Will new wage code hit your take-home pay?
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Synopsis Big-ticket components under analysis include a retrospective increase in liabilities for benefit plans, such as gratuity and leave encashment, particularly for organisations where the employee base is long-tenured.
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Come April, you could see a restructuring of your salary package with a retrospective increase in gratuity and leave encashment provision impacting your take-home, and raising compensation costs for companies as the new wage code comes into effect.
Companies, reeling under the Covid impact, are reviewing potential changes in the salary structure by running various models to comply with the wage code and determine compensation costs. Big-ticket components under analysis include a retrospective increase in liabilities for benefit plans, such as gratuity and leave encashment, particularly for organisations where the employee base is long-tenured.
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The labour ministry had held first round of tripartite discussions on draft rules on Wage Code and Code on Industrial Relations in December. Next round of discussion on the Social Security Code and the Code on Occupational Safety Health and Working Conditions.
The joint platform of 10 central trade unions will boycott the tripartite stakeholder meeting called by labour ministry on Tuesday saying it is a farce. Instead, the unions have demanded the government hold physical meeting with adequate time given to all stakeholders to discuss the draft Rules of the four labour codes.
The labour ministry had held the first round of tripartite discussions on draft rules on Wage Code and Code on Industrial Relations in December.
National Employment Policy roadmap likely by December: Labour Ministry
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. Updated: 10 Jan 2021, 11:16 AM IST PTI
The Ministry of Labour and Employment is likely to give a shape to the National Employment Policy by December this year following the implementation of four labour codes and completion of four major surveys, including one migrant workers.
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The Ministry of Labour and Employment is likely to give a shape to the National Employment Policy (NEP) by December this year following the implementation of four labour codes and completion of four major surveys, including one migrant workers.
The NEP will draw a broad road map for improving job opportunities in the country, mainly by various initiatives like skill development, bringing investment in employment-intensive segments and other policy interventions.
National Employment Policy to take shape by December, says Labour Bureau DG DS Negi The document is expected to aid employment generation in the country to a great extent, at a time when the government is grappling with the issue of job loss especially due to the pandemic Representational Image. Reuters
New Delhi: The Ministry of Labour and Employment is likely to give a shape to the National Employment Policy (NEP) by December this year following the implementation of four labour codes and completion of four major surveys, including on one migrant workers.
The NEP will draw a broad road map for improving job opportunities in the country, mainly by various initiatives like skill development, bringing investment in employment-intensive segments and other policy interventions.
Labour ministry formalises work from home for services sector
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Besides, to safeguard the IT industry, the ministry has prescribed involvement in unauthorized access of any IT system, computer network of the employer, customer or client as a misconduct under the separate model standing orders for services sector prepared by the government for the first time.
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The labour ministry has formalised work from home for the services sector while leaving it for the employers in the IT sector to mutually decide the work hours for its employees.
The labour ministry has formalised work from home for the services sector while leaving it for the employers in the IT sector to mutually decide the work hours for its employees.