What are labour codes? What are benefits to workers under them?

During her second press conference on the economic package announced by PM Narendra Modi, Finance Union Finance Minister Nirmala Sitharaman announced labour codes, detailing the benefits to labourers.

According to the Finance Minister, the benefits for labourers under the newly formed labour codes are:

Interstate migrant definition changed to include migrant workers employed directly by employers, workers coming to destination states and migrant workers employed through contractors.

Universalisation of minimum wages and timely payment of wages to all workers, including unorganised workers.

Statutory concept of National Floor Wage introduced to reduce regional disparity in minimum wages.

Simplified fixation of minimum wages, leading to better complicance and reduced rates of minimum wages.

Appointment letters for all workers to promote formalisation.

Annual health check-ups, and application of OSH code to establishments involved in hazardous work even with less than 10 workers.

Portability of welfare benefits for migrant workers.

Expanding ESIC coverage to pan-India, and making ESIC coverage mandatory for hazardous industries with less than 10 workers.

Social security scheme for gig workers and platform workers.

Re-skilling fund for retrenched employees.

All occupations should be open for women to work at night with necessary protection provided to them

Provision for social security fund for unorganised workers.

Provision for gratuity on completion of one year of service against 5 years currently.