Sanju Verma Profile picture
National Spokesperson of BJPlEconomist MBA FinancelRanked in AsiamoneylEx JPMorgan,Philip Capital&HDFCSecl XavieritelColumnistlBest Selling AuthorlUni of Oxford

Sep 22, 2020, 8 tweets

#LabourCodes provide exemplary flexibility to industries;Definition of "fixed term" employment has been changed,making it easier for firms to hire contractual workers

Fixed term/Contractuals&regular workers will enjoy equal benefits,in many spheres,to protect Contractual workers

Social SecurityCode by @narendramodi govt will universalize social security by bringing informal&platform workers, under its ambit

Firms with less than 20 workers can join #EPFO to get social security benefits

Big move by @narendramodi govt to give informal sector a safety net

Internal workers will be free to voluntarily join employee state insurance,#ESI,scheme for getting healthcare benefits

#SocialSecurityCode says,all employees will now have offer letter

States&Centre will create database on #migrant workers&offer them several benefits-Good move

#MigrantWorkers,under new #LabourCode,will now enjoy portability of #PublicDistribution system benefits& #ConstructionCess benefits

While @RahulGandhi&large swathes of India's leftist media simply whined about #Migrants, @narendramodi has gone ahead&done what needed to be done💪

In a pathbreaking move, @narendramodi govt has removed mandatory 5 year requirement for claiming gratuity,making it pro rata for fixed term,contract staff

#LabourCode’s definition of wages for purpose of gratuity calculation will raise quantum of gratuity payable,to employees 💪

For working journalists,Social Security Code by @narendramodi govt,provides,they can avail #gratuity after 3 years of service&for seasonal workers,gratuity equivalent to salary for 7 days will be provided,for every season of work

For permanent employees,5 day rule will continue

Earlier,5 year gratuity payment was mandatory, which meant workers used to forfeit gratuity deposits,as in,salary of 15 days,for every year of work,if they resigned or lost jobs before stipulated period

Firms would deliberately sack workers before 5yr term to save gratuity costs

.@narendramodi gov has made it compulsory for firms,to have #GratuityFund or insurance to that effect

Gratuity can't be calculated on Basic&DA alone,if they are less than 50% of CTC

Most firms purposely keep Basic&DA at 30-40% of CTC,to avoid paying high gratuity;Not any more!

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