Explanation:

Code on Occupational Safety, Health and Working Conditions, 2020 subsumes and replaces 13 labour laws relating to safety, health and working conditions. These laws include: Factories Act, 1948; Mines Act, 1952; Dock Workers Act, 1986; Contract Labour Act, 1970; and Inter-State Migrant Workers Act, 1979.

• It empowers the state government to exempt any new factory from the provisions of the Code in order to create more economic activity and employment.
• It provides for the establishment of a Social Security Fund for the welfare of unorganised workers. The amount collected from certain penalties under the Code (including the amount collected through compounding) will be credited to the Fund. The government may prescribe other sources as well for transferring money to the Fund.

Hence both statements are correct.