Petroleum, Coal & Banking Executives Welfare Society

Trust this finds you, your family, colleagues and friends in Pink of Health & Spirits.

Looking into hardships faced by Indian Labour during COVID-19, Pandemic, undersigned had mailed proposal named as “Labour Social Responsibility viz LSR” , enclosed herewith to Tata Institute for Social Studies viz TISS, Mumbai. The purpose of this proposal was to safeguard interest of about 41.5 crores fellow Indian’s, who don’t have Social Security, in case God forbids, situation like Covid-19 ever arrises again in future.

We are pleased to inform you that our proposal was appreciated by TISS, Mumbai and luminary like Dr. Sharad T. Sawant, Hon. TISCO Chair Professor, TISS, Ex.Director, ICSSR, Govt. of India;

Rtd. Director Mah. Instt of Labour Studies, Gov of Mah. & Chairman, Indian Lab Research Network, found it a great initiative & opined that it’s also innovative and practical in many respects and have shared the same to School of Management and Labour Studies.

Sir, the uniqueness of this suggestion for creation of these LSR funds is without seeking funds either from the Government/ RBI or Increasing Cost of Projects/ Production Costs or putting any additional burden on the Indian Industry or Tax Payer.

Sir, please note that undersigned had also mailed this proposal to Mr. Ratan Tata also, with request that in case this finds his acceptance, then he may float same to like minded Tata Group executives, so that they can participate and comment on whether they feel that the time has come to create a social security fund for casual & unorganised workers of India, so they are not marooned in the next natural calamity-pandemic or any other Act of God.

Ms. Dilnaz J. Gilder, Senior Manager, Office of Mr. Ratan N. Tata, was kind enough to reply to us that they were pleased  to  know that your proposal has been appreciated by TISS. She further wrote that as Mr. Tata has retired as Chairman in 2012, it would not be appropriate for him to direct Tata companies to forward your proposal to the  government. We were further advised to write to current Tata Sons Chairman office, requesting his consideration and required action on this proposal, which we have done so.

As You yourself along with your group companies and its executives have an avid interest to uplift the Indian Society and incase this proposal finds your patronage, we request to you to either kindly permit us to mail this to your group executives or direct your office to circulate the same. Also, in case your office or your expert team wishes to make any changes, please be informed that we shall be too happy to incorporate the same, as we are sure it would better the lives of many fellow Indian’s and thereafter changed LSR proposal could be circulated to Mahindra Group Executives for obtaining their consensus on same.

Sir, please further note that after obtaining good number of opinions, we also propose that it should be sent to government, to study the same and make it into a policy. We wish to inform you that the valued opinions received by us, either from your good-self or from any Mahindra Group executives would also be incorporated.

For your kind perusal, we are pleased to share below, copy of above mail received from Mr. Ratan Tata’s office, along with the LSR proposal cum presentation and TISS appreciations and comments received on this proposal.

Early reply from your office on same would be highly appreciated.

Warmly,

Saxena V M

Secretary,

Petroleum Coal & Banking Executives Welfare Society

Visit us at pcb.net.in

+91 9990623304

Enclosed:a/a

1. Copy of Mail from Mr. Ratan Tata’s office:

Dear Mr. Saxena,

Thank you for your email addressed to Mr. Ratan Tata.

We  are  pleased  to  know that your proposal has been appreciated by TISS,Mumbai.  However, as Mr. Tata has retired as Chairman in 2012, it would not be appropriate for him to direct Tata companies to forward your proposal to the  government.

Please write to the office of the current Chairman, Mr. N.
Chandrasekaran, requesting their consideration and required action.

With regards,

Dilnaz J. Gilder
Senior Manager
Office of Mr. Ratan N. Tata

2. Undersigned LSR Proposal:

Dear Friends,

CRISIL estimates that in India around 41.5 crore individuals work in the informal sector of the economy, where no social security benefits are available.

It’s accepted fact that Land, Labour, Capitol & Entrepreneurship are four factors of Production. From profit generated by them, Besides Salaries and Perks, Executives get bonuses, shareholders gets dividends & Corporate’s does their CSR obligations. Though PSU and top Corporate Houses labour get bonuses etc., but sad-fully contract and local firm’s self employed Migratory, Casual/ Daily and Contractors labour gets nothing.

God forbid, if there is again of repeat of Pandemic, Natural Disaster and or any situation arriving out of Act of God, we don’t want history for Migrant workers not to repeat itself, like what happened to Migrating labours during COVID-19 2020 situation. 

Our Humble Suggestion is that as on same line of CSR, we should start Labour Social Responsibility viz LSR for all these above mentioned Migrant Labours.

We are suggesting a unique way to create Labour Social Responsibility, without seeking funds either from the Government or Increasing Cost of Projects/ Production or putting any burden on the Tax Payer. 

We suggest that whatever the dividend that is being paid in Public, Private listed or unlisted limited companies or from the profits shared by Partners or Proprietor/s, 1-3% is kept with either a Trust/ Forum/ Society/NGO or under CII/FICCI/ Government etc to fight this kind of Pandemic/ Natural disasters & anything which hurt labour in the country.

