Union Cabinet has cleared a 15 per cent hike in salaries for public sector company employees. The Cabinet meeting chaired by Prime Minister Narendra Modi approved implementation of the recommendations of the 3rd Pay Commission for central public sector enterprises' employees. The new wages are effective from first of January this year.
In another decision, the Cabinet has given permission to the Inland Waterways Authority of India to raise 660 crore rupees through bonds in the current fiscal for development and maintenance of national waterways. The proceeds from the bonds will be utilised for development and maintenance of national waterways.
The Cabinet has also approved the signing of Memorandum of Cooperation in respect of tax matters between India and BRICS countries - Brazil, Russia, China and South Africa. The Memorandum aims at promoting cooperation amongst the BRICS Revenue administrations in international forum on common areas of interest in tax matters and in the area of capacity building and knowledge sharing.