Kalyan package and its extension. Finance Ministry has also announced a reduction in rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining period of FY 20-21
Trade unions set to oppose any amendment to labour laws
While the state governments have announced a blanket relaxation in labour laws, the workers and unions have opposed the move. BMS, the largest trade union body in the country has also opposed these changes. Many fear the dilution of labour laws will lead to exploitation of workers and benefit only the owners. They also apprehend that the Centre may also take the same route to pass proposed labour reform legislations such as Labour Codes, as Parliament cannot be convened amid the Covid-19 pandemic. The unions are considering filing a complaint to the ILO as well.
Minimum Wages raised by the Centre, States not in sync
The Ministry of Labour and Employment has increased the minimum wages w.e.f. April,2020. This move was welcomed by the workers as it came as a ray of hope in these dark times but states like Punjab and Karnataka have raised their objections citing the disruption of demand and supply. As per these state governments, such a raise would add to the problems of companies as they are already facing a financial crunch.
India to plan tax holiday to win new investments
India has always been a land of business opportunities for entrepreneurs and good tax planning can have a huge impact on the growth of investments. As an extension to this idea, the government is planning to give a 10-year full tax exemption to companies which make investments above $500 million and begin operations working 3 years from June 1.
Corona Effect: Time to Reskill and Upskill
The United Nations predicted that 195 million jobs will be wiped out die to Covid-19 and it is turning out to be true. Millions of people are now juggling between the fight to stay healthy and the struggle to pay their bills on time. However, experts suggest this interruption should be used for development of new skills which will be in demand post corona. Before the pandemic hit, businesses were already undergoing a “digital transformation” and a loss of jobs was predicted. This pause has provided everyone with the opportunity to identify the gaps and work on them without the fear of being left behind.
Look out for Affordable practical courses by LLA to boost up your career
A to Z Payroll Processing Course
Practical course on payroll, inclusive of calculation of 10+ acts such as PF, ES, TDS. Enroll Now
A to Z Payroll Processing Course
Practical course on payroll, inclusive of calculation of 10+ acts such as PF, ES, TDS. Enroll Now
A to Z Payroll Processing Course
Practical course on payroll, inclusive of calculation of 10+ acts such as PF, ES, TDS. Enroll Now
Thank you for pausing from your busy day and gracing us with your precious time. We will get back to you in the next edition with more exciting and interesting updates.
Till then,
Goodbye,
Stay Safe, Stay Home.