FOUR LABOUR CODES IMPLEMENTED, Pg12

Key Highlights:

• Four Labour Codes have been implemented nationwide to streamline labor laws and enhance worker welfare.
• Gig and Platform workers, along with Aggregators, are formally defined for the first time under these codes.
• A Social Security Fund is established, with Aggregators contributing 1-2% of annual turnover, capped at 5% of payments to gig workers.
• Social security schemes will provide life and disability cover, accidental insurance, health and maternity benefits, and old age protection.
• The Aadhar-linked Universal Account Number (UAN) ensures portability and seamless benefit delivery across states.

Detailed Insights:

• The implemented Labour Codes aim to consolidate and modernize existing labor laws, promoting ease of compliance and reducing complexities for businesses.
• The formal definition of Gig and Platform workers acknowledges the evolving nature of work and facilitates targeted social security provisions.
• The Social Security Fund is designed to provide a safety net for workers in the unorganized sector, addressing vulnerabilities related to income security and healthcare.
• The Aadhar-linked UAN streamlines the identification and tracking of workers, enabling efficient delivery of benefits and minimizing leakages.
• These codes are expected to foster a more inclusive and equitable labor market, promoting formalization and enhancing the overall well-being of the workforce.

Key Concepts Involved:

• Gig Worker: A person who performs work or participates in a work arrangement and earns from such activities outside of the traditional employer-employee relationship.
• Platform Worker: A worker who accesses organizations or individuals and provides services to them through an online platform.
• Aggregator: A digital intermediary or marketplace that connects service providers with customers, often in the gig economy.