US stock markets declined sharply on Thursday, while oil prices surged, after President Donald Trump vowed to continue military action against Iran and did not provide a clear timeline for de-escalation of the conflict in the Middle East, according to AP.The S&P 500 fell 1.1%, with nearly three out of every four stocks in the benchmark index trading lower. The Dow Jones Industrial Average dropped 545 points, or 1.2%, while the Nasdaq Composite declined 1.6% as of 9:52 a.m. Eastern time.The broad-based weakness in US equities was mirrored across global markets, with major indices in Europe and Asia also trading in the red.The sell-off followed Trump’s national address on Wednesday, where he said the United States would continue to hit Iran “extremely hard over the next two to three weeks,” dampening hopes of a near-term resolution to the conflict.Markets had been gaining earlier in the week on expectations that the war could end soon. Despite Thursday’s losses, major indices remain on track to close the week with gains.Thursday also marked the final trading session of the week for Wall Street, as markets will remain shut on Friday for the Good Friday holiday.Crude oil prices continued to be the primary driver of volatility in global markets. Shipping traffic through the Strait of Hormuz — a key route through which about one-fifth of the world’s traded oil passes during peacetime–has been severely curtailed, tightening global supply.The price of Brent crude, the international benchmark, jumped 7.8% to $109.10 per barrel. US benchmark crude surged 11.7% to $111.92 per barrel. Oil prices had been easing towards $100 per barrel earlier in the week before rising sharply following Trump’s remarks.Financial markets have witnessed sharp swings since the onset of the conflict, with investor sentiment shifting rapidly in response to developments and policy signals.Just earlier this week, the S&P 500 had briefly approached a 10% decline from its record high — a level that is commonly referred to by investors as a “correction.” The index had rebounded on Tuesday and Wednesday on optimism around a possible end to the conflict.Sectorally, airline and travel-related stocks were among the biggest losers on Thursday, reflecting concerns over higher fuel costs and reduced travel demand. United Airlines fell 6.1%, while Carnival dropped 5%.Energy stocks, however, moved higher in line with rising crude prices. Exxon Mobil gained 2.3%, while Chevron advanced 3.4%.In the bond market, Treasury yields remained relatively stable. The yield on the 10-year Treasury note edged up to 4.33% from 4.32% late Wednesday.

The labour codes aim to simplify and consolidate India’s complex labour law framework.

India’s new labour codes have introduced a structured distinction between the terms “employee” and “worker”. While all workers are employees, not all employees are workers. This distinction is more than just terminology – it determines the applicability of several statutory benefits and protections.The labour codes aim to simplify and consolidate India’s complex labour law framework. In doing so, they retain the principle that certain categories of roles – particularly those involving operational, manual or clerical work – may require specific safeguards. As a result, the concept of a “worker” remains central to how the codes are applied.This distinction is not limited to factories or industrial units. In today’s economy, many roles in offices, warehouses, retail outlets, and service centres may fall within the scope of “worker” depending on the nature of duties performed.Understanding the definition of “worker”The labour codes define a “worker” as someone employed to perform manual, skilled, unskilled, technical, operational, clerical or supervisory work. However, individuals in managerial or administrative roles are excluded. Supervisory employees may also be excluded if their wages exceed a specified threshold.The key factor is the nature of work performed—not the job title, salary level or workplace setting. This means that two employees in the same organisation, with similar designations, may be treated differently under the codes depending on their actual responsibilities. In contrast, the term “employee” is broader and includes all individuals engaged for hire or reward, regardless of their role. This allows the codes to apply specific provisions to workers while maintaining flexibility for other categories of employees.

