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February 28, 2001                                       Feedback  

    - EXIM POLICY '00



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Mitigating the 'labour' pains

BS Bureau

Finance Minister Yashwant Sinha relaxed on Wednesday labour rules by allowing firms with fewer than 1,000 workers to lay off staff without seeking government approval.

The previous limit for discharging workers without seeking the government's consent was limited to firms with fewer than 100 workers.

A summary of 2001-02 Union Budget said: "Prior government approval for effecting layoffs, retrenchment and closure required by industrial establishments employing not less than 100 workers (is) to be revised to those employing not less than 1,000 workers."

It said the separation compensation will be increased from 15 days to 45 days for every completed year of service.

Sinha said the Contract Labour Act would be amended to make it easier to outsource activities and hire on contract.

The Act would provide protection to workers engaged in outsourced activities in terms of health, safety, welfare, social security, the summary of the Budget said.

Source: Business Standard

The Budget 2001-2002 Special
The Rediff-Business Standard Budget Special

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