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Business EconomyPosted at: Aug 23 2019 9:36PM


Interactive meet on “Code on Wages 2019” held at FTCCI in Telangana

Hyderabad , Aug 23 (UNI) Experts and academician from Industry and the Government welcomed the new initiative ''The Code on Wages 2019'' which would help to ease doing business besides improving efficiency, at an interactive meet held at Federation of Telangana Chambers of Commerce and Industry( FTCCI ), here on Friday.
Chief Guest, Joint Commissioner Ranga Reddy Zone, Department of Labor Government of Telangana R Chandra Shekaram while 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 President FTCCI Sri Karunendra S Jasti said ''The Bill on Wage Code to consolidate 44 Labor Laws into 4 Codes. These are Code on Wages, Code on Social security, Code on Industrial safety and welfare and 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''.
GM ( HR), ITCCH Vijaya Saradhi, 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 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 four codes. These are Code on Wages, Code on Social security, Code on Industrial safety and welfare and Code on Industrial relations.

The Bill on Wage Code was approved by cabinet on July 3, 2019 and received the assent of the President on August 8 2019.
The Code on Wages would 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 that were going to impact the existing wage system in Industry, Trade and other activities
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