Trade Unions’ wish list to FM

By Vijay Kumar

Leaders of major trade unions had met the Finance Minister and suggested the following:-

++ Comprehensive legislation for Social Security for agricultural and unorganised labour.

· Appointment of the Sixth Central Pay Commission.

· Enhancement of the exemption limit for personal income tax to Rs.2 lakhs.

· Restoration of interest rate for EPF to 9.5 per cent (as against 8.5 per cent announced by the government).

· No disinvestments in profit making central sector enterprises.

· Removal of all Ceilings on bonus.

· Enhanced 9 per cent interest on senior citizens’ savings accounts.

· No passing on of Fringe Benefit Tax to employees.

· Imposing a ban on iron ore exports to protect domestic iron and steel industry.

· Encouraging employment in SSIs and self employed sectors through enhanced credit.

· Setting up Workers Capital Trust to manage part of the worker’s funds such as provident fund.

· Encouraging distribution of equity to workers.

· Making highly profitable industries pay more taxes.

· Recovering a part of non-performing assets of the banking sector.

· No privatisation of airports.

· Encouraging permanent rather than contractual employment.

· Enhancing tax/GDP ratio and investment GDP ratio further.

· Increasing import duties on luxury and consumer goods.

· Introducing a tax on agricultural income for farmers with adequate irrigated land holding.

· Imposing taxes on lavish spending on social ceremonies such as birthdays and weddings and on service incomes.

· Strengthening the public distribution system.

· Maintaining fertilizer subsidy.

· Allocation of at least 10 per cent of budget on education.

· In line with the Rural Employment Guarantee Scheme, launching another programme for urban areas.

· Not investing pension funds in the share markets.

· No structural adjustment loans from the World Bank.

· More public investment in rural areas, agriculture and social sectors.

Ingredients for a dream budget?