Minimum-Wages
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Minimum wages, inflation chart whole of India

Contents News/Article Date: 2nd May, 2024

Relating to which Act: The Minimum Wages Act 1948         

Penalty under the Act, Penalties for certain offences

Any employer who-

(a) pays to any employee less than the minimum rates of wages fixed for that employee’s class of work, or less than the amount due to him under the provisions of this Act, or

(b) contravenes any rule or order made under section 13, shall be punishable with imprisonment for a term which may extend to six months, or with a fine which may extend to five hundred rupees, or with both:

Provided that in imposing any fine for an offence under this section, the Court shall take into consideration the amount of any compensation already awarded against the accused in any proceedings taken under section 20.

Applicable to which State: Whole of India      

Type: News Report                                                                        

Pertains to: Employers and Employees employed in all the States of India     

Relevance of this news: Karma Global is in the business of HR Services, Payroll, Outsourcing and Regulatory Compliances right from its inception in 2004 and since then,  has brought in a lot of efficiencies and technological upgradations  with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing,  On-boarding , Employee Life Cycle, Statutory,  Regulatory and Payroll compliances by  providing customized solutions to all its elite clients.

Karma Global has a system to regularly track announcement of minimum wages declared and also consumer price index and in this respect, Karma will inform all its clients accordingly so that this knowledge information is known to all of them.

And in this instance:      

State wise inflation data shows how many states have comparatively high inflation.

Inflation is crucial to determining one’s purchasing power. In other words, inflation is a measure that causes the prices of goods and services to rise over time, and buyers will feel the pinch as it affects their personal finances, particularly spending and buying habits.

One way of understanding inflation is, for instance, you bought a list of household essentials last month at the expense of INR 1,000, but this month, the price of a specific food item in the same list has risen, leading to an increase in the cost by, let’s say INR 1,100. You may be either forced to remove an item from your cart or buy the product that has the inflated price by paying extra, which may affect your monthly-set budget.

Therefore, any factor that causes prices of goods and services to rise in the market and creates instability in consumption leads to inflation. Economists suggest that achieving inflation that’s moderate enough to drive consumption will create a baseline of economic growth. However, high inflation indicates that an economy is facing serious troubles, whereas low inflation, a.k.a. deflation, is equally worrisome.

Understanding these dynamics is essential for policymakers and consumers alike as they navigate the challenges of managing household budgets amid fluctuating inflation rates. Strikingly, states known for their vegetable production, especially onions and tomatoes, have experienced lower inflation rates. Regional agricultural production may play a role in determining inflation patterns, as states with higher production of essential food items may be better insulated from price shocks. Some of the states with higher inflation also have a larger vegetarian population.

 

Subject: Inflation chart whole of India April 2024

minimum-wages-inflation-chart-whole-of-India

minimum-wages-inflation-chart-whole-of-India

Appended is the complete news item

 

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