Explanation:

The Code on Social Security (CoSS), 2020 was introduced by withdrawing the earlier Code of 2019. It has amended and consolidated the laws relating to employee’s social security with the goal to extend social security assistance to all employees & workers either in organized or unorganized sector or any other sectors.

• The Bill proposes setting up a social security fund using corpus available under corporate social responsibility. This fund will provide welfare benefits such as pension, medical cover, death and disablement benefits to all workers, including gig workers.

Social security mainly refers to protection measures provided to the workers or employees to ensure their healthcare and income security in case of certain contingencies such as old age, maternity, mishappening or accidents. The CoSS has vibrant provisions with respect to social security benefits and also amalgamates, simplifies & rationalizes the relevant provisions of the following 9 central labour legislations:

• The Employees’ Compensation Act, 1923The Employees’ State Insurance Act, 1948The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952The Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959The Maternity Benefit Act, 1961The Payment of Gratuity Act, 1972The Cine Workers Welfare Fund Act, 1981The Building and Other Construction Workers Welfare Cess Act, 1996The Unorganised Workers’ Social Security Act, 2008.

Hence option 2nd is correct.