Economic News in India

8 January 2020 - The central government of India has increased the amount of wages that need to be considered for the calculation of compensation to be given to employees under the Employees Compensation Act 1923. The Act, which provides compensation to workers who die or suffer injuries in the workplace, has increased the wages to be considered from INR 8,000 to INR 15,000.

According to the Act, an employer is liable to pay their employee if they suffer any injury that causes death or partial or complete disability. However, the employer is not liable to pay the employee if the injury does not cause total or partial disability for more than three days, if the accident happened while the employee was under the influence of alcohol or drugs, or if the employee willfully ignored safety protocol. Learn more about Health and Safety Laws

17 December 2019 - According to the Code on Wages, 2019, an employee must receive their due payment from their employer two days after the end of their job. This includes their full salary and any allowances they are entitled to. This is applicable irrespective of whether the employee was dismissed by their employer or whether they chose to leave themselves.  The Payment of Wages Act, 1936, the predecessor to the Code of Wages, 2019, did not specify the time by which all employees had to receive their payment. Due to this reason, companies had their own timelines. Furthermore, the Act also only specified the timeline for employees whose earning wages did not exceed Rs. 24,000. The Code on Wages, 2019 will include a wider class of employees and will have strict penalties for those who do not comply with the two-day time period. Although the Code has been passed by the Parliament, it is yet to receive a date for implementation.  Learn more about India’s work and wages laws.

10 December 2019 - India has witnessed an increase in the retail price of essential goods since January 2019. The prices of onions have increased four times over the past year. The prices of pulses, potatoes, rice and wheat have also increased significantly. This rise in cost has been attributed to poor weather conditions and a mismatch in demand and supply of the goods. The government has a list of 22 essential goods whose prices they monitor. The prices of 20 of those goods has increased significantly since the start of 2019. The Consumer Supplies and Consumer Affairs ministers at the state as well as central level have been asked to review the prices of these goods with dealers on a regular basis to help regulate prices. How much do these essential goods cost in your area?