ETERNAL LIMITED Announces Statement on Implementation of Code on Social Security, 2020
ETERNAL LIMITED releases a statement on the implementation of the Code on Social Security, 2020, welcoming the government's focus on simplifying labor laws and strengthening social security for gig workers.
The implementation of the Code on Social Security has potential implications for the company's operational costs and compliance, but the company anticipates and plans for these changes.
The announcement expresses a positive outlook on the government's initiative and the company's preparedness, indicating a proactive approach to regulatory changes.
* ETERNAL LIMITED (formerly known as Zomato Limited) has released a statement regarding the implementation of the Code on Social Security, 2020 (CoSS). * The company welcomes the government's focus on simplifying and modernizing the labor framework by consolidating 29 central laws into four Labour Codes. * The CoSS aims to strengthen social security access for gig workers across the country. * Eternal already provides comprehensive insurance and welfare benefits to gig workers free of cost and is committed to supporting measures that further improve outcomes for them. * The exact financial and operational contours of CoSS will become clear once the corresponding Rules are notified. * The company does not expect any detrimental financial impact on the long-term health and sustainability of its business due to these rules, as they have been anticipating and planning for social security related contributions.
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ETERNAL LIMITED filed this with the NSE as a statutory disclosure, categorised under regulatory impact. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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