: CAIT writes to Piyush Goyal; expresses inability to pay full salaries for April #FinanceIndia #StockMarketNEWS CAIT writes to Piyush Goyal; expresses inability to pay full salaries for April New Delhi,

@StockMarketNEWS Mon 11 May, 2020

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CAIT writes to Piyush Goyal; expresses inability to pay full salaries for April #FinanceIndia #StockMarketNEWS
CAIT writes to Piyush Goyal; expresses inability to pay full salaries for April New Delhi, May 8 (KNN) The Confederation of Al India Traders (CAIT) has written to Union Commerce Minister Piyush Goyal expressing inability of the traders for paying full wages to their employees for the month of April.

The traders body has requested the intervention of Goyal in this matter which is of great concern for the traders, small Industries and other Industrial sector of the country.

If such payments are made, the business of the traders will fall on ground and in absence of any inflow of money, such payment will be disastrous for the retail trade of the Country and in turn will badly affect the economy, CAIT Secretary General Praveen Khandelwal said in the letter to Goyal.

It is becoming difficult for traders to pay full salary for the month of April to their employees since they are experiencing tremendous financial crunch and any full payment of salary to the employees for the April month is next to impossible," he added.

The CAIT further said that while realising the unprecedented current situation, the government should carve a method under which this crucial and critical issue is resolved to the satisfaction of all.

In a letter to Finance Minister Nirmala Sitharaman on Wednesday, CAIT had urged the government to allow traders to pay salaries as per a mutual agreement between the employer and the employee or allow them to pay 30 per cent of the salary to meet their livelihood needs.

Alternatively, the government may contribute 50% of the salary, traders may contribute 25% and rest of 25% to be bear by the employees, CAIT had suggested.

Under the current scenario, when there is no business and traders are overburdened with several financial obligations, a needy intervention from the government is required to meet the end of justice, CAIT said in a letter to FM.