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Demonetisation: As pay day nears, saltmakers open bank accounts for workers

Saltmakers are in a hurry to open the accounts in order to salvage production

Vimukt Dave  |  Ahmedabad 

The cash crunch arising due to demonetisation has led to salt manufacturers opting for cashless transactions. To avoid liquidity crunch ahead of paydays, salt makers are hurriedly opening bank accounts of direct and contractual workers for depositing salary. The industry fears that a delay in payment of salaries may impact production as workers may not resume work at manufacturing facilities, leading to at least a 10 per cent loss in overall production. Salt production season is starting now post monsoon. "Usually we pay labour contractors by cheque and they will pay wages to ...

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Demonetisation: As pay day nears, saltmakers open bank accounts for workers

Saltmakers are in a hurry to open the accounts in order to salvage production

Saltmakers are in a hurry to open the accounts in order to salvage production The cash crunch arising due to demonetisation has led to salt manufacturers opting for cashless transactions. To avoid liquidity crunch ahead of paydays, salt makers are hurriedly opening bank accounts of direct and contractual workers for depositing salary. The industry fears that a delay in payment of salaries may impact production as workers may not resume work at manufacturing facilities, leading to at least a 10 per cent loss in overall production. Salt production season is starting now post monsoon. "Usually we pay labour contractors by cheque and they will pay wages to ... image
Business Standard
177 22

Demonetisation: As pay day nears, saltmakers open bank accounts for workers

Saltmakers are in a hurry to open the accounts in order to salvage production

The cash crunch arising due to demonetisation has led to salt manufacturers opting for cashless transactions. To avoid liquidity crunch ahead of paydays, salt makers are hurriedly opening bank accounts of direct and contractual workers for depositing salary. The industry fears that a delay in payment of salaries may impact production as workers may not resume work at manufacturing facilities, leading to at least a 10 per cent loss in overall production. Salt production season is starting now post monsoon. "Usually we pay labour contractors by cheque and they will pay wages to ...

image
Business Standard
177 22