Page 2 - Wages

Employee costs surge over 12% to a record Rs 10.8 trillion in FY22

Employee costs rose over 12% in FY22, the fastest in 8 years

Labour codes not to kick in from Friday even as states, UTs frame rules

The Centre has already finalised rules on all the four codes

Size of India's gig economy, the challenges it faces and possible remedies

While the tribe of contractual workers is growing rapidly, many of the challenges they have been facing remain unaddressed

S&P 500 firms' CEO pay up 17% as profits, stocks soar; workers fall behind

Even when regular workers win their biggest raises in decades, they look minuscule compared with what CEOs are getting. The typical compensation package for chief executives who run S&P 500 companies soared 17.1% last year, to a median $14.5 million, according to data analysed for The Associated Press by Equilar. The gain towers over the 4.4% increase in wages and benefits netted by private-sector workers through 2021, which was the fastest on record going back to 2001. The raises for many rank-and-file workers also failed to keep up with inflation, which reached 7% at the end of last year. CEO pay took off as stock prices and profits rebounded sharply as the economy roared out of its brief 2020 recession. Because much of a CEO's compensation is tied to such performance, their pay packages ballooned after years of mostly moderating growth. In many of the most eye-popping packages, such as Expedia Group's, valued at $296.2 million and JPMorgan Chase's $84.4 million, boards gave ...

Ad-hoc panel backs raising the wage ceiling under EPFO to Rs 21,000: Report

The increase in the limit to Rs 21,000 under EPFO will bring more workers under the retirement scheme

New Wage Rate Index series released; base year revised to 2016 from 1963-65

Ministry of Labour on Wednesday released a new series of Wage Rate Index (WRI) with base year 2016, being compiled and maintained by the Labour Bureau, an attached office of the ministry. The new series of WRI with base 2016=100 will replace the old series with base 1963-65, a labour ministry statement said. The government periodically revises the base year for major economic indicators to reflect the changes in the economy and to capture the wage pattern of workers, it said. Thus, as per the recommendations of International Labour Organization, National Statistical Commission etc, the base year of WRI numbers has been revised from 1963-65 to 2016 by the Labour Bureau to enhance the coverage and to make index more representative. The new series of WRI has increased the scope and coverage in terms of number of industries, sample size, occupations under selected industries, weightage of industries etc. Professor S P Mukherjee and other members of the expert group on Minimum Wages &

RBI staff unions defer their mass-leave protest over wage deal

On November 15, the RBI official met union leaders asking them to call off their protest and co-operate for early settlement of wage negotiations

RBI unions to defer protest, say have got assurance on wage revision

The unions had planned stepping up their protest by going on mass casual on November 30.

RBI unions to step up stir with mass casual leave on Nov 30 over wage deal

In its communication, the unions said they have "exhausted all avenues of peaceful solution", and unanimously decided to start their agitation process from Tuesday

MGNREGS ensured work for a year, now states are running out funds for it

States are running out of money to pay wages to workers even as demand for the rural employment guarantee programme has risen because of the Covid-19 pandemic

Labour Min hikes minimum wages for central sphere workers from Oct 1

The average CPI-IW for the months of January to June, 2021 was used for undertaking the latest VDA revision

Hollywood workers reach deal on fresh contract, avert strike

An 11th-hour deal was reached on Saturday, averting a strike of film and television crews that would have seen some 60,000 behind-the-scenes workers walk off their jobs

81% received full wages in first wave of Covid-19 pandemic: Survey

70% of firms didn't cut jobs; in fact, health sector increased employment

CIL might hike coal prices by 10-11% to tide over cost push, wage revision

Mining major Coal India Ltd might raise prices of the dry fuel by at least 10-11 per cent to mitigate the impact of increased costs and an impending wage revision

'Lot depends on them': Junior doctors demand better pay as they fight Covid

Young doctors and medical staff have had to protest during pandemic for even basic rights: salaries, protection from assaults by patients' families, better staffing, poor quality hospital equipments

Almost 92% casual workers didn't get wages during lockdown: SWAN survey

The survey, which was conducted among 1,396 worker groups, adding up to 8,023 people that included 4,836 women and children, showed that 76 per cent of the workers had less than Rs 200 left with them

Labour ministry constitutes an expert group to fix minimum wages

The government has constituted an expert group led by Prof Ajit Mishra, that will give recommendations on fixation of minimum wages and national floor minimum wage. "The Ministry of Labour & Employment issued an order and has constituted the Expert Group to provide technical inputs and recommendations on fixation of Minimum Wages and National Floor Minimum Wages," a labour ministry statement said. Minimum wage is different for different categories of workers. National floor refers to the minimum level of wage that is applicable to all categories of workers across the country. The group has been constituted for a period of three years from the date of notification. To arrive at the wage rates, the group will look into the international best practices on the wages and evolve a scientific criteria and methodology for fixation of wages. The expert group is chaired by Prof Ajit Mishra, Director, Institute of Economic Growth. The members of the expert group include Prof Tarika ...

Rejig wage structure to benefit from EPF rule change, say analysts

If employer contribution is low, get salary restructured to enjoy higher tax-free interest

Share of wages in industry GVA is highest since 1992-93, shows data

Imputed cost of finance to industry rose, share of profits in GVA fell in 2018-19

Wage revision clause in settlement proposal worries BPCL employees

Staffers fear the new owner of to-be-privatised firm will move to lower wages