NEW DELHI: Union cabinet cleared the first of the four labour codes on wages, paving way for consolidation of more than a dozen different central labour laws dealing with wages of labourers.The cabinet also raised the ceiling for gold deposits under the sovereign gold bonds (SGB) scheme to make it more attractive. It also gave ex-post facto approval to an order to roll out goods and services tax in Jammu and Kashmir.The labour bill, marking the first major initiative of this government in amalgamating labour laws thereby significantly improving the ease of doing business as well as ensuring universal minimum wage to all, will now be laid in Parliament in the ongoing monsoon session. The proposed legislation is expected to benefit over 4 crore employees.“It has been approved,” a source told ET.The Code on Wages Bill also seeks to empower the Centre to set a minimum wage across sectors, and states will have to maintain that. However, states will be able to provide higher minimum wage in their jurisdiction than fixed by the central government since labour is in the concurrent list.Once approved by Parliament, even workers getting monthly pay of higher than Rs 18,000 would be legally entitled to a minimum wage.At present, laws on wages do not cover workers getting monthly wage of more than Rs 18,000. Besides, the minimum wage will be applicable on all classes of workers.At present, it is applicable for scheduled industries or establishments in the law.Under the code on wages, the labour ministry plans to streamline the definition of wages by amalgamating four wage-related statutes.These include the Minimum Wages Act, 1948, the Payment of Wages Act , 1936, the Payment of Bonus Act , 1965, and the Equal Remuneration Act, 1976. At present, there are about half a dozen definitions of wages in various acts across the Centre and states, which employers have to grapple with.The limit under the sovereign gold bonds (SGB) scheme to four kg per fiscal for individuals from the existing 500 gm. The same limit has been extended for Hindu Undivided Family (HUF) and 20 Kg for trusts and similar entities notified by the government.“The ceiling will be counted on financial year basis and will include the SGBs purchased during the trading in the secondary market,” the government noted in a statement, adding that the ceiling on investment will not include the holdings as collateral by banks and financial institutions.Introduced in 2015, the scheme aimed to develop a financial asset as an alternative to purchasing metal gold. The target was to shift part of the estimated 300 tons of physical bars and coins purchased every year for Investment into 'demat' gold bonds.In its statement the government said that in view of less than expected response of the investors to the scheme, and considering its bearing on current account deficit (CAD), and consequently on overall macro-economic health of the country, it was felt necessary to make changes in this scheme in order to make it a success.The target mobilisation under the scheme was pegged at Rs 15,000 crore in 2015-16 and at Rs 10,000 crore in 2016-17. “The amount so far credited in government account is Rs 4,769 crore,” it said.“Specific changes have been made in the attributes of the scheme to make it more attractive, mobilise finances as per the target,” it added.