The Indian market fails to gain on Wednesday, reports sixth successive day of loss
Some of the key stocks that gained on Wednesday were Maruti Suzuki, Lupin, NTPC, M&M, ONGC, UltraTech Cement, Hindalco and Bank of Baroda while Sun Pharma, TCS, Axis Bank, L&T, Bharti Infratel, Idea Cellular and Ambuja Cements declined.
On Wednesday, the Union Ministry of Labour & Employment clarified that the government is not bringing an amendment to the Payment of Wages Act to make mandatory the payment of wages to the workers only through cheque or accounts transfers.
The release said that the government proposes to bring an amendment to Section 6 of the Payment of Wages Act, which will further provide crediting the wages in the bank account of the employees or payment through cheque along with the existing provisions of payment in current coin or currency notes.
This is being done to facilitate the employers from making payment of wages using the banking facilities also in addition to the existing modes of payment of wages in current coin or currency notes, the release said.
The release also said that the appropriate Government (Centre or State) will have to come up with the notification to specify the industrial or other establishments where the employer shall pay wages through cheque or by crediting the wages in employees’ bank account.
States sucn as Andhra Pradesh/Telangana, Kerala, Uttarakhand, Punjab and Haryana have already come out with notifications to provide for payment through banking channels.
Image: Wikimedia Commons
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