Union Cabinet has given permission to Central Public Sector Enterprises, CPSEs, to initiate negotiations with their workmen for the 8th round of wage revision. Finance Minister Arun Jaitley told reporters after the Cabinet meeting that there are 320 CPSEs with 9.3 lakh workmen. He said, the wage revision will be subject to condition that there shall be no increase in the labour cost per physical unit of output.
The revision will be valid for a minimum period of five years for those CPSEs who have opted periodicity of five years and ten years for those who have opted for ten years periodicity with effect from 1st of January this year.
The Cabinet also approved setting up of 15th finance commission. The terms of reference for the Commission will be notified later. Cabinet gave its nod for India’s membership of European Bank for Reconstruction and Development with an initial 100 shares.
Mr Jaitley said, necessary steps will be taken by the Department of Economic Affairs to acquire the membership. He said, membership of the bank would enhance India’s international profile, promote its economic interests and give a boost to its investment opportunities.
The Cabinet also cleared revision of salaries, gratuity and pension of judges of the Supreme Court and High Courts. The decision will benefit 31 judges of the apex court and 1079 judges of High Courts. It will also benefit 2500 retired judges of the higher judiciary.