Budget 2024: Earned leave of employees may increase from 240 to 300. Modi government may soon take a decision regarding increasing the earned leave of employees.
Regarding changes in the rules of Labor Code, the government has taken many decisions on new rules regarding working hours, annual leave, pension, PF, take home salary, retirement etc. between the Labor Ministry, Labor Union and representatives of the industry and some Still left. In this, there was a demand to increase the Earned Leave of the employees from 240 to 300. This time it is expected that there may be some talk regarding this in the budget.
Earned leaves will increase
People associated with labor unions want the limit of earned leave to be increased from 240 to 300 days. New laws related to labor reforms were passed by the Parliament in September 2020. Now the Central Government is trying to implement these as soon as possible. Although the government wants to implement these as soon as possible but has not been able to do so. Now this time it is expected that the government can announce something in this regard in the budget.
These changes will happen
According to the rules of Labor Code, basic salary should be 50% or more of the total salary. This will change the salary structure of most employees. If basic salary increases, the amount deducted in PF and gratuity will increase. This will reduce the salary in hand. However, PF may increase.
Budget will be presented on 1 February
Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country. In such a situation, the government can make a special announcement to capitalize on its vote bank, especially the employed people.
The government can make an announcement regarding bringing labor laws in the budget. The government has been planning to implement the labor law across the country for a long time, but due to lack of consensus among the states, there is a delay in implementing the law. However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but the government can make some special announcements for its vote bank.