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Centre, state govts need to pursue labour law reforms for investments, jobs: SBI report
Jun-21-2019

Observing initiatives taken towards labour law reforms till date are miniscule, State Bank of India (SBI) in its research report 'Ecowrap' has stated that the Centre and state governments need to pursue labour law reforms as these are necessary for improving employment and employability, streamline labour issues and developing adequate means to absorb the labour in the economy.

The report said that the investors look out for stability and sustainability and land and labour resources are critical for them to firm up their investment plans. It noted that presently, there are close to 44 central labour laws and over 100 state labour laws. It also pointed out that the labour ministry has taken steps to codify the existing central labour laws into four codes -- Labour Code on Wages, Labour Code on Industrial Relations, Labour Code on Social Security and Welfare, and Labour Code on Occupational Safety, Health and Working Conditions.

SBI further stated that of the four codes, the one on wages has been introduced in the Lok Sabha and is under examination. The other three codes are at the pre-legislative consultation stage and should be completed urgently. Separately, it said a national policy for domestic workers needs to be brought in at the earliest to recognize their rights and promote better working conditions. It added that steps may be taken from both state and central legislation to take the labour reforms forward.

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