Labour Revolution: A New Era of Work Regulations

The notification of new Labour Codes introduces a significant transformation of labour regulations, unifying 29 laws into four simplified codes. New provisions affect employee take-home pay negatively while enhancing retirement benefits. Employers face new compliance costs and need to adjust workforce management, but gain greater flexibility through expanded hiring practices.

The recent introduction of the new Labour Codes marks a historic shift in labour regulations, promising to reshape the landscape of employee and employer relations across the nation.

The streamlined codes, which consolidate 29 laws into four, are designed to enhance worker protections, improve compliance processes, and offer businesses increased operational flexibility.

Key changes include a new definition of 'wages' which affects take-home pay and social security benefits, clearer job security measures for fixed-term workers, and additional social security recognition for gig and unorganised sector employees.

(With inputs from agencies.)