Budget FY25: Trade unions seek restoration of OPS, increase in tax rebate for salaried class
The unions also asked the government to stop the privatisation drive of PSUs, scrap the new pension scheme and restore the old pension scheme (OPS).
Constitution of the 8th pay commission, increase in tax rebate for salaried class and restoration of the old pension scheme are some of the key demands made by trade union leaders during a pre-budget meeting with Finance Minister Nirmala Sitharaman on Monday.
The unions also asked the government to stop the privatisation drive of PSUs, scrap the new pension scheme and restore the old pension scheme (OPS).
"The ceiling limit for the income tax rebate for the salaried class on their salary and gratuity must be substantially raised. Government-sponsored social security fund for the unorganised workers and agricultural workers has to be set up to provide them with defined universal social security schemes including minimum pension of Rs 9,000 per month and other medical, educational benefits," the CTUs said in their memorandum.
Besides, they have sought that all the existing vacancies in the central government departments and PSUs must be filled immediately and the practice of contract and outsourcing should be stopped.
They further said resource mobilisation has to be done by increasing the corporate tax, wealth tax and introducing inheritance tax instead of burdening common masses with the GST on essential food items and medicine.
"Over the decades, corporate tax rates have been slashed unjustly and at the same time increasing indirect tax burden on common people resulted in an utterly regressive tax structure. That must be corrected in the interests of fairness, equity and propriety. Even one per cent inheritance tax on the super- rich with the ceiling can fetch huge amount to the budget receipts," it said.
Representatives from 12 trade unions including INTUC, AITUC, CITU, AIUTUC, TUCC and UTUC attended the meeting.
Bharatiya Mazdoor Sangh (BMS) submitted a memorandum with its demand separately.
Some of its demands are the scope of MGNREGA should be broadened with the provision for a guaranteed 200 days of work for each family.
Besides, agriculture and allied sectors works should be linked to MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act).
It also demanded providing health benefits to all persons above 60 years of age.
It can be made contributory with a token amount of Rs 100 per month and coverage of Rs 5 lakh annually.
Moreover, Ayushman Bharat Scheme criteria should be extended from Rs 1.20 lakh to Rs 3 lakh, it said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
08:50 PM IST