: Former FM asks govt to announce pay protection for MSME workers #FinanceIndia #StockMarketNEWS Former FM asks govt to announce pay protection for MSME workers New Delhi, Apr 30 (KNN) Former Finance

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Former FM asks govt to announce pay protection for MSME workers #FinanceIndia #StockMarketNEWS
Former FM asks govt to announce pay protection for MSME workers New Delhi, Apr 30 (KNN) Former Finance Minister and Congress Leader P Chidambaram has asked Prime Minister Narendra Modi to announce paycheque protection plan to guard the salaries of 12 crore people who pay their taxes.

According to a statement on Wednesday, Chidambaram repeated his party’s demands for wage protection plan and credit guarantee plan for Micro Small and Medium Enterprises (MSMEs).

“For the non-MSME sector, the government should announce a Paycheque Protection Programme similar to the one announced in the US. This is not legislation but a financial assistance package. IT department data shows there are roughly 1 crore people with a salary income of less than Rs 3,50,000 a year or Rs 30,000 a month, he said.

Assuming an average salary of Rs 15,000 a month for these 1 crore people, the total cost comes to Rs 15,000 crore for the month of April. This is not a large sum and can be easily found,” Chidambaram added.

He suggested a waiver of employers’ contribution to the Employees Provident Fund (EPF) and Employees State Insurance (ESI) on a temporary basis for three months.

The government must announce generous financial grants to states which have no money to pay pensions, salaries and handle running expenditure, he avowed.

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