For those who do not agree to this, does it not means:

“Ghar Ke Devta Lalain…Aur Bahar Ke Poojè Jaayein meaning acceptance of doing CSR, which is being done for good of outsiders and not accepting LSR, which is being done for good of one factor of production, without whom the profits can not be shared.

Need and Usefulness of this policy to all the stake holders like Government, Migrant Labours, Industry & all Shareholders & stakeholders.

Because of labour migration the following has been noticed:

1) The migration is also costing Central & many States in providing food, transport to many few lacs labours.

2) The migration has also spread the coronavirus into Rural India, thus effecting both rural economy and precious life. Moreover, the government will also have to spend in not only the treatment and containment of Coronavirus, but also may have to pay compensation to affected rural population.

3) Now as Unlock-1 has started it has been observed that because of non-availability of labour, the production, distribution and logistics, Industry is already taking a hit.

4) If this persist for long time, few effected industries/ traders/ shopkeepers may also have to close shop permanently or for long time.

5) This will further give rise to NPA’s, there by hitting FII’s Bottom line and reduction or non-payment of dividend to FII’s share holders.

6) This will also lead to Public apathy & will cost Government.

7) Over and above this, the closure and reduction in Industry profit and job losses will effect government tax collection.

8) Moreover in coming times, many other factors may evolve in getting this Migrant labour back, which will add to expenses and may prove to be detrimental to all like Migrant labour, Industry, FII’s and both State and Central Government.

9) The exact figures of this financial year Industry losses/ Expenditure of both State & Central Government in containing the spread of Coronavirus in Rural India and its hit on Economy could be calculated only after financial year end, but all this could be a huge amount running in few lacs of crores. Moreover, the effect could be carried over in next financial year.

10) This would reduce the dividend payments, thereby, not only affecting all shareholders but will also adversely effect the share prices, thus eroding shareholders wealth.

11) However, if this fund is created from some fixed %age payment of Dividend, and God forbid in future, if situation like this ever arise and Labour Migration may not happen, then we, besides saving valuable life, public apathy and misery will also be able to save many industries & the pandemic may not effect Industry’s bottom line, this adversely, thus keeping good amount of dividend payments going and thus not eroding shareholders wealth.

Further, we have also seen that foreign Corporate’s contributed insignificant amount to Coronavirus cause. This will bring all to level playing field.

Further, we are pleased to share that our Society Hon’ble Director Ms. Sadhana Dhamane, former Chief Investment Officer LIC and CARE Research Director, has forwarded our proposal to National Insurance Academy, Pune for studying the same. 

If you are reading this you are lucky, as you can Vote/Opine to bring change in 415 million fellow Indian’s labours life. Further, if you feel that there should be a Social Security for 415 millions fellow Indian labours, please participate in this noble cause by filling the enclosed form and also sharing this on your Social media and by emailing in your network, with further requesting all your contact to share on their other Social Media groups and re-mail same to their all contacts.

Moreover, we also welcome all signatories comments, inputs & suggestions on contact.pcbs@gmail.com

Enclosing all above mails and a small presentation on above proposal and links of form, which can be filled up on mailer and Social Media links of Facebook, Twitter, Instagram & Linkedln, to post the signatories comments.

Form link- https://forms.gle/8nSQmreww7ucQxU19

Instagram: https://www.instagram.com/pcbews/

Facebook:  https://www.facebook.com/pcbsociety/

Twitter: https://twitter.com/SocietyPcb

Linkedln: https://www.linkedin.com/company/petroleum-coal-&-banking-executives-welfare-society

3. Tata Institute of Social Studies Mail: 

Dear Mr. Saxena,

Namaskar and Greetings!

Thank you for writing to me. I am happy to connect you with Prof.S.Siva Raju, Chairperson, Centre for Excellence in CSR at TISS. I am also marking Prof. Siva Raju in this email.

The concept of Labour Social Responsibility is certainly well conceptualized and well intentioned and I hope there can be some relief extended to our several labourers and workers who are in deep distress at this time belonging to the Informal Labour.

My best wishes,

rohan sarma

4. Dr. Sharad T. Sawant Mail:

It’s great initiative Saxenajee; innovative and practical in many respects.
I shall get back to you asap.
Warm regards,
Sharad Sawant.
—
Dr. Sharad T. Sawant
Hon. TISCO Chair Professor, TISS,
Ex.Director, ICSSR, Govt. of India;
Rtd. Director Mah. Instt of Labour Studies, Gov of Mah.;
Chairman, Indian Lab Research Network.

5. Dr. Hena Oak’s Mail

Dear Sir

Thank you for your email. I have circulated the same among the faculty of the Economics Department, Miranda House.

warmly

Dr. Hena Oak

Assistant Professor

Department of Economics

Miranda House, University of Delhi

Presentation https://youtu.be/1bCABV-PSik