Ministry Notified Draft Rules Under the Code on Social Security

 The Ministry of Labor & Employment has notified the draft rules of the 2020 Social Security Act. The draft rules provide for registration based on Aadhaar, including self-registration by unorganized workers, gig and platform workers, construction workers and other construction workers on the central government portal.

Highlights:

♦ The rules also stipulate the remuneration for regular hire of employees.

♦ The rules provide for a single electronic registration of enterprises, including cancellation of registration at the end of business activities.

♦ It also provides regulations on the methods and conditions for exiting the enterprise from EPFO and ESIC coverage.

♦ The rules have detailed self-assessment and Cess payment procedures for buildings and other construction workers.

♦ The interest rate for late payment of such taxes has been reduced from 2% of the monthly or monthly portion to 1%.