New Delhi:

Prime Minister Narendra Modi on Wednesday hailed the passage of key labour reform bills by Parliament, saying it will ensure well-being of workers and give a boost to economic growth.

The new labour code universalises minimum wages, timely payment of wages and gives priority to occupational safety of workers, he tweeted, asserting that these reforms will contribute to a better working environment which will accelerate the pace of economic growth.

Parliament on Wednesday approved three key labour reform bills that will remove impediments to winding up of companies and allow firing of staff without government permission in firms with up to 300 workers from the existing 100, a move aimed at attracting more investments and job creation.

The first code on wages was approved by Parliament last year. With passage of these three bills, 29 central labour laws have been codified into four broad codes as contemplated by the government under labour reforms to improve ease of doing business and providing universal social security to workers as well.

"Long due and much awaited Labour reforms have been passed by Parliament. The reforms will ensure well-being of our industrious workers and give a boost to economic growth," the prime minister said.

He said the three bills are also shining examples of "Minimum Government, Maximum Governance".

"The Labour reforms will ensure 'Ease of Doing Business'. These are futuristic legislations to empower enterprises by reducing compliance, red-tapism and 'Inspector Raj'. The reforms also seek to harness the power of technology for the betterment of the workers and industry both," Modi said.