Salary may change
In fact, the labor unions were demanding that the minimum basic salary of the employees should be increased from Rs 15000 to Rs 21000 regarding the rules of the Labor Code. If this happens then your salary will increase. According to the new draft rule, the basic pay should be 50% or more of the total salary. This will change the pay structure of most of the employees. With the increase in basic salary, the amount deducted for PF and gratuity will increase because the money going into it is in proportion to the basic salary. If this happens, the salary coming to your home will decrease but the PF and gratuity money received on retirement will increase. Labor unions were opposing this and after these new rules, they were demanding to increase the minimum basic salary of the employees to Rs 21000.
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Many rules related to salary will change
According to the Labor Ministry, the government wanted to notify the rules of the Labor Code from July 1, but the states sought more time to implement these rules, due to which they were postponed till October 1. Now the Labor Ministry and the Modi government want to notify the rules of the Labor Code by October 1. Parliament on August 2019 changed the rules related to three labor codes, industrial relations, safety of work, health and working conditions and social security. These rules were passed on September 2020.
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retirement money will increase
With the increase in contribution to gratuity and PF, the amount received after retirement will increase. With the increase in PF and gratuity, the cost of companies will also increase. Because they too will have to contribute more to the PF for the employees. These things will also affect the balance sheet of the companies.
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