सामयिक विषय: Economics

Historic wage agreement by Coal India Limited

Coal India Limited-Historical Pay Agreement

Question: Recently, 10th Wage Agreement of Coal Workers was finalised on the 10th meeting on 10th day of 10th month of this year. In this meeting, at what percentage of increase in the salary was agreed upon?
(a) 15 percent
(b) 20 percent
(c) 25 percent
(d) 30 percent
Answer: (b)
Related Facts:

  • On October 10th, 2017, the 10th Wage Agreement of Coal Workers was finalised in the 10th meeting this year.
  • Wage Agreement of the employees has been due from 1 July 2016.
  • Trade Union representatives were insistent for 50% of wage increase.
  • Their demand was there should be 50% wage increase for the employees.
  • But considering the country’s position, CIL’s benefit and financial position, a new record has been created by agreeing 20% increase on wages.
  • The special accomplishment of this agreement is that every employee shall get one day’s rest in a week.
  • It has also been decided that from 16th October to 15th November, 2017 welfare, safety and productivity drive shall be carried out.
  • To implement the agreement in totality, the payment of arrears would be made in three stages – 40%, 30% & 30%.
  • For the welfare of workers an amount of Rs.40,000/- would be paid to the employees before Diwali as a one-time advance.
  • CIL and its employees will contribute, for the first time, 7% towards pension fund which will help retired employees to avail the pension facility.
  • To implement the scheme of medical treatment to the retired employees, CIL will contribute an amount of Rs.18,000/- for each employee towards contributory post retirement medical scheme, apart from Rs.40,000/- by each employee contributed towards the said scheme. This fund will be operated through a Trust.

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=171575
http://pib.nic.in/newsite/PrintHindiRelease.aspx?relid=67592
http://www.univarta.com/news/india/story/1014901.html
http://www.livehindustan.com/jharkhand/dhanbad/story-40-thousand-rupees-to-coal-workers-before-diwali-1590617.html

India to top global remittances chart with USD 65 billion in 2017 World Bank

India top remittance-receiving country

Question: According to the World Bank, which country is the top remittance-receiving country in 2017?
(a) India
(b) China
(c) Japan
(d) Nepal
Answer: (a)
Related Facts:

  • According to the figures released by the World Bank on October 3, 2017, India is on top in the world in terms of remittance-receiving country in 2017.
  • According to Word Bank, a total of $ 65 billion was sent to India in 2017 by the Indian community living abroad.
  • According to a report issued by the World Bank, et cetera to the International Monetary Fund (IMF) and World Bank annual meeting, that remittance, which include flows to high-income countries, are projected to grow by 3.9 per cent to USD 596 billion.
  • China (USD 61 billion), Philippines (USD 33 billion), Mexico (USD 31 billion) and Nigeria (USD 22 billion) are the other countries receiving the highest amount of money after India.
  • However, as a share of gross domestic product (GDP) for 2017, the top five recipients (Kyrgyz Republic, Haiti, Tajikistan, Nepal, and Liberia) are smaller countries.
  • India, despite of a 9% decline received USD 62.7 billion in remittances in 2016, while in the year 2017 it was 65 billion dollars with a 4.2% increase.
  • In 2017, there is a possibility of stability in Pakistan for money transfers, while there is a possibility of a decline in Sri Lanka, Bangladesh and Nepal.
  • The money sent in India is likely to grow 2.5 percent in year 2018.

Reference:
http://www.business-standard.com/article/current-affairs/india-to-top-global-remittances-chart-with-65-billion-in-2017-world-bank-117100301160_1.html
http://indiatoday.intoday.in/story/india-to-top-global-remittances-chart-with-usd-66-billion-in/1/1060911.html

Bharti Airtel acquires Tata's mobile arm

Acquisition of Tata Teleservices Ltd.

Question: Which of the following telecom company recently, announced the acquisition of Tata Tele-services Ltd?
(a) Bharti Airtel
(b) Reliance Jio
(c) Idea Cellular
(d) Aircel
Answer: (a)
Related Facts:

  • On October 12, 2017, Bharti Airtel Ltd, the country’s largest telecom company announced the acquisition of Tata Group’s telecommunications company Tata Teleservices Ltd.
  • Under this, from November 1st, 2017, Aritel would acquire 40 million subscribers of Tata Tele-services Ltd. and Tata Tele-services Maharashtra Ltd. across 19 circles.
  • Tata Teleservices Ltd, in the telecom circles from November 1, 2017 to 19 (TTSL) and Tata
  • Teleservices Maharashtra Ltd. (TTML) will have more than 40 million subscribers under Airtel.
  • This acquisition will be based on ‘Debt Free, Cash Free’.
  • This is the 7th acquisition of Airtel in the last five years.
  • Total employees of 19 Circles of TTSL (17) and TTML (2) will also go to Airtel.

Reference:
http://www.thehindu.com/business/Industry/bharti-airtel-to-acquire-tatas-consumer-mobile-business/article19846171.ece
http://indianexpress.com/article/technology/bharti-airtel-acquires-mobile-business-of-tata-teleservices-4887032/

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