The Parliament of India passed three labour codes in the year 2020 - the Industrial Relations Code Bill, 2020; the Code on Social Security Bill, 2020; and the Occupational Safety, Health and Working Conditions Code Bill, 2020.
These new labour codes are expected to bring in several reforms in the industry and the labour sector — comprising both permanent / full-time workers and the growing community of gig workers.
The new laws are expected to reduce complexities, improve ease of compliance and usher in more transparency and accountability, to help both employers and workers. The codes are aimed at enhancing compliances significantly, especially due to increased penal liabilities. Organisations are both anxious and curious as it may increase the employee costs and compliance costs.
UKG (Ultimate Kronos Group) in association with HRKatha, conducted a survey among HR professionals across organisations of different sizes, industries and sectors to capture their views on how the new labour codes could impact workforce cost, productivity and compliance for organisations in India.