Union Cabinet approves ordinance to amend Payment of Wages Act, 1936
Posted on:23 Dec 2016 17:30:51
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23 December 2016 Current Affairs: The Union Cabinet has approved the ordinance amending Payment of Wages Act, 1936 for allowing certain business and industrial establishments to pay salaries and wages through cheques or through the electronic mode.
With the Payment of Wages (Amendment) Bill, 2016, employers will also have the option to pay wages in cash.This ordinance is valid for the period of six months only and the government is required to get the bill passed in Parliament within this period only.
The Bill was introduced by the Labour Minister Bandaru Dattatreya amidst the ruckus over the demonetisation issue that has engulfed the whole country with the cash crunch.
Provisions of the Payment of Wages (Amendment) Bill, 2016 : It seeks to amend Section 6 of Payment of Wages Act, 1936 to enable employers to pay wages to employees through cheques or by crediting the salaries to their bank accounts electronically.
It will allow the State Governments to specify industrial or other establishments that adopt cashless way for salary payments.
•The new procedure will serve the objective of digital and cashless economy.
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