ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

A+| A| A-

Russian Studies of China

 Labour IN early 1974, the Congress govern- ment introduced the compulsory deposit scheme for labour. According to this scheme, all increases in wages following settlements with managements and half the increase in dearness allowance were impounded in a special account in the Reserve Bank of India. The impounded deposit earned for the worker a 12 per cent rate of interest Repayment of the amount impounded each year was to be over a five-year period, in equal instalments. This was said to be an 'anti-inflationary' measure, taken on the very questionable assumption that the prevailing inflation was the result of a 'demand pull from workers.

Dear reader,

To continue reading, become a subscriber.

Explore our attractive subscription offers.

Click here

Comments

(-) Hide

EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.

Back to Top