Income Inequality
P
E
S
S&T
Context
India has income crisis
lower half of pyramid are too low
without adequate incomes
cannot be
good market
for business
inadequate growth of incomes
caused slump in investments
D/F
Gig Economy
Demand for contractual employees
and specialised gig workers
increased 30% compared
with last year
expected to increase further
According to ILO
almost 90% working
in the informal economy in India
at risk of falling
deeper into poverty
Financial globalisation
made easy for migrant capital
while making lives
more precarious
Rules
do not favour workers
and tiny enterprises
because
they have too little power
Power to fix
concentrated with wealthy investors
and large multinational corporations
Large enterprises
employ fewer people
within their own org
therefore
their traditional support bases
labour union have lost
Way Ahead
reintroduce wealth tax
putting end to tax dodging
Progressive taxation
cornerstone of any equitable recovery
Way Ahead
Invest
in free universal healthcare
education, green economy
and other public services
Way Ahead
freeing up labour markets
entitled to look jobs
in another without required any visa
Human Rights
must prevail over
economic considerations
Improvement
productivity is key
to economic progress
Increase productivity
Employers
enhance their workers skills and
create culture of continuous improvement
in the factory
whereby
workers and managers
co-op to improve
capability of their system
Humans
only "appreciating assests"
in the enterprise
they can improve
their own abilities
Way Ahead
Japanese Model
Japanese companies
had lifetime employment
contracts with their workers
they invested in
their workers
Appreciating assests
grew their capabilities
and contributed to
improvement of total productivity
their enterprises
Social Contract
Society and economy
must create conditions
whereby workers
treated with dignity and
can earn adequate incomes
Social Contract
Govt discharge
responsibility to create
good society for all citizens
regulate contracts
those who engage people
to do work for their enterprises
even in gig economy