Modi government looks to implement all 4 labour codes in one go by December
The Wage Code Bill, 2019 was passed by Parliament last year.
Parliament in its just concluded session passed three labour code bills: the Industrial Relations Code, the Social Security Code, and the Occupational Safety, Health and Working Conditions Code. Now, Union minister Santosh Gangwar has said that Modi government is aiming to implement all the four labour codes in one go by December this year and complete the final stretch of labour sector reforms. The Wage Code Bill, 2019 was passed by Parliament last year.
The labour ministry had circulated the draft rules on the Wage Code Bill last year but held back its finalisation and implementation. The ministry wanted to implement all the four codes and rules under those in one go as all of them are inter-linked.
Labour Minister Gangwar said, "Government is doing all efforts to complete the labour reforms by implementing the all four labour codes by December this year..." He further said the Wage Code Bill was passed last year and now with the passage of three more codes by Parliament, "the rules under these legislations would be enforced at once", as per a report in PTI.
After the passage of a legislation in Parliament, it is sent for President of India assent.
A law comes into force after notification of rules.
Initially, draft rules under a law is notified with a stipulated time period to receive feedback. Thereafter, these rules are finalised and implemented for bringing the law into force.
The draft rules of the three codes on industrial relations, social security and occupational safety, health and working conditions are likely to be circulated by the first week of November for feedback.
The labour ministry is expected to finalise and implement rules of the three codes along with already firmed wage code rules by December this year. Thereafter, these four codes would become law of land to complete game-changing labour reforms in the country.
The government aims to catapult India to among the top 10 countries in World Bank's ease of doing business rankings with the comprehensive labour reforms.
As per the 'Doing Business' 2020 report, India had jumped 14 places to the 63rd position in the ease of doing business rankings. India has improved its rank by 79 positions in five years (2014-19).
The higher ranking would boost investment and job creation in the country.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
05:40 PM IST