INDIA: Decoding the Social Security Code
After being first presented almost a year ago, The Code on Social Security, 2020 was finally passed by the Parliament and subsequently received the President’s assent on the 28th of September 2020. This was one of the three labour codes which received the assent and kick-starts a process where decades-old labour laws in India get merged into the four labour codes.
The Government expects this codification would significantly ease labour law compliance for employers, cut-down red-tape and labour related litigation, enhances social security for employees and overall improve India’s ranking in doing business and attracting foreign investments.
As the name suggests, the Code on Social Security aims to consolidate existing social security laws and extend the same to all employees in organised or unorganized sectors. While the detailed rules would be framed and be available in the coming months, let us look at some of the bigger amendments that have been made and how it impacts organisations, employers and employees.
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