What is the connection between the economy and the social security code 1 The need of the current ec...........

Social Security Social Justice and disadvantaged

What is the connection between the economy and the social security code?

1.The need of the current economy is increasing job creation and improving consumption. Both can be achieved through formalization and digitization. Until and unless, the sectors won’t be formalized, the workers will also not come into formal organizations.

2.The economy will benefit when the distinction between organized and unorganized goes narrower and when there will be truly a single governing regime.

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

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Explanation:

The economy and the social security code connection-
1.The social security code has two different sets of regulatory regimes and provisions, one for organized workers and another for unorganized workers.
2.The need of the current economy is increasing job creation and improving consumption. Both can be achieved through formalization and digitization. Until and unless, the sectors won’t be formalized, the workers will also not come into formal organizations.
3.There is a legal ceiling mention in the code for EPF contribution which will be based on 12% employee and 12% employer contribution. This provision requires a relook because if added to other levies, the overhead payroll levies reach 40-45%. Hence, it is a big barrier to formalization.
4.The economy will benefit when the distinction between organized and unorganized goes narrower and when there will be truly a single governing regime.