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Coronavirus: Self-employed need financial help, unions warn

Coronavirus: Self-employed need financial help, unions warn

Business
Media playback is unsupported on your device Financial help is urgently needed for the five million self-employed workers hit by the coronavirus pandemic, trade unions and a former cabinet minister have urged.Conservative MP David Davis said the economy could suffer a near "fatal seizure" if they were not protected.The government is to pay 80% of salaries of staff kept on by employers.But Treasury minister Stephen Barclay said it would be "operationally" hard to protect self-employed incomes.He said the self-employed were being helped by measures such as the deferral of self-assessment tax requirements, payment holidays for mortgage payers and the strengthening of the welfare "safety net".Frances O'Grady, general secretary of the Trades Union ...
Businesses and unions welcome grants to cover 80% of workers’ pay

Businesses and unions welcome grants to cover 80% of workers’ pay

Business
Union and business leaders have largely welcomed news that the government will pick up "most of" the wages of workers as the coronavirus pandemic continues to shred the UK economy.Chancellor Rishi Sunak said on Friday that government grants would cover 80% of staff salaries for those who are kept on by their employer but are unable to work. The new coronavirus job retention scheme will cover wages up to £2,500 a month. Mr Sunak said he would do "whatever it takes" and called his plans "an unprecedented economic intervention to support the jobs and incomes of the British people".TUC general secretary Frances O'Grady said the announcement was "a breakthrough", adding: "Employers across the economy can now be confident that they will be able to pay their wage bills.
Unions threaten nationwide strike on Dec 26 to protest merger of banks

Unions threaten nationwide strike on Dec 26 to protest merger of banks

Finance
Bank unions Saturday called for a nationwide strike on December 26 to protest the proposed merger of Bank of Baroda, Dena Bank and Vijaya Bank. The government had in September approved the merger of the three public sector lenders. The strike will be organised by the United Forum of Bank Unions (UFBU), an umbrella body of nine employee and officer unions. The government and the concerned banks were moving ahead with their decision for amalgamation and hence it was decided to give the call for strike, All India Bank Employees Association General Secretary C H Venkatachalam said. All unions under UFBU will participate in this strike call, said Ashwani Rana, vice president of the National Organization of Bank Workers. Following the government nod, the respective boards of these banks gave the...
NPA resolution: Bank unions sceptical of bankruptcy process

NPA resolution: Bank unions sceptical of bankruptcy process

Finance
NEW DELHI: Bank unions today claimed the bankruptcy process initiated by various lenders for NPA resolution will not help in bringing the money back. Bankruptcy process is not going to yield desired results in terms of NPA resolution as recovery is likely to be very low, All India Bank Employees Association (AIBEA) General Secretary C H Vekatchalam said. "Banking Regulations Act has been amended to resort to Insolvency and Bankruptcy Code against big defaulters but this litigation route is time consuming and there is no guarantee of banks getting back the entire loans. Banks will incur further losses on account of these accounts," he said. RBI recently identified 12 accounts with non-performing assets (NPAs) of about Rs 2.5 lakh crore and asked various banks to initiate bankruptcy pro...