India's Game-Changing Labour Codes: A New Era for Workforce Reforms

Union Minister Piyush Goyal praises Prime Minister Modi's recently implemented four labour codes, calling them transformative for India's workforce. The codes streamline 29 existing labour laws, offering benefits like minimum wage assurance, gender equality, and social security, while boosting employment by potentially creating 77 lakh jobs.

Union Commerce and Industry Minister Piyush Goyal commended Prime Minister Narendra Modi on Tuesday for the newly implemented four labour codes, which he described as a 'game-changer' for India's workforce. Addressing the press in the national capital, Goyal lauded the reform as a 'balanced and well-articulated' amalgamation of the 29 laws that previously regulated the Indian workforce.

Goyal stated, 'The four Labour codes reflect the trust PM Modi has garnered among all societal segments. The confidence of 140 crore Indians in our PM, along with the enthusiastic acceptance from employers and worker organizations, is remarkable. It is a well-balanced reform transforming 29 laws into four comprehensive Labour codes.' He further praised the codes for reforms in minimum wages, occupational safety, and social security for gig workers, particularly highlighting the provisions benefiting women in the workforce.

The minister emphasized the codes' impact on ensuring minimum wages, enhancing occupational safety, providing social security to gig workers, and creating more opportunities for women workers. Describing the changes as a watershed initiative by PM Modi, he anticipates that states will frame legal structures to maximize these benefits. Last week, India's government declared the four Labour Codes—Code on Wages, 2019, Industrial Relations Code, 2020, Code on Social Security, 2020, and Occupational Safety, Health and Working Conditions Code, 2020—were effective immediately.

The codes consolidate 29 labour laws, focusing on gender equality, equal pay, and allowing women to work in various sectors, including night shifts, with their safety considered. They introduce flexible options like work-from-home to increase female labour participation.

The Code on Wages, 2019 confers a statutory right to minimum wages. The Code on Social Security, 2020 extends social security to all workers, including gig and platform workers, ensuring benefits such as Provident Fund, ESIC, and insurance.

An SBI report highlighted the potential impact of these new labour codes in reducing unemployment by up to 1.3%, potentially generating employment for 77 lakh people. (ANI)

(With inputs from agencies.)