India Needs Regulatory Changes for Job Creation |
Posted: December 27, 2017 |
TeamLease Services, a provider of varied HR Services has recently stated that a revamp of the regulatory ecosystem is vital for enhancing the ease of doing business and boosting participation of labor force in the formal sector. Sonal Arora, Vice-President of TeamLease services stated that a few vital and powerful regulatory reforms can increase the share of formal employment from current 10 percent to 40 percent which will create 1 crore jobs. The top ten regulatory changes which are essential for a shift in labor participation include consolidating 44 central labor laws into 4 labor codes and a UEN. This Unique Enterprise Number will create a unique identifier at the legal entity or company level is an indispensable infrastructure for ease of doing business and digital economy. A few crucial reforms include salary choices for employees in which an employee should be given freedom to decide whether he or she wants to contribute 12 percent of his or her income to the Provident Fund. An employee should also be free to choose between private insurance and ESIC. It was also highlighted that Paperless-Presenceless-Cashless framework needs to be adopted by Shram Suvidha Portal for interactions between employees and the government and employers and the government. A few other critical reforms include the Small Factories Act, Factories Amendment Bill 2016, adoption of the Model Shops and Establishment Act, amendments in Industrial Disputes Act 1947, amendments in Contract Labour and Regulation Act 1970 and amendments in Trade Union Act 1926. Reference :- http://buildyourorg.com/News
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