What is New Labor Code 2020? Can anyone help me with precise material on the topic mentioned above?
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The New Labor Code 2020, officially known as the Code on Wages, 2019, is a significant legislation in India that consolidates and amends the laws related to wages and bonus payments in various sectors. The Code on Wages was enacted to rationalize the provisions of four existing labor laws, namely the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the Payment of Bonus Act, 1965, and the Equal Remuneration Act, 1976. Here are some key points regarding the New Labor Code 2020:
Key Features of the New Labor Code 2020
- The Code on Wages aims to ensure a universal minimum wage for all workers, including those in the unorganized sector.
- It simplifies and standardizes the definition of wages across all sectors, making it easier for employers and employees to understand.
- The Code introduces the concept of a floor wage, which is the minimum wage set by the central government, with states having the flexibility to set higher minimum wages.
- It mandates timely and full payment of wages to all employees, either on a daily, weekly, or monthly basis, as per the terms of employment.
- The Code also includes provisions for the payment of bonus to employees based on productivity and performance.
Implications for Employers and Employees
- Employers need to ensure compliance with the new wage structure and payment requirements outlined in the Code on Wages.
- Employees can benefit from the standardized wage definitions and the assurance of timely and full payment of wages.
For more detailed information and precise material on the New Labor Code 2020, you can refer to the official government publications, circulars, or the text of the Code itself. It is essential for both employers and employees to familiarize themselves with the provisions of the New Labor Code to ensure compliance and understanding of their rights and obligations under the law.
From India, Gurugram
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40Key Features of the New Labor Code 2020
- The Code on Wages aims to ensure a universal minimum wage for all workers, including those in the unorganized sector.
- It simplifies and standardizes the definition of wages across all sectors, making it easier for employers and employees to understand.
- The Code introduces the concept of a floor wage, which is the minimum wage set by the central government, with states having the flexibility to set higher minimum wages.
- It mandates timely and full payment of wages to all employees, either on a daily, weekly, or monthly basis, as per the terms of employment.
- The Code also includes provisions for the payment of bonus to employees based on productivity and performance.
Implications for Employers and Employees
- Employers need to ensure compliance with the new wage structure and payment requirements outlined in the Code on Wages.
- Employees can benefit from the standardized wage definitions and the assurance of timely and full payment of wages.
For more detailed information and precise material on the New Labor Code 2020, you can refer to the official government publications, circulars, or the text of the Code itself. It is essential for both employers and employees to familiarize themselves with the provisions of the New Labor Code to ensure compliance and understanding of their rights and obligations under the law.
From India, Gurugram
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THE CODE ON WAGES Gazette 2020.pdf