logo
ESMA invoked, Karnataka bans transport strike until Dec 31

ESMA invoked, Karnataka bans transport strike until Dec 31

BENGALURU: The Karnataka government has invoked the Karnataka Essential Services Maintenance Act (ESMA), 2013, to prohibit strikes by employees of the state's four road transport corporations from July 1 to December 31.
The order comes at a time when the Joint Action Committee of the KSRTC has announced an indefinite strike from August 5, if their demands are not met. The fresh order follows an earlier notification dated December 21, 2024, which had banned strikes from January 1 to June 30, 2025. The new extension now prohibits any form of strike in the state transport corporations for another six months, up to December 31. The order effectively blocks any industrial action or work stoppage by transport employees during the protest.
Indefinite hunger strike
The Federation of Karnataka State Road Transport Corporations has announced an indefinite hunger protest from July 29, at Freedom Park in Bengaluru and in front of DCs officer in all districts in the state.
The protest is being organised to demand the fulfilment of demands that include implementation of equal pay under the 7th Pay Commission from January 1, 2024, payment of 38 months' arrears from January 1, 2020, announcement of labour union elections, and withdrawal of cases filed against employees and their families during the 2020 and 2021 strikes.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

8th Pay Commission: What Rs 3 lakh crore boost for government employees mean for stock market investors
8th Pay Commission: What Rs 3 lakh crore boost for government employees mean for stock market investors

Time of India

time7 hours ago

  • Time of India

8th Pay Commission: What Rs 3 lakh crore boost for government employees mean for stock market investors

India's upcoming 8th Pay Commission , expected to result in a total payout of up to Rs 3-3.15 lakh crore to 11.2 million central government employees and pensioners in 2026, will provide a much-needed boost for stock market investors as the salary hike offers income boost to government employees and in turn leads to a large injection of disposable income, providing a much-needed boost to consumption. Sectors like passenger vehicles, BFSI, consumer durables, real estate, FMCG and QSR would benefit, according to experts. Explore courses from Top Institutes in Please select course: Select a Course Category others Artificial Intelligence Healthcare MBA Digital Marketing Public Policy Data Science Technology Leadership Cybersecurity Finance Data Science Project Management Data Analytics Management Operations Management Degree healthcare MCA Product Management PGDM Design Thinking CXO Others Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Even Beautiful Women Have Their 'Oops' Moments Read More Undo 8th Pay Commission Payout According to calculations done by Elara Securities, the pay commission will lead to Rs 3-3.15 lakh crore payout for both salaries and pensions, which is estimated to be 0.65-0.85% of projected FY27 GDP. This compares with 7th Pay Commission's total cost at Rs 1.02 lakh crore, which is equivalent to 0.66% of FY17 GDP. "Considering an employee distribution of 60% in lower salary levels (Salary grade 1-5), 30% in mid-levels (Salary grade 6–10), and 10% in senior levels (Salary grade 11–18), we estimate an overall average monthly gross salary increase of Rs 30,000-40,000 per month and monthly gross increase in pensions of Rs 15,000-18,000," Elara said. Live Events The 7th Pay Commission (Jan'16-Dec'25) had implemented a modest salary hike of around 14% (lowest since 1970). Ambit expects the 8th Pay Commission to announce a hike of 30-34% for salaries & pensions (around 15.5% of total expenditure) to cover around 11 million beneficiaries to boost consumption. Also Read | 8th Pay Commission: What could be the expected salary hike, fitment factor, and implementation date? Stock Market Set for Double Boost With the Unified Pension Scheme implemented from FY26, the government's contribution to pension fund (as % of employee salary) has increased to 18.5% from 14% earlier under NPS. "Of this, 8.5% is under the government's discretion as to where to park the fund. If it decides to follow global norms of parking around 45% in equities, flow into equity markets could increase from around Rs 245 billion to around Rs 465 billion (around 7.7% of net domestic flows in FY25)," Ambit Capital said. A simple back-of-the-envelope calculation suggests government and central government employees' contributions under the NPS would be Rs 1.2 trillion in FY26, of which Rs 182 billion would go into equities (assumed at around 15%, in line with default pattern under NPS scheme for Central government employees), it said. Under the UPS, about 20% of the salary would be under employee discretion as opposed to the entire 24% under the NPS. If the government invests 45% (per global average) of the remaining 8.5% that it contributes under the UPS in equities, the overall flows to equities will nearly double. Besides, additional money in the hands of government employees will either go to savings or consumption. A higher quantum of savings means more inflows into Dalal Street both directly as well as via the mutual fund route. Higher salary will mean higher consumption and therefore as seen in previous pay commission implementation periods, traditional sectors like housing and auto will likely benefit. Evolving consumption trends suggest increased demand for services, particularly QSR, and BFSI sub-sectors like insurance and non-lending financials, analysts say. As per historical trends, the passenger vehicles (PV) segment tends to benefit significantly during Pay Commission announcements. According to media reports, Maruti Suzuki witnessed a 31% year-on-year increase in sales to government employees once 7th Pay Commission was implemented in FY17. In FY09, after the 6th Pay recommendations (54% increase in purchasing power), government employees accounted for around 8% of Maruti's vehicle sales in 4QFY09, from earlier 3.5%, Ambit said. Similar trends were seen in the case of consumer durables, as growth was attributed to 7th Pay Commission payout. Company commentaries suggest that these are segments that have done well in the past, every time a Pay Commission rollout has happened, it said. Analysts at Kotak Equities also agreed that select discretionary consumption and savings have been key beneficiaries in past pay revisions. "Based on our estimate of Rs 2.4-3.2 lakh crore of additional income accrued by the central government employees, we expect an incremental Rs1-1.5 lakh crore of savings to be created, which may incrementally flow into a mix of physical savings, deposits and shares and debentures segment," the brokerage said.

