Unions pitch for hiking I-T exemption limit to Rs 5
lakh/annum
Trade unions today demanded 12% interest on PF contributions
of employees and a hike in income tax exemption limit to Rs 5 lakh in their
pre-budget meeting with Finance Minister P Chidambaram.
The unions have also asked the government not to raise FDI
cap in financial sectors like insurance and banking.
The I-T exemption
limit for individuals stands at Rs 2 lakh per annum at present.
Several unions, including CITU, AITUC, INTUC and BMS, in a
joint memorandum to Chidambaram have expressed their opposition to the banking
reforms bill saying it would encourage private banking at the cost of public
sector banks.
They also demanded that a progressive taxation system be put
into place and concrete steps be taken to recover large accumulated tax
arrears, effective measures to unearth huge accumulation of black money,
including the unaccounted money in tax heavens abroad.
Chidambaram, while making his opening remark at the meeting
with the representatives of 12 trade unions, said that a slowdown in the
manufacturing sector is creating unemployment and there is a need to create job
opportunities.
"There is a need to revive investment in manufacturing
and service sector in order to create higher job opportunities," he said,
adding that there was a slowdown in investment in manufacturing sector as a
result not enough jobs were created.
"At present, the economy is passing through a difficult
phase mainly due to external factors and, therefore, there is immediate need to
tide over the current situation and then move to the path of higher
growth," he added.
Finance Minister Shri
P. Chidambaram said that higher growth leads to creation of more jobs.
"Trade unions can play an important role in reviving the manufacturing
sector which in turn can lead to creation of more job opportunities in the
sector," he said.
Other proposals made
in the joint memorandum include taking effective measures to arrest the
spiraling price rise, ban speculative forward trading in commodities, massive
investment in the infrastructure to stimulate the economy.
The trade unions also sought minimum wage be guaranteed to
all workers, special allocation for creation of a Welfare Fund for protecting
the interest of unorganised workers and raising minimum wages to Rs 10,000 per
month.
Courtesy: saindiapost.blogspot.in/
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