Industrial Employees To Receive Cashless Payments Under The New Amendment

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In a move to push digitalization and curb demonetization issues, Centre has decided to pay salaries of the Industrial employees through cashless mode. The cashless payments will affect millions of wages/workers working in factories and industries as they will be paid through cheques and bank transfer. Discontinuing the age-old practice of paying hand-to-hand will be a positive notion towards the digital India movement where even the daily wage workers will contribute to a cashless economy.

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The respective movement will be applicable only when the new amendment will be passed in the Assembly. Under the Payment of Wages (Amendment) Bill, 2016, the salaries will be given in a cashless mode so as to keep a regular check on the wages. The bank transfer will help the Centre to monitor over the minimum wages which have been assigned to the workers/employees by Centre, State as well as government units. The soon-tobe-proposed Bill will include only those employees whose minimum wage is up to Rs. 18,000 and salary exceeding to it will be levied to a tax.

The government will enforce the law by infusing the measure of Section 6 of the Payment of Wages Act, 1936 which will further help in enabling the support the establishment of industries and factories so as to specify and mandate the growth. Also, the mandatory rule for having cashless payments will first be implied on railway employees, then moving on forward to air transport services and mines along with oil fields. The norms will be applicable both in a direct manner or through sub-contractor basis.

The long lost proposal of opening a Jan Dhan Yojana account will now be very helpful for such cashless payments as those who have alreadyopened an account will receivesalaries via direct transfer in banks. For those, who have not yet opened Jan Dhan, may take this as a good reason to take a leap towards financial inclusion. States like Haryana, Andhra Pradesh, Uttarakhand, Kerala, Punjab, etc, have already taken a step forward for cashless economy henceforth urging the industrialemployees to receivesalaries through chequesor bank transfer so as to maintain the transparency.

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