Seeks to clearly define legitimate contractor or subcontractor as an employer engaged in providing job, work or services to another business; recognize industry peculiarities in the determination of functions and standards on contracting and subcontracting; criminalize labor-only contracting; grant license of contractor and subcontractors; require mandatory posting of bond to answer for the wages and other monetary benefits due the workers and employees in case the contractor fails to pay the same; require coverage of the cooperatives as employers in contracting or subcontracting; reiterate the right to security of tenure to the effect that all workers and employees in the private sector shall not be dismissed without cause and due process; define the criteria for the existence of an employee relationship; classify all employees as regular except those under probationary employment, or those under industry-specific work arrangement as may be determined by the Secretary of Labor and Employment through tripartite consultation; and provide for probationary employment which shall not exceed six (6) months