In pre-Budget meet with FM, trade unions suggest income tax relief, restoration of OPS

In pre-Budget meet with FM, trade unions suggest income tax relief, restoration of OPS

Key trade union members placed several recommendations in the pre-Budget meeting with Finance Minister Nirmala Sitharaman on June 24 ranging from relief on income tax for salaried classes to scrapping the New Pension Scheme (NPS).

This meeting was a part of a series of interactions organised by the Ministry of Finance and Corporate Affairs to receive suggestions from key stakeholders ahead of the upcoming Budget, which is likely to be presented mid-July.

This was the sixth pre-Budget consultation with representatives of trade unions and labour organisations.

Some of the suggestions by trade union members included:

--Raise ceiling for income tax rebate for salaried class

--Scrap New Pension Scheme and restore “benefit defined old pension scheme (OPS)”

--Stop privatisation of PSUs

--Stop move to privatise LIC and GIC through different ways like IPOs

--8th Pay Commission should be constituted immediately

--All existing vacancies in central government departments and PSUs should be filled immediately

-- Centre should set up a social security fund for unorganised and agricultural workers to provide them defined benefits including a pension of Rs 9,000 per month

Trade Union Co-ordination Centre (TUCC), one of the 12 Central Trade Union Organisation recognised by Ministry of Labour & Employment suggested imposing an additional 2-percent-tax on the super-rich to guarantee social security benefits for all workers.

TUCC also recommended creating a separate welfare board for migrant workers, and guaranteed access to ration cards for construction workers under the "one ration one nation" scheme.