Demonetisation effect: Daily wage labourers to have bank accounts

Demonetisation effect: Daily wage labourers to have bank accounts

Submitted by Kumuda on Mon, 2016-11-28 20:14 Bengaluru: In a landmark move which will have far-reaching consequences, the labour ministry has directed all firms/service providers to credit salary of labourers into their bank accounts.The directive comes in the wake of Union government’s decision to demonetise high value currency. As per the directive, banks and concerned companies will have to ensure one bank account per family at the earliest.According to a bank officer, the move is aimed at bringing unorganised labourers under the formal banking system. “It is a tough job. But once we open an account in the name of the labourer, it is easy for us to pass all the benefits,” he said. Highlights:-Daily wage of all the labors from unorganized sector must be credited directly to their bank accounts. -All the nationalized banks of the city are now launched special drive to open bank account in every labor’s name. -This move expected to help the families to increase savings. -This move expected to ensure effective implementation of minimum wage rules.