Explanation:

The Social Security Code 2020 states that the central government will set up a Social Security Fund for social security and welfare of the unorganised workers, gig workers and platform workers.

• Further, state governments will also set up and administer separate social security funds for unorganised workers.  The 2020 Bill also makes provisions for registration of all three categories of workers – unorganised workers, gig workers and platform workers.
• The code states that the Central Government shall, by notification, constitute a National Social Security Board for unorganised workers under chairmanship of the Union Minister for Labour and Employment.

The National Social Security Board shall perform the following functions:

• recommend to the Central Government for formulating suitable schemes for different sections of unorganised workers, gig workers and platform workers;
• advise the Central Government on such matters arising out of the administration of this Code as may be referred to it;
• monitor such social welfare schemes for unorganised workers, gig workers and platform workers as are administered by the Central Government;
• review the record keeping functions performed at the State level;
• review the expenditure from the fund and account.

Hence both statements are correct.