Newsmakers: Govt launches bill to hike wage ceiling for Bonus to Rs 21K and more

Government on December 7, 2015 introduced a bill in Lok Sabha that seeks to enhance pay eligibility limit of an employee for bonus to Rs 21,000 per month, from Rs 10,000, to make more workers eligible for the benefit.

The Payment of Bonus (Amendment) Bill, 2015 also seeks to enhance the monthly bonus calculation ceiling to Rs 7,000 per month from existing Rs 3,500. It will increase the quantum of bonus substantially.

AIA group on December 7, 2015 said it will raise stake in the life insurance venture with Tata group to 49 per cent from the existing 26 per cent through the purchase of a 23 per cent stake in the company.

However, both the companies did not disclose the financial details.

Tata AIA Life Insurance, which started operation in 2001 offers a wide variety of life insurance solutions that cover protection, savings and wealth creation needs.

Shares of tobacco companies such as ITC, Godfrey Phillips and VST Industries slipped up to 6 per cent on December 7, 2015 after a panel on Goods and Services Tax (GST) proposed tobacco products will be taxed at 40 per cent.
 
Stock of ITC lost 6.57 per cent to log their biggest single-day percentage fall since March 2, while stock of Godfrey Phillips dropped 4.90 per cent on the Bombay Stock Exchange (BSE).

A Finance Ministry panel headed by Chief Economic Advisor Arvind Subramanian has suggested 40 per cent tax on demerit goods like tobacco, aerated beverages, pan masala and luxury cars. The recommendation, if accepted, may weigh on tobacco companies' profits.

Private carrier GoAir has announced a special fare of Rs 603 (base plus fuel charge) under the Christmas offer.

Bookings will be open till December 8, 2015.

The scheme is open for passengers to travel upto September  30, 2016.
 
The airline also announced free ticket on every 25th booking.

Alibaba group's B2B arm Alibaba.com on December 7, 2015 said it aims to more than double its user base in India over the next few years through on-boarding of over 5 million businesses on its wholesale trading platform.

Alibaba.com, which connects buyers and wholesale suppliers globally, has 40 million users globally and 4.5 million users in India.

Alibaba.com Global Business Development Timothy Leung also said that Alibaba aims to support the trading business of SMEs in India to help them grow and scale up.