Hyderabad: Experts and academician from Industry and the Government welcomed the Government new initiative “The Code on Wages 2019” which help improves easy of doing business besides improving efficiency at an Interactive Meet held today on “The Code on Wages 2019 organized at Federation of Telangana Chambers of Commerce and Industry( FTCCI )
The Government of India, as part of improving the Ease of Doing Business and to attract Investments, is set to amend the archaic Labour Laws of the country. It was proposed to consolidate 44 Labour Laws into 4 Codes. These are 1. Code on Wages 2. Code on Social security 3. Code on Industrial safety and welfare and 3. Code on Industrial relations.
The Bill on Wage Code was approved by cabinet on 3rd July, 2019 and received the assent of the President on 8th August 2019. The Code on Wages will replace the Payment of Wages Act, 1936, Minimum Wages Act, 1948, Payment of Bonus Act, 1965, and the Equal Remuneration Act, 1976. The Bill provides for many radical changes in the fixation of Minimum Wages, Payment of Bonus, Equal Remuneration to Men and Women, the role of State Government etc., that are going to impact the existing wage system in Industry, Trade and Other activities
Chief Guest Sri R Chandra Shekaram , Joint commissioner RR zone, Department of Labor Government of Telangana addressing the event said “ We had many labor laws which were cumbersome and complained upon by many specially Multi-National Companies. Now the time has come to consolidate and simply procedures. If we make procedures simple more people will follow. Government realized this after taking feedback and opinions from various stake holders . Government objective is that this new consolidated Code on wages will benefit 50 crore workers with timely payments irrespective of category and for employers this will provide a level playing field with just one register, one form and one filing of return”
Welcoming the gathering Sri Karunendra S Jasti President FTCCI said “The Bill on Wage Code to consolidate 44 Labor Laws into 4 Codes. These are 1. Code on Wages 2. Code on Social security 3. Code on Industrial safety and welfare and 3. Code on Industrial relations is aimed to amend the archaic Labour Laws of the country, besides improving the Ease of Doing Business and to attract Investments with greater transparency and accountability. We at FTCCI will strive to create and promote awareness on this ”
Sri CH Vijaya Saradhi, GM ( HR), ITC Limited has shared a detailed presentation on Code of wages highlighting the salient features and elaborated how it benefit the employees and employers.
The Federation also released the handbook on ‘The Code on Wages 2019’ to help members understand the various changes made in the Code and how they are going to impact the existing wage system. The book will serve as a ready reference for all HR fraternity.
The event was attended by many enthusiasts from the industry, academicia, regulatory bodies besides Sri R Chandra Shekaram , joint commissioner RR zone, Department of Labor Government of Telangana, Sri Karunendra S Jasti President FTCCI , Sri R Ravi Kumar Chairman, HR & IR Committee , FTCCI, Sri CH Dakshina Murthy, Head – ER/IR, KEOLIS ( O&M partner of L&T Metro); Sri CH Vijaya Saradhi, GM ( HR), ITC Limited; Sri C Niranjan Rao, Advocate high court of Telangana & AP; Sri Ramakanth Inani, Sr. VP, FTCCI