Grant Thornton Survey Says 50% Companies Prepared To Implement New Labour Codes

The four Labour Codes–Code on Wages, Code on Social Security, The Occupational Safety, Health and Working Conditions Code, and The Industrial Relations Code–are expected to bring in much awaited reforms to the country

MUMBAI: Around 50% companies in India are confident about their readiness to implement the new labour codes, according to the Industry Expectation Survey on New Labour Codes by Grant Thornton Bharat.

The survey tapped into a respondent pool of 4000-plus middle-to senior managers.

The four Labour Codes, i.e. Code on Wages, Code on Social Security, The Occupational Safety, Health and Working Conditions Code (OSHWC), and The Industrial Relations Code are expected to bring in much awaited labour reforms to the country.

“The overall employee compensation costs are expected to rise and it is important for organizations to evaluate the financial impact areas such as ‘gratuity’, ‘leave encashment’, ‘statutory bonus’, etc. for better planning,” said Akhil Chandna, associate partner, Grant Thornton Bharat.

Source: livemint

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