Key provisions applicable to workersThe labour codes provide a range of benefits and protections that apply specifically to workers. These include provisions on leave encashment, overtime, grievance redressal, retrenchment compensation, and standing orders. Below is a closer look at each of these areas.Leave encashment for workersUnder the Occupational Safety, Health and Working Conditions Code, 2020 (OSHWC Code), leave encashment provisions apply only to workers. The Code provides that workers are entitled to one day of earned leave for every 20 days of work in a calendar year, subject to a minimum number of days worked.At the end of the calendar year, workers may carry forward up to 30 days of earned leave. Any leave balance exceeding this limit must be encashed. Additionally, workers may request encashment of up to 30 days of leave at the end of the year, even if the carry-forward limit is not exceeded.All leave encashment is to be calculated based on the definition of “wages” under the labour codes, which includes basic pay, dearness allowance and retaining allowance, but excludes specific components such as house rent allowance, overtime allowance, statutory bonus, etc.Example: Where these provisions apply, a worker with 42 days of earned leave at year-end would have 12 days mandatorily encashed. The worker may also request encashment of the remaining 30 days.Overtime for workersThe OSHWC Code also provides for overtime pay for workers. Overtime is payable at twice the rate of wages and is applicable when a worker works beyond the prescribed limits.As per the draft Central Rules under the OSHWC Code, overtime becomes payable after 48 hours of work in a week. The maximum permissible overtime is 144 hours per quarter. Importantly, a worker’s consent is required before they can be asked to work overtime.Example: If an employee works 54 hours in a week, and the provisions apply, the 6 hours beyond 48 would be considered overtime and paid at twice the wages rate, subject to the worker’s consent and the quarterly cap.The 48-hour weekly threshold and 144-hour quarterly cap are based on draft rules and may be subject to change upon final notification.Grievance Redressal Committee (GRC)The Industrial Relations Code, 2020 mandates that every industrial establishment employing 20 or more workers must set up a Grievance Redressal Committee (GRC) to address individual grievances.The GRC must have equal representation from the employer and workers, with a maximum of 10 members. There must be adequate representation of women workers, proportionate to their share in the workforce. The committee is required to resolve grievances within 30 days of receiving an application.If a worker is dissatisfied with the GRC’s decision or if the grievance is not resolved within the stipulated time, the worker may escalate the matter to a conciliation officer or, subsequently, to an industrial tribunal.Example: Where this framework applies, a worker raising a concern about shift allocation or leave records would submit a grievance to the GRC. The committee would then follow a defined process and timeline to resolve the issue.Retrenchment and Worker Re-skilling FundThe Industrial Relations Code also outlines specific provisions for retrenchment. A worker with at least one year of continuous service is entitled to one month’s notice (or wages in lieu) and retrenchment compensation equivalent to 15 days’ average pay for each completed year of service.In addition, employers are required to contribute an amount equal to 15 days’ wages per retrenched worker to the Worker Re-skilling Fund. This fund is intended to support retrenched workers by crediting the amount to their accounts within 45 days of retrenchment.Example: Where these provisions apply, an organisation planning a workforce reduction would need to ensure that notice, compensation and re-skilling contributions are processed in accordance with the Code’s requirements.Standing OrdersThe standing orders framework under the Industrial Relations Code applies to industrial establishments employing 300 or more workers. Employers in such establishments are required to prepare and certify standing orders that define service conditions such as classification of workers, working hours, leave, misconduct, and disciplinary procedures.Employers may adopt the model standing orders issued by the Central Government or prepare their own, subject to consultation with trade unions or negotiating councils and certification by the appropriate authority.Where standing orders apply, organisations would document service conditions in a standardised format, ensuring consistency in how policies are applied across the workforce.

Rulings on worker definition – A summaryIndian courts have consistently emphasised that the classification of a worker depends on the actual duties performed, not merely on job titles or salary levels. Factors such as the degree of supervision, decision-making authority, and the nature of responsibilities are considered when determining whether an individual qualifies as a worker.These principles continue to guide the interpretation of the worker definition under the labour codes, especially in cases where roles may not fall neatly into one category.Finally,The labour codes provide a structured framework for distinguishing between employees and workers, with specific rights and protections linked to worker status. This distinction is relevant across sectors and applies equally to traditional industrial settings and modern workplaces.For organisations, the framework offers clarity on how different provisions apply to different categories of roles, supporting consistent and transparent workforce practices. For individuals, it enhances awareness of how statutory provisions relate to the nature of work performed.Overall, the labour codes aim to balance protection, flexibility and clarity—supporting both employee welfare and organisational efficiency in a unified legal framework.(Puneet Gupta is Partner, People Advisory Services Tax at EY India)

