Central Government's initiative on Labour Reforms | Fusion - WeRIndia

Central Government’s initiative on Labour Reforms

Central Government’s initiative on Labour Reforms

Prime Minister is going to take an initiation on long-awaited labour reforms. The 5-point initiative unveils on October 16, 2014 in a daylong conference in New Delhi. Several investors and CEOs of multinational companies in not just in India but also in the US complained about the existing labour laws that restrict doing business in India. In this context, PM is going to reform the labour, one of the biggest factors of production.

It is expected that Inspector Raj will be cut down under the new system. Other features of new reforms include: EPF accounts and insurance schemes will be made portable and connected to bank accounts. A labour and industrial portal will be established to store all the data. A refurbished Rashtriya Swasthya Bima Yojana will be implemented to the workers in the unorganized sector.

All the 1800 labour inspectors throughout the country will be informed about the new rules via text messages from the Prime Minister of India. It is proposed to raise the wage ceiling from Rs. 6,500 to Rs. 15,000 per month to cover all the weak groups under the EPF scheme. A minimum pension will be introduced under which a person gets at least Rs. 1,000 per month after retirement.  Unique Labour Identification Number will be provided to all industrial units in the country.

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