This week began with great news coming from the EPFO, providing hopes of delightful employee benefits in terms of an increased rate of interest on the PF deposits. The EPFO has proposed to revise the percentage from 8.5 to 8.75 for 2013-2014. This recommendation, made by the labour minister is yet to be approved by the finance ministry. In addition to this, the labour minister also put forth the suggestion of providing housing benefits, on an extra contribution of 10 percent to the PF that is deducted from the workers’ wages every month.
In an attempt to avoid the two day all India bank strike that was to happen on the 20th, the Indian Banks’ Association (IBA), invited the United Forum of Bank Unions for wage negotiations. The strike has been called off by the UFBU as the IBA agreed to improve on the initial pay hike offer of 5 per cent to 9.5 per cent of ‘payslip cost’. Amidst all this, news came from the public sector, informing that the IOC Chairman, RS Butola may get a post-retirement extension of his term in office. This came, soon after the extension of the BHEL Chairman’s position, BP Rao. On the other hand, Bihar CM has decided to sack 576 officials on the charges of corruption.
While some other moving trends of this week focused around men women disparity at workplace in terms of the pay, career aspirations and growth, one of the studies was done by Catalyst. A lot of movements happened this week, among which the most significant were the sudden exit of Jet Airways chief Gary Kenneth Toomey and Yahoo’s CEO Henrique De Castro being fired by CEO Marissa Mayer.