The government has introduced three new bills titled : Industrial Relations Code Bill 2020, Code on Social Security Bill 2020 & Occupational Safety, Health & Working Conditions Code Bill 2020 in the Lok Sabha to complete the labour reforms.
The new bills, when enacted as law,

...would bring many fundamental reforms in the labour market of the country. These laws will incentivize the companies to give formal jobs to the workers & would break the informal economy or gig economy. Moreover, the companies have been given the right to fire the workers...

...without govt approval if they have less than 300 workers in the new bill compared to only 100 in the previous ones. This would encourage the companies to hire more & more formal workers rather than contractual ones because they can fire even the formal workers anytime if...

..they are not happy with the performance. The new bills by the union govt would have a ripple effect & the states, at least BJP ruled ones, to amend & consolidate their labor laws. Given the fact that the union govt has widely consulted the ministries & the industrial bodies &..

..all their issues have been accommodated, the states can replicate the union govts acts with minor tweaks.
"We have included 174 out of 233 of the recommendations of the standing committee on labour across three codes and they are being introduced again & they have undergone...

..substantial changes,” Labour & Employment Minister Santosh Gangwar said in Lok Sabha while introducing the bills. “The govt has held nine tripartite consultations, & 10 inter-ministerial consultations during the drafting stage of the codes,” he added.

The govts efforts to simplify the labor laws will have a positive impact on industrial growth of the country & move up the country’s ranking in Ease of doing Business. Also, at a time when the global supply chain is being altered & the Western world is trying to weed out China,

..the flexible labour laws would lure the companies leaving the Communist country.
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