States have to set rules in 2 months
Deadline has been set till July 2021 to implement the new Labor Laws by the Ministry of Labor. It is also expected that feed fodder can be notified at once.
new Delhi. If you do job then this news is very important for you. Actually, your salary structure can change from July this year. The Labor Ministry has asked the states to finalize the states in the next month, regarding the rules related to the new Labor Codes. According to the sources, the deadline has been fixed till July by the Ministry of Labor and Employment to implement the new labor laws. Also it is expected that the bait laws will be notified at one time. Experts Of Consider so new Labour Code in the wages Of The new definition as proposed Of Has gone is. Its Go The companies To Gratuity, holiday Of Change The money And PF Of For more Amount Of Provision To do Of The need Will be. new The provisions Of Under Its Financial effect Of The assessment Of after Only The companies The second Half yearly in the wages Budget Of Review Will.
July From The new Salary
Labour Ministry has Industry The ones The states Rules set for new labor law for To do June Till the time is given. Known Yes That first April From Only new Law Applicable Having Were, but Industries Wale The states To June Of Deadline was given is. According to the new Wage Code of the Modi Government of the Center, it will be compulsory for companies to get at least 50 percent of the basic salary in CTC or total salary from May 2021.
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Take home salary will be less
In the new financial year starting in April, most companies hike salary by giving increment to their employees. In the new labor code, your cost to company (CTC) is to be fixed afresh. The effect of this will be that your PF Contribution will increase. Meaning, if the companies give you increment then it can be adjusted in PF contribution i.e. even after salary hike, there will be decrease in cash in hand or take home salary instead of increase.
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You will be affected by this new law
There are many reasons for the decline in take home salary. First, according to this code, companies will have to contribute at least 50 percent of the basic salary in CTC or total salary. By doing this, your take home salary will be reduced. However, the amount of gratuity and the percentage of PF contribution of both the employee and the company will increase. In such a situation, it is being said that there will not be much impact on the high and mid salary groups, but for those whose salary is less, their take home salary can be affected by 25 to 30 percent.