PRTC strike enters fourth day, bus services remain suspended
PRTC strike enters fourth day, bus services remain suspended

New Indian Express

timea day ago

  • New Indian Express

PRTC strike enters fourth day, bus services remain suspended

PUDUCHERRY: Government-run bus services in Puducherry remained suspended for the fourth consecutive day on Thursday, as employees of the Puducherry Road Transport Corporation (PRTC) continued their indefinite strike over long-pending demands. The protest, led by the Joint Association of Employees Protest Committee, seeks the regularisation of contract drivers and conductors who have been in service for over 15 years, along with the implementation of 7th Pay Commission benefits for regular employees. A second round of talks with government representatives on Wednesday failed to resolve the stalemate. Earlier discussions with Chief Minister N Rangasamy also ended without a breakthrough. The chief minister had offered a pay hike in lieu of regularisation, but striking contract staff rejected the proposal. With no resolution in sight, the strike has disrupted public transport across the union territory, leaving thousands of daily commuters stranded.

Siddaramaiah slams BJP over Rs 2.7 lakh-crore ‘unfunded' tenders
Siddaramaiah slams BJP over Rs 2.7 lakh-crore ‘unfunded' tenders

Time of India

time3 days ago

  • Time of India

Siddaramaiah slams BJP over Rs 2.7 lakh-crore ‘unfunded' tenders

Bengaluru: Chief minister Siddaramaiah accused the previous BJP govt of plunging the state into a financial crisis by calling tenders worth Rs 2.7 lakh crore without proper allocation of funds. He raised the issue during his ongoing meetings with Congress legislators and ministers in charge of districts. "On top of that, Rs 1.6 lakh crore worth of work under the CM's discretion was also tendered, and Rs 72,000 crore worth of work did not have a single rupee allocated," Siddaramaiah said on Wednesday, the second day of his review meetings with legislators from seven districts, mainly from Kalyana-Karnataka region. He said his govt is working to correct this fiscal mismanagement. He added that in the current year alone, the state will bear an additional burden of Rs 1.1 lakh crore for guarantees and social welfare schemes. "We are also spending Rs 1.2 lakh crore on salaries and pensions after implementation of the 7th Pay Commission, Rs 83,200 crore for capital expenditure, and Rs 45,600 crore to service loans," he said. "Despite this, we are providing Rs 50 crore to every assembly segment as special grants. I urge legislators to use it wisely and for the welfare of the people." You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru CMO officials clarified that while Congress MLAs would receive Rs 50 crore, opposition legislators are likely to get Rs 25 crore each. Reacting sharply, BJP state president BY Vijayendra questioned the allocation. "It has been a week since the CM made the announcement of Rs 50 crore to the Congress MLAs and Rs 25 crore, supposedly, for the opposition MLAs. Where are these grants?" he asked. He also took a swipe at Congress brass, highlighting visible cracks. "We see a clear difference between the CM and his deputy as the latter did not attend meetings with MLAs," Vijayendra said. He also cited a recent incident where Shivakumar made an early exit from an event in Mysuru. "There is a clear division among Congress MLAs. They have lost confidence in the CM. Even the CM is trying to regain their trust by holding meetings with them," he said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store