New Delhi: The new wage code that is all set to be implemented from July 1, 2022, will impact employees' working hours, salary restructuring, PF contribution, gratuity aspect, and encashing of Earned Leaves, among other things. For instance, one of the major changes coming next months is related to the encashment of leaves of the workers. According to the new wage rule, employees will be able to encash the leaves without waiting for the financial year to end.

With the new wage code, the Central government has made an attempt to enforce leave provisions across all sectors. The government has tweaked rules related to how many leaves can be carried forwarded next year, providing a chance to employees to get encashment for the unused leaves in the same year. (ALSO READ: Is FASTag smartwatch scam a reality? Paytm, NPCI clarify)

For example, if an employee has 45 days of leave at the end of the calendar year, an employer will be required to pay 15-day leave encashment. The remaining 30 days of leave will be carried forward to the following calendar year. (ALSO READ: Delhi: NDMC hikes licence fee for hotels, cafes, check new rates)

Currently, 23 states have pre-published draft rules on these laws, The Centre had completed the process of finalising rules on these codes in February 2021. On August 8, 2019, the central government notified four labour codes: the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety,...

Read Full Story: https://zeenews.india.com/personal-finance/new-labour-law-workers-could-get-p...