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New code of wages: Your provident fund and gratuity components are set to rise But if your salary is over Rs 15,000 the new Code of Wages may not materially impact your salary December 21, 2020 / 08:08 PM IST Your provident fund (PF) component and gratuity pay-out are set to increase once the new code of wages gets implemented from April 1, 2021. This is because the definition of ‘wages,’ based on which employers deduct provident fund contributions, will now be standardised as per the new Code of Wages, 2019. The Code of Wages is a part of four labour codes that resulted from the merging 29 out of the 44 central government labour laws. The erstwhile acts that governed the employees’ provident fund (EPF) and gratuity will now be part of the Code of Social Security. But the calculation of your provident fund (your retirement kitty) will depend on the new definition of wages as per the new Code of Wages, 2019.

Sneha malhotraPooja ramchandaniVivek jalanShardul amarchand mangaldasNangia andersenEmployee provident fund schemeNew labour codeSocial security codeSocial securityTax connect advisoryநேஹா மல்ஹோத்ராபூஜா ராம்சந்தனிவிவேக் ஜலான்ஷார்துள் அமர்சந்த் மங்கல்தாஸ்ணங்கிய ஆண்டர்சன்ஊழியர் வருங்கால நிதி திட்டம்