Besides, armed security guards and supervisors will be classified as 'highly skilled' workers, which will entitle them to a minimum monthly wage of Rs 25,000, he added.
The government's move to link some of its flagship programmes such as Skill India, Make in India and Start-up India will help more than 50 lakh security guards.
Speaking at a conclave of private security industry organised by Ficci here, he said the ministry will soon categorise security guards as 'skilled' workers and armed security guards and supervisors as 'highly skilled' workers, which will entitle them a minimum monthly wage of Rs 15,000 and Rs 25,000, respectively.
"This will not only bring enhanced wages to over 50 lakh security personnel currently engaged in the private security space, but will also provide social cover to over 2.5 crore of their family members," Dattatreya noted.
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The decision will also enable private security agencies to recruit, train and employ quality workforce for the sector, which has been a demand of all stakeholders such as security agencies, corporations and the public, he added.
Dattatreya expressed hope that a Bill to this effect will be introduced in the next session for parliamentary approval.
The four codes relate to wages, industrial relations, social security and working conditions and health and safety.