\u2206Code of Wage Act 2019:<\/strong><\/p>\n\n\n\n \u2713It is expected to reduce litigation as it streamlines the definition of wages.<\/p>\n\n\n\n \u2713It will substantially reduce the number of minimum wages in the country from the existing more than 2000 rates of minimum wages.<\/p>\n\n\n\n \u2713This would ensure that every worker gets a minimum wage which will also be accompanied by an increase in the purchasing power of the worker thereby giving a fillip to growth in the economy.<\/p>\n\n\n\n \u2206Consolidation and simplification of the Complex laws:<\/p>\n\n\n\n \u2713The three Codes (IR , SS & OSHW) simplify labour laws by subsuming 25 central labour laws that have been on the table for at least 17 years.<\/p>\n\n\n\n \u2713It will provide a big boost to industry & employment and will reduce multiplicity of definition and multiplicity of authority for businesses.<\/p>\n\n\n\n \u2206Single Licensing Mechanism:<\/strong><\/p>\n\n\n\n \u2713The codes provide for a single licensing mechanism.<\/p>\n\n\n\n \u2713It will give fillip to industries by ushering in substantive reform in the licensing mechanism. Currently, industries have to apply for their licence under different laws.<\/p>\n\n\n\n \u2206Easier Dispute Resolution:<\/p>\n\n\n\n \u2713The codes also simplify archaic laws dealing with industrial disputes and revamp the adjudication process, which will pave the way for early resolution of disputes.<\/p>\n\n\n\n \u2206Ease of Doing Business:<\/strong><\/p>\n\n\n\n \u2713According to the industry and some economists, such reform shall boost investment and improve ease of doing business.<\/p>\n\n\n\n \u2713It drastically reduces complexity and internal contradictions, increases flexibility & modernizes regulations on safety\/working conditions<\/p>\n\n\n\n \u2206Other benefits for Labour:<\/strong><\/p>\n\n\n\n \u2713The three codes will promote fixed term employment, reduce influence of trade unions and expand the social security net for informal sector workers.<\/p>\n\n\n\n \u2206Gender parity:<\/strong><\/p>\n\n\n\n \u2713Women have to be permitted to work in every sector at night, but it has to be ensured that provision for their security is made by the employer and consent of women is taken before they work at night.<\/p>\n","protected":false},"excerpt":{"rendered":" Benefits of Labour Codes \u2206Code of Wage Act 2019: \u2713It is expected to reduce litigation as it streamlines the definition of wages. \u2713It will substantially reduce the number of minimum wages in the country from the existing more than 2000 rates of minimum wages. \u2713This would ensure that every worker gets a minimum wage which 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