I suggest to make fixed rate of PF and for ESI, for each employee. For example PF fixed Rs 2500 per month, and ESI Rs 1000 per month. This should be a fixed charges to be paid by the employer with out deducting from the salary or wages of the employee, and should not be effected by days of actual working. When any employer gives employment to any person, Employer have to deposit Rs 2500 as PF and Rs 1000 as ESI. This should be a fixed charges for giving any employment. The employee must get benefit after retirement for his PF contribution, That will be a fixed amount the employee will get as monthly pension. Same way he should get free medical facility. This arrangement will increase home take money, and will make employee more satisfied. The employee can spend more money so indirectly will increase govern revenue by the way of GST. For this arrangement modified rates of minimum wages and dearness allowance should be calculated.
In fact all the human need similar treatment for illness, so why more ESI contribution for higher salaried persons. When the employee will get higher home take money, he can make his own arrangement for saving. After retirement each and every person will get a fixed amount as pension which may be sufficient to prolong with at least food and daily needs. This will make all employees more satisfied and also reduce burden of employer. Higher salaried person can save their money by investing in mutual fund or bank Fixed deposit or ppf.
Same way some law must be made so that no unions can demand for increase in wages, but can fight for other things or UFLP. No workers should be allowed for going on strike etc.
More thoughts should be made on this. My opinion this will increase employment and satisfaction in the workers.
Every workers will have PF deposited Some amount aproximately Rs 2500000.00 including interest and can be paid Rs 17000 to 20000 as pension or more for his life time. That amount will be sufficient for prolonging with. No amount will be disbursed to his heirs after his demise except his wife or husband. his spouse should get benefit of pension after the demise of the member. This way all persons will get similar amount as pension and also free medical facility life long.
I fill this arrangement may increase the GDP also. more thoughts are invited.
From India, Satara
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