Labor Codes India: Describing the government’s decision to implement the four labor codes as a historic step, the industry on Friday said that this is a big step towards a modern, simplified and future-ready labor environment.
Chandrajit Banerjee, director general of industry body Confederation of Indian Industry (CII), described this reform as a ‘milestone’ for India’s labor scenario. He said that, this will modernize, simplify and prepare the economy for the future.
What did the Director General say?
Banerjee said, ‘The implementation of the four labor codes is a big step towards a modern, simplified and future-ready labor environment.’ He said that by consolidating 29 different laws, these codes ensure better wages, stronger social security, workplace safety and a more trustworthy regulatory environment for the industry.
This reform is in line with global standards, which will strengthen the foundation of higher productivity and accelerated employment creation. The government notified all four labor codes in a historic decision on Friday.
What are the major changes?
Through this major reform, 29 existing labor laws have been rationalized. This includes provisions like universal social security coverage for gig workers, mandatory appointment letters for all employees and statutory minimum wages and timely payment in all sectors.
Harsh Vardhan Agarwal, president of industry body FICCI, said, ‘The four labor codes make doing business easier, simplify compliance and support the growth of the industry. It also strengthens workers’ welfare, social security and transparency. FICCI Director General Jyoti Vij said that these codes will increase the competitive capabilities of the industry.
He said that, from the workers’ welfare point of view, these codes ensure minimum wages for all, better workplace safety, annual health check-up, maternity and social security protection, as well as safe night shift opportunities for women. He described these reforms as a ‘transformative step’ towards ‘developed India’.
Also read: SEBI’s big statement on digital gold! Investors should be careful, otherwise there will be huge losses.
