Highlights
Take-home pay may reduce.
PF and Gratuity might rise.
New Delhi: The discussion on the new Wages Code is yet again gaining steam with media reports stating that renewed salary structure will be implemented from July.
The new wage code was to be implemented from April 1, but the Ministry of Labour postponed it. Media reports said that if the same is implemented from July, then there can be a big change in the salary structure of the job seekers.
Take home pay to be affected
The government s notification on Code on Wages 2019 may reduce the take-home pay of employees next financial year ie, April 2021 while components like PF and Gratuity might rise. This is based on the grounds that the new wage code mentions provision entailing that the employee s basic salary will be at least 50 percent of his/her net monthly CTC. Hence, if this provision comes into effect, it will mean that employees will not be able to get more than 50 percent of his/her net monthly salary in for
NEW DELHI: The implementation of four labour codes in one go from April 1 next year will usher in a new wave of reforms in industrial relations and also help in attracting more investments but employment generation will remain a key challenge in 2021.
This year has also been a challenging year for the work force as well as for employers due to the outbreak of the COVID-19 pandemic. The government imposed a nationwide lockdown from March 25, which had an adverse impact on economic activities and resulted in exodus of migrant workers from large cities to their homes in the hinterland.
Many migrant labourers lost their jobs and it took months for them to return back to their work places from their native places.
Synopsis
This year has also been a challenging year for the workforce as well as for employers due to the outbreak of the COVID-19 pandemic. The government imposed a nationwide lockdown from March 25, which had an adverse impact on economic activities and resulted in the exodus of migrant workers from large cities to their homes in the hinterland.
How will the new labour codes impact you? Key provisions decoded
New Delhi, Dec 30 () The implementation of four labour codes in one go from April 1 next year will usher in a new wave of reforms in industrial relations and also help in attracting more investments but employment generation will remain a key challenge in 2021.
: Tuesday, December 22, 2020, 11:38 PM IST
Industry bodies to press for holding back new wage definition in meeting with government on December 24
Industry bodies to press for holding back new wage definition in meeting with government on December 24
Representatives of industry bodies, including from CII and FICCI, will hold a meeting with the labour ministry top brass on Thursday to make a case for holding back implementation of new definition of wages, which would increase social security deductions and reduce take-home pay of workers. The representatives of CII and FICCI among other industry bodies would meet union labour ministry top brass on December 24, 2020 to discuss the new definition of wages which is likely to be implemented by April 1, 2021, an industry source said.