Explanation:

Only statements 1&3 are correct.

A total of 29 labour laws which have remained unchanged since Independence will now be codified into the four new labour codes, namely Industrial Relations Code, Code on Wages, Occupational Safety, Health and Working Conditions Code, and Social Security Code. 

• And the Code on Social Security ,2020 subsumes nine central labour legislations .ie.,  The Employees’ Compensation Act, 1923, The Employees’ State Insurance Act, 1948,The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, The Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959, The Maternity Benefit Act, 1961, The Payment of Gratuity Act, 1972, The Cine Workers Welfare Fund Act, 1981, The Building and Other Construction Workers Welfare Cess Act, 1996 and the Unorganised Workers' Social Security Act 2008.

Benefits to Indian workers-

• The social safety related laws had indeed become outdated in today’s environment. For example, online platform workers such as Ola, Uber etc. were not covered in the previous laws. The Social security code Bill, 2019 covers all those workers.

• The ambit of this social security code is truly large as it covers not only the number of employees which an organization has (if it more than 10, it will come under the social security laws) but the workers involved in hazardous nature of work will be also be covered under the act.

• At the same time, through code on social security, the regulatory regime would be less problematic for the employers and employees. For example, an inspector, under the new code, cannot open an EPFO (Employees’ Provident Fund Organisation) record of more than five years.

• On similar line of merging 29 labour laws into 4 labour codes, the bill, by merging previous 9 laws related to labour, makes more simplification of laws i.e. Code on Social Security

• Under the Code, the central government may notify various social security schemes for the benefit of workers.  These include an Employees’ Provident Fund (EPF) Scheme, an Employees’ Pension Scheme (EPS), and an Employees’ Deposit Linked Insurance (EDLI) Scheme.

Hence option 3rd is correct.