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Benefits for employers
Under the new codes, companies will be able to hire workers on fixed-term contracts. This will give companies greater flexibility in hiring, allowing them to adjust their workforce according to their business needs. The new codes will also make it easier for companies to maintain detailed records of their workers, including their wages, working hours, and other benefits. Further, many definitions across new codes are common, this is one of the major changes which would eliminate the ambiguity.
Benefits for workers
The new codes will provide greater protection and benefits for workers, including provisions for minimum wages, social security benefits, and grievance redressal mechanisms. The codes will also provide for a new social security net for workers, including insurance and pension benefits.
Impact on HR technology
The introduction of the new labor codes is expected to have a significant impact on HR technology in India. Companies will need to adopt new HR technologies to manage their workforce and comply with the new labor codes. HR technology providers will need to update their platforms to ensure compliance with the new regulations. The new labor codes may also lead to the development of new HR technologies that can help companies manage their workforce more effectively.
Concerns raised by labor activists
While the new codes have been welcomed by many in the business community, some labor activists have raised concerns that the new codes may lead to the exploitation of workers, particularly those on fixed-term contracts. They have also expressed concerns that the new codes may lead to a dilution of labor rights and protections.The introduction of the new labor codes is a significant development for the Indian labor market. The new codes are expected to provide greater flexibility and certainty for employers, while also offering better protection and benefits for workers. The new codes are also expected to have an impact on HR technology in the country, with companies and HR technology providers needing to adapt to the new regulations. However, concerns raised by labor activists suggest that the implementation of the new codes may not be without its challenges.
(The author is the CEO of TeamLease HRtech)
