Grant thornton bharat English news | Grant thornton bharat, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

New Delhi, March 24 Nearly half of the companies in India are confident about their readiness to implement the new labour codes, according to Grant Thornton Bharat's Industry Expectation Survey on New Labour Codes.The survey, released at a webinar organised by Grant Thornton Bharat and CII, tapped into a respondent pool of over 4,000 middle to senior managers.The survey brought out that 43 per cent organisations have started internal reviews with the objective of effective implementation of the new labor Codes.While 13 per cent firms are waiting for the final announcement on implementation date, another 20 per cent firms have onboarded external consultants for better preparedness. Only about 20 per cent have not decided their implementation strategies yet, the survey said."Our survey shows that 64 per cent respondents are optimistic about the long-term impact of the implementation of new labour codes. Overall sentiment on the resulting changes is positive and businesses have their work cut out," said Vikas Vasal, National Managing Partner, Tax, Grant Thornton Bharat.Akhil Chandna, Associate Partner, Grant Thornton Bharat, "It is encouraging to see that a large section of the respondents are aware of upcoming labour codes and have already started preparing for the transition. As the survey result shows, the overall employee compensation costs are expected to rise and it is important for organisations to evaluate the financial impact areas such as 'gratuity', 'leave encashment', 'statutory bonus', etc. for better planning."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 in the country."As reflected in our survey, nearly 62 per cent of the organisations are really certain about increase in their compensation cost, thus the emphasis is towards getting their Human Resource Policies, Procedures, Service Rules, Employment Contracts etc. reviewed well before the implementation," said Leena Madhok, Director, Grant Thornton Advisory Pvt. Ltd.In the survey, 85 per cent of respondents agreed that a minimum transition period of up to six months be allowed to implement various obligations and compliances applicable under new labour codes.While 54 per cent think the new labour codes will achieve the objective of widening social security coverage to the unorganised sector, 29 per cent disagree.Nearly 55 per cent respondents support the view that people with fixed minimum wage rate should be entitled to overtime payment; 29 per cent say this entitlement should be reserved for people in non-managerial roles.Also, 66 per cent respondents voted in favour of providing organisations the flexibility to hire contractual employees for their core activities; 7 per cent not sure about the benefits.About 54 per cent of the respondents believe that the compliance burden on employers would be reduced over a period of time under the new codes.( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Ahmedabad Plane Crash

Pune Bridge Collapse

Maharashtra News

Mumbai Local

Weather Update

Mumbai Rains

Grant Thornton BharatFOLLOW

Grant thornton bharat, Latest News

International :Increase regulatory focus on cryptocurrency: Pre-Budget survey

New Delhi, Jan 22 A pre-Budget expectations survey on Saturday showed a growing demand for increasing regulatory focus ... ...

International :India records 199 M&A deals worth $3.5 bn in Nov, up 34% YoY

New Delhi, Dec 13 India Inc has witnessed 199 M&A transactions amounting to $3.5 billion in November 2021, ... ...

International :Need new POSH policy to cover WFH: Report

New Delhi, Aug 21 The new normal work culture brought about by the Covid-19 pandemic has triggered the ... ...

International :Vehicle scrappage policy to boost metal recycling business: Report

New Delhi, Aug 10 The recently announced vehicle scrappage policy is likely to give a major boost to ... ...

International :FPOs federation needed to enhance farmers income: Grant Thornton Bharat

New Delhi, June 19 Federation of 'Farmer Producer Organisation' (FPO) is required in each state to exploit economies ... ...

Business :50% Cos prepared to implement new labour codes: Grant Thornton Bharat survey

New Delhi, March 24 Nearly half of the companies in India are confident about their readiness to implement the ... ...