A Win-Win Formula

Parliament passed the Wage Code Bill, 2019, which is all set to be implemented by April 1. The New Wage Code Combines 29 labour laws into four codes – Minimum Wages Act, 1948, Payment of Wages Act, 1936, Payment of Bonus Act, 1965, and Equal Remuneration Act, 1976. The year 2020 opened doors to a much-renewed transformation for India’s informal labour segment, reiterating the importance and critical need for unified codes under the new labour reforms. The year 2021 will further unlock opportunities and benefits for employees and employers alike, empowering them to work together and build a new economy by focusing on bringing formalisation, and the ease of doing business by removing administrative bottlenecks through national licensing for staffing industry. The new code has the potential to empower both employer and employee, redirecting India’s labour economy to a new...