NEW WAGE CODE & IT’S IMPACT ON BOTH EMPLOYEES AND EMPLOYERS (Implementation Deferred) The need for modernization in the labour sector reforms is immense. The definition of wages had not changed in the last 73 years with different laws imposing their own definition of wages, thereby increasing compliance costs, and it was almost imperative to have a unified universal definition for ease of doing business. The Code on Wages, 2019 was introduced in Lok Sabha by the Minister of Labour, Mr Santosh Gangwar on July 23, 2019. After being passed in both the Houses of Parliament, it got the President’s assent on the 8th of August 2019. The Code seeks to regulate wages and bonus payments in all employment areas where any industry, trade, business, or manufacturing activity is carried out. The government has attempted to bring in simplicity through the new common definition of wages in this Code and three other Codes that were passed. Under the subsumed laws, there ...
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Showing posts from April, 2021