NIFTY23,4060.33%
SENSEX74,3460.41%
BANKNIFTY54,1860.88%
NIFTY IT29,3845.57%
PHARMA24,0870.33%
AUTO26,0930.05%
FMCG48,1241.01%
METAL13,5350.17%
REALTY762.601.39%
ENERGY40,1970.02%
NIFTY23,4060.33%
SENSEX74,3460.41%
BANKNIFTY54,1860.88%
NIFTY IT29,3845.57%
PHARMA24,0870.33%
AUTO26,0930.05%
FMCG48,1241.01%
METAL13,5350.17%
REALTY762.601.39%
ENERGY40,1970.02%

Labour Minister Stresses Need for Industry-Government Collaboration Amid Crisis

Labour Minister Mansukh Mandaviya emphasized the importance of a joint plan between industry and government to support workers during times of crisis. Speaking at the CII Annual Business Summit on May 12, Mandaviya emphasized the need for a coordinated effort to ensure workers are provided with essentials to avoid suffering during the crisis.

The ongoing conflict in West Asia has resulted in several factory workers facing reduced working hours, loss of employment, and cuts in wages. To address these challenges, Mandaviya highlighted the benefits of the recently notified labour codes. Notified in November, the laws are designed to be pro-industry and pro-labour, ensuring equal payment for male and female workers, and changing the role of inspectors to facilitators.

Mandaviya urged industries to pay wages to contractual workers on time to ensure compliance with the new labour codes. He also expressed concerns about the interest shown by industries in subscribing to the employment-linked incentive scheme (ELIS). The scheme provides a direct monetary incentive of Rs 3,000 to new employees for six months, aimed at encouraging industries to hire more workers.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

The central government is working on a new comprehensive employment policy for the labour force. A concept note on the draft labour policy, known as 'Shram Shakti Niti 2025', is expected to be released by the Ministry in October. The vision of the policy is to create an inclusive, fair, and resilient labour ecosystem that upholds dignity, fosters productivity, and ensures access to decent work for every worker, irrespective of sector, gender, or geography.

SchemeDirect Benefit TransferDuration
Employment-Linked Incentive Scheme (ELIS)Rs 3,0006 months

Comparison of Employment-Linked Incentive Scheme (ELIS) Benefits

Note: The table above highlights the key benefits of the ELIS scheme, including the direct benefit transfer and duration of the scheme.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

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