LIC Act amendment: Centre to hold 75% stake for at least 5 years, minimum shareholding not to go below 51%
Surabhi
Mumbai |
Updated on
The Centre will hold at least 75 per cent stake in state-owned Life Insurance Corporation of India for the next five years and will continue to hold at least 51 per cent in the life insurer after that period.
The Amendments to the Life Insurance Act, 1956, which was tabled along with the Finance Bill, also proposes to increase the authorised share capital of the corporation to ₹25,000 crore divided into 2,500 crore shares of ₹10 each.
Finance Minister Nirmala Sitharaman had, in the Budget, said that the government would like to take ahead the initial public offering of LIC in the coming fiscal.
The labour ministry will finalise rules for all the four labour codes by the end of this month. Following this, the government can notify them any time, paving way for the implementation of the codes even before April 1 as envisaged earlier.
Synopsis
The labour ministry had held first round of tripartite discussions on draft rules on Wage Code and Code on Industrial Relations in December. Next round of discussion on the Social Security Code and the Code on Occupational Safety Health and Working Conditions.
The joint platform of 10 central trade unions will boycott the tripartite stakeholder meeting called by labour ministry on Tuesday saying it is a farce. Instead, the unions have demanded the government hold physical meeting with adequate time given to all stakeholders to discuss the draft Rules of the four labour codes.
The labour ministry had held the first round of tripartite discussions on draft rules on Wage Code and Code on Industrial Relations in December.
When lockdown ended in May, many workers across India had complained of non-receipt of wages. Representational Image | Photo Credit: PTI
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As the world looks for a vaccine, partial lockdowns are back in various parts of the world. Night curfews and small restrictions are still continuing in many parts of India as the country is cautiously unlocking. The unprecedented lockdown for nearly two months from March 2020 did curb the chain of COVID transmission, but also led to an unexpected closure of many industries overnight.
BMS urges labour ministry to scrap 12 hour work, not cap allowances at 50%
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Synopsis
In the consultation meeting held by the ministry of labour on labour code rules, BMS demanded scraping of spread over to 12 hours as the majority of the countries in the world do not have provisions for spread over,” it said in a statement after the meeting. “Only overtime with double wages should be provided,” it has proposed.
Agencies
BMS also expressed its opposition to certain provisions of the Industrial Relations Code including limiting the negotiating power of trade unions and limitations on resorting to strike.