New Labour Codes Latest Update: The government was going to implement the new labor code in the entire country from July 1. But due to some state governments, the matter is stuck.
23 states have adopted a pre-published draft of the new Labor Code law. But the rest of the states have not adopted it yet. The central government wants all the states to implement this labor code together. The government has made these codes to bring four big changes for the employed people.
Four new codes
The effect of the new labor code will be visible from Weekly Holidays to In Hand Salary. The new labor codes are related to Wage, Social Security, Industrial Relations and Occupational Safety.
3 days off in a week
In the new labor code, provision has been made for four days of work and three holidays in a week. But the working hours of the employees in the office will increase. This means that you may have to work in the office for 12 hours, not 8 or 9 hours. An employee will have to work 48 hours throughout the week. But you will get three days of weekly off.
Big change regarding holidays
Another major change has been made regarding holidays in the new labor code. At present, an employee is required to work at least 240 days in a year to take long leave in any institution. But in the new labor code, it has been reduced to 180 days (6 months).
cut in hand salary
After the implementation of the new wage code, you will get less take home salary i.e. in hand salary in your account. The government has made new rules regarding pay rolls. A provision has been made in the new wage code that the basic salary of an employee should be 50 percent or more of his total salary (CTC). Now if your basic salary increases, then your contribution to PF fund will also increase. In such a situation, more money will be deposited in PF than before. In this way, the employees will get a huge amount at the time of retirement.
Full and final in 48 hours
Provision has also been made in the new Wage Code regarding Full and Final Settlement. Employees will be paid their salaries within two days of leaving the job, dismissal, retrenchment and resignation from the company. At present, most of the rules are applicable on the payment and settlement of wages. However, this does not include resignation.