It also paves the way for new mining health and safety regulations, and an expanded and better supported Mines Rescue Service.
"The mining sector's commitment and support for the Pike implementation programme will ensure we leave a lasting legacy for the Pike River 29 and their families through these new laws and the work of the new regulator," Mr Bridges said.
Mr O'Connor told Parliament: "I have to acknowledge that this is a good piece of legislation, but it is not perfect.
"I hope that the minister can rightfully claim that he has done his part to make the necessary changes in health and safety in mining, but he knows full well that actually the resources to ensure that that occurs have not been put in place. The fact that we had two mine inspectors when the Pike River Mine blew up and we now have three, with one head inspector, does give an indication that there is still much to be done in this area and resources to be put in place."
Green Party list MP Kevin Hague said the creation of Work Safe was the right thing to do, but the Government "still steps back from a genuine commitment to tripartite regulation of health and safety".
"That board of Work Safe will still be accountable to the minister and not to workers or to employers. That is wrong. In my view, the functions of the organisation are still inadequate."
National Party list MP Chris Auchinvole said the purpose of the bill would be approved by anyone involved in the tragedy.
"I honestly feel that what we are creating here is more than an enduring memorial."
- The Greymouth Star