The Union Cabinet on Wednesday approved the wage policy for the 8th round of wage negotiations for workmen in the Central Public Sector Enterprises (CPSEs).
The decision on the wage policy was taken at the cabinet meeting chaired by Prime Minister Narendra Modi in Delhi.
"The Cabinet has approved the wage policy for the 8th round of wage negotiations for workmen in the Central Public Sector Enterprises," Union Finance Minister Arun Jaitley said, during a media briefing along with Union Minister Ravi Shankar Prasad.
"No budget support for any wage increase shall be provided by the government. The entire financial implication would be borne by the respective CPSEs from their internal resources," he added.
Jaitley further said, "The management of the CPSEs would be free to negotiate wage revision for workmen where the periodicity of wage settlement of five years of ten years have expired generally on December 31, 2016 keeping in view the affordability and finance sustainability of such wage revision for the CPSEs concerned. The management of the concerned CPSEs have to ensure that negotiated scales of pay of executives/officers and non-unionised supervisors of respective CPSEs.
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