News »Browse Articles »
Pay cuts may be required to save jobs: Pranab
0
Pay cuts may be required to save jobs: Pranab
21 Feb 2009: NEW DELHI: Stand-in finance minister Pranab Mukherjee, who promised measures to cope with the slowdown, said jobs must be protected even if it
means cutting salary. “Jobs must be protected even if it means some reduction in compensation at various levels,” the minister said while inaugurating the 42nd Indian Labour Conference here.
The minister’s advise for “give-and-take” to workers comes in the backdrop of clear signals from the industry about the possibility of wage cuts to tide over the crisis. He pointed out that at times like these, the social welfare net needed pro-active strengthening as only that would provide the base for a “socially harmonious shift in the pattern of employment”. The statement of the seniormost leader in the government gains significance in view of the upcoming general elections.
The two-day conference is being held under the chairmanship of the minister of labour & employment, Oscar Fernandes. Late last year, interestingly, Mr Fernandes had also come out strongly against summary job cuts by companies across the board, alleging that several of them were using the economic downturn as an excuse to lay off employees, and urged that job security be ensured. That statement had come in the wake of the Jet Airways layoffs.
Placing emphasis on the “spirit of tripartite cooperation” (employer, employee and government) in labour matters, Mr Mukherjee pointed out that the country needed to protect itself “unitedly and sagaciously” against the fallout of a period of unprecedented economic crisis in the world.
Giving details on the government’s response to the economic downturn as the most beneficial and rational one, Mr Mukherjee said a global crisis requires a global response and that India was playing an important role in fashioning it.
“Our response has been swift and, as recent developments indicate, beneficial,” he said, adding, “The package administered through the record increase in government expenditure and relaxation of prudential norms to assist the real estate and the housing sectors, has had desirable impact.”
Cautioning against complacency given the nature of the crisis, the minister stressed that the country has the capability and the resources to turn this into an opportunity to restructure the economy and to raise our stature in the world community.
Source:
http://economictimes.indiatimes.com/Economy/Pay-cuts-may-be-required-to-save-job
means cutting salary. “Jobs must be protected even if it means some reduction in compensation at various levels,” the minister said while inaugurating the 42nd Indian Labour Conference here.
The minister’s advise for “give-and-take” to workers comes in the backdrop of clear signals from the industry about the possibility of wage cuts to tide over the crisis. He pointed out that at times like these, the social welfare net needed pro-active strengthening as only that would provide the base for a “socially harmonious shift in the pattern of employment”. The statement of the seniormost leader in the government gains significance in view of the upcoming general elections.
The two-day conference is being held under the chairmanship of the minister of labour & employment, Oscar Fernandes. Late last year, interestingly, Mr Fernandes had also come out strongly against summary job cuts by companies across the board, alleging that several of them were using the economic downturn as an excuse to lay off employees, and urged that job security be ensured. That statement had come in the wake of the Jet Airways layoffs.
Placing emphasis on the “spirit of tripartite cooperation” (employer, employee and government) in labour matters, Mr Mukherjee pointed out that the country needed to protect itself “unitedly and sagaciously” against the fallout of a period of unprecedented economic crisis in the world.
Giving details on the government’s response to the economic downturn as the most beneficial and rational one, Mr Mukherjee said a global crisis requires a global response and that India was playing an important role in fashioning it.
“Our response has been swift and, as recent developments indicate, beneficial,” he said, adding, “The package administered through the record increase in government expenditure and relaxation of prudential norms to assist the real estate and the housing sectors, has had desirable impact.”
Cautioning against complacency given the nature of the crisis, the minister stressed that the country has the capability and the resources to turn this into an opportunity to restructure the economy and to raise our stature in the world community.
Source:
http://economictimes.indiatimes.com/Economy/Pay-cuts-may-be-required-to-save-job