The TOI correspondent from Washington: The prime-time address was intended to reassure an anxious nation and steady jittery markets; instead, U.S President Donald Trump on Wednesday underscored the deep contradictions at the heart of his war in Iran, declaring that American objectives were “nearing completion” even as he threatened an intensification of military action.The speech, delivered from the White House on Wednesday night, marked Trump’s most comprehensive attempt yet to define the trajectory of a conflict that has escalated rapidly over the past month. Yet rather than offering clarity, it raised fresh questions about U.S. strategy, the risk of further escalation, and the durability of Washington’s alliances and partnerships.Trump struck a hubristic and triumphant tone, bragging about the greatness of the U.S military and asserting that American might has crippled Iran’s military capabilities, including its navy, air force, and missile systems. He suggested that the campaign could conclude within “two to three weeks,” framing the operation as a decisive success. In the same breath, he also warned that he was ready to hit Iran “extremely hard” in the coming weeks and expand strikes to critical infrastructure if Tehran failed to comply with U.S demands.The dual message—mission accomplished alongside threats of escalation—captured what analysts described as the central paradox of Trump’s Iran policy. While signaling closure, the president left open multiple pathways to a broader war, including continued aerial bombardment, the possibility of additional targets, and even a ground invasion. Notably absent in the speech was a clear exit strategy. Trump did not specify what political or military conditions would constitute a definitive end to hostilities, nor did he clarify how the U.S would secure long-term objectives such as curbing Iran’s nuclear program, which he acknowledged remains intact in part, and which some experts have suggested is a strawman bogey propped by Israel. Compounding concerns are reports that Washington is exploring plans to secure or seize Iran’s enriched uranium stockpiles, a move fraught with logistical and geopolitical risks. Such an operation would likely require either cooperation from Iranian authorities—currently unlikely—or a sustained military presence deep inside Iranian territory, raising the specter of a prolonged occupation. Experts warn that any attempt to physically control nuclear material in an active war zone could trigger retaliation, environmental hazards, and broader regional destabilization.Trump’s address also veered sharply into criticism of U.S. allies, particularly NATO members, whom he accused of failing to shoulder their share of the burden in confronting Iran. He reiterated calls for other nations, especially those reliant on Middle Eastern oil, to take responsibility for reopening the Strait of Hormuz, a critical global shipping lane that has been disrupted by the conflict. In a leaked remarks at a private Easter lunch earlier in the day, he taunted South Korea, Japan, and China for not helping keep Hormuz open, but conspicuously excluded India from the list of countries he wanted to intercede.The remarks reflect a widening transatlantic rift. European allies have largely refrained from direct military involvement, favoring diplomatic solutions and maritime security roles. Trump’s increasingly hostile rhetoric toward NATO, including suggestions that the alliance is no longer essential, has deepened concerns about U.S. reliability as a security partner.If Trump’s speech was aimed in part at calming financial markets—a longstanding preoccupation of the president—it appeared to have the opposite effect. Within minutes of the address, U.S. stock futures turned sharply negative and oil prices surged amid fears of prolonged disruption in the Strait of Hormuz. Analysts said the speech failed to provide the clarity investors had hoped for. Instead, it reinforced concerns about a drawn-out conflict with unpredictable economic consequences, including inflationary pressures driven by energy prices.The market reaction was particularly striking given Trump’s frequent invocation of stock performance as a barometer of his administration’s success. During the speech, he pointed to earlier market highs, but the immediate downturn underscored the fragility of investor confidence.At home, the address drew a mixed but increasingly critical response. Democratic lawmakers and some Republicans faulted Trump for failing to articulate clear objectives or a coherent strategy. Public opinion has also turned skeptical. Polls show a majority of Americans oppose the war and want it concluded quickly, with many expressing concern that the administration has not adequately explained its goals.

The government has asked oil refineries to divert part of the feedstock used for cooking gas (LPG) towards petrochemical units, as industries grapple with acute raw material shortages triggered by supply disruptions amid the West Asia conflict, according to PTI.The Ministry of Petroleum and Natural Gas on April 1 directed refiners to allocate a portion of propylene to the petrochemical sector, which has been hit after earlier curbs prioritised LPG output.