The New Deal and Recovery, Part 11: The Roosevelt Recession, Continued SHARE Massive jolts of New Deal spending had stopped the economic slide, [but the economy crashed again when] over two years, FDR slashed government spending 17 percent. (From a 2011 NPR presentation.)
In the last installment of this series, I discussed the hypothesis that the 1937 collapse resulted from an ill-conceived tightening of monetary policy to which both the Fed and the Treasury contributed.
While authorities differ in the degree of responsibility they assign to each, there s widespread agreement that, between them, instead of merely extinguishing a boom, as they intended to do, both Fed and Treasury officials helped bring about a crash that undid much of the post-1933 recovery.
Understanding proposed labour codes: Reform or cause for concern?
The labour ministry is formulating relevant rules and regulations to implement the four new labour codes.
The four labour codes enacted by the Parliament in 2020 are set to be implemented soon.
According to Labour and Employment Secretary Apurva Chandra, the labour ministry is formulating relevant rules and regulations to implement the four new labour codes in the next few weeks.
Once the rules are notified, the codes would come into effect.
The government introduced the codes with the aim to streamline and simplify the country s existing and overlapping labour laws. Since the subject of labour comes under the Concurrent List of the Constitution, there were hundreds of state and central labour laws.
Updated Jan 06, 2021 | 06:25 IST
Traditionally tax was the annual change quotient for most employees that impacted their ‘take-home-pay’, but going forward labour codes may also have an impact. Representational image
The government has been pushing the ‘Make-in-India’ initiative by bringing in various legislative, administrative and e-governance related changes to facilitate the ease of doing business in India. The Labour Code is one such step in that direction. As part of labour law reforms, the Government of India has undertaken rationalisation of 29 labour regulations and subsume them into 4 labour codes namely,
The Code on Wages, 2019 that has included 4 legislations relating to wage rate, time of payment, bonus, equal opportunity and remuneration
While the Code on Wages, 2019 (hereinafter referred to as
“
the Code”) received Presidential
assent on August 08 2019
1, the Government was
yet to notify the effective date of the Code coming into force. The
Code has unified and subsumed four different acts, namely the
Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the
Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976
(collectively “
Existing Legislation”).
The implementation of the Code is expected to have wide ranging
implications for a majority of stakeholders. Under Section 1(3) of
the Code, the Central Government has the power to issue
notification in the official gazette to appoint different dates for
Why New Wage Code May Result in Lower Take Home Salary for Employees Next Year
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Employers may have to revise offer letters if the new Code on Wages becomes effective from April 1, 2021, which may result in a lower take-home salary for a majority of employees. The new definition of wages is part of the Code on Wages, 2019 passed by Parliament last year. The rules to enforce the law were also firmed up last year.
Along with the other three codes on industrial relations, social security and occupational health safety and working conditions, the implementation of the Code on Wages is planned from April 1 next year.