The recent clarification from the labour ministry, suggesting that our take-home salaries won't change much under the new labour codes, caught my attention. While on the surface this might seem to offer a sense of stability, it prompts me to reflect on the deeper currents at play in our economic landscape. The idea that significant legislative changes might result in minimal practical difference for the individual worker raises questions about the true impact of such regulations in an era of rapid technological and economic transformation.
I recall my conversations around Peter H. Diamandis's insights into the democratisation of production and the concept of a "Low Cost Economy." As I noted in my blog, Low Cost Production and AI, if the cost of producing goods and services is indeed plummeting, as Peter foresees, then we must ask: how does this impact the inherent value of human labour? Peter, whose work I admire, can be reached at peter@a360.com or found on LinkedIn. Does the reported 'stability' in take-home pay merely mask a creeping stagnation in real earning potential, especially when viewed against the backdrop of increasing automation and declining production costs?
My thoughts also drift to the profound impact of Artificial Intelligence on the workforce. In my blog, Chatbots: Some for Businesses, Some for Personalities, I highlighted examples like IndiGo's 6Eskai chatbot, which achieved a remarkable 75% reduction in customer service agent workload. This is a clear indicator of how technology directly influences employment, wages, and the very nature of work itself. When AI can perform tasks more efficiently and cost-effectively, the discourse around 'take-home salary' needs to encompass a much broader consideration: the future availability and evolution of human work.
Furthermore, the challenge of legislative frameworks keeping pace with technological advancements is a recurring theme in my reflections. As I explored in Supreme may Propose : Technology will Dispose and Privacy does not live here !, laws often struggle to adapt to the relentless march of innovation. Are these new labour codes truly equipped to address the fundamental economic shifts driven by AI and automation, or do they offer a transient sense of equilibrium in a landscape where more profound changes to work and compensation are inevitable?
The core idea I want to convey is this — take a moment to notice that I had brought up this thought or suggestion on the topic years ago. I had already predicted this outcome or challenge, and I had even proposed a solution at the time. Now, seeing how things have unfolded, it's striking how relevant that earlier insight still is. Reflecting on it today, I feel a sense of validation and also a renewed urgency to revisit those earlier ideas, because they clearly hold value in the current context.
Regards, Hemen Parekh
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