Foundation for Sustained Economic Growth- (Press Information Bureau) (07 Apr 2022)

MANU/PIBU/1739/2022

Commercial

To tune the existing Labour Laws as per the emerging economic and industrial scenario, the Government has enacted the four Labour Codes, namely, the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020 and the Occupational Safety, Heath and Working Conditions Code, 2020. It reduces multiplicity of definitions & authorities, facilitate implementation, use of technology in enforcement of labour laws, bring transparency & accountability in enforcement and promote setting up of more enterprises which incentivize economic growth. Simultaneously, it strengthens the protection available to workers, including unorganized workers, in terms of statutory minimum wage, social security and healthcare of workers. Some of the important provisions are as follows:-

• A statutory right for minimum wages and timely payment of wages has been made available for all workers which would drive up demand in the economy to support sustainable and inclusive economic growth.

• Provision for annual health check-up and a medical facility has also been made which enhances labour productivity and increases life expectancy.

• First time statutory provision to issue appointment letter to every employee of the establishment which leads to formalize contract of employment that increases job security.

• Provision of Re-skilling Fund for skill development of workers.

• One return, one licence and one registration which leads to ease of doing business and overall economic productivity.

Tags : FOUNDATION ECONOMIC GROWTH