The new wage law, once implemented, will have a significant influence on working hours, salary restructure, and PF contribution, to name a few.
The four labour regulations covering pay, social security, industrial relations, occupational safety, health, and working conditions are expected to be enacted by the following fiscal year, according to a senior official. The new wage law, once implemented, will have a significant influence on working hours, salary restructure, and PF contribution, to name a few. According to the official, at least 13 states have pre-published draught rules on these laws, and the Centre has finished the process of finalising the draught regulations on these codes in February 2021.
On August 8, 2019, the central government announced four labour codes: the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health, and Working Conditions Code, 2020.
According to the official, because labour is a concurrent topic, the Centre wants the states to adopt it all at once. The government's Code on Wages 2019 announcement may cut employees' take-home pay for the following fiscal year, i.e., April 2021, but components such as PF and Gratuity may increase. This is because the new pay law includes a clause requiring that the employee's basic income be at least 50% of their net monthly CTC. As a result, if this provision is implemented, employees will be unable to receive more than 50% of their...
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