New Wage Code Latest News: Now new news is coming about the new Wage Code. According to information received from sources by Zee Business Digital, new labor laws can be implemented soon. The draft of the New Wage Code has been prepared by the states. 4 will also be implemented along with the labor code in the new wage code. There is also news that some changes have been made in the labor laws. Now these will be implemented in a phased manner in the states. This state can decide for itself. Let us tell you, the central government is preparing to implement it for the last one and a half years.
Holidays, pension and EPF will also be affected
According to Virjesh Upadhyay, secretary of the Bharatiya Mazdoor Sangh, social security is very important for the employees. Important issues like annual leave, pension, EPF, take home salary, retirement of employees have been kept in mind. The new rules are likely to be implemented soon. According to an official of the Labor Reform Cell of the Ministry of Labor, the demand for changes in EPF and annual leave was placed by the union. Because of this it is getting delayed continuously. The union said that the limit of earned leave should be increased from 240 days to 300 days.
Salary structure will change
There were also some differences between the state and the union regarding the pay structure. According to sources, some changes have been made in this too. It has been said to keep 50 percent of the total CTC in the basic pay and 50 percent in the allowance. There seems to be an agreement not to do this in the first year. Also, there was a plan to increase the tax burden a bit. But, now there may be a slight change in the structure.
If sources are to be believed, as soon as the new pay code is implemented, the part of the allowance will not be kept directly at 50 percent. Rather they will be increased little by little in 3 years.
There may be change in respect of earned leave The biggest change can be regarding government holidays. At present, 30 holidays are available in a year in government departments. At the same time, 60 holidays are available in a year in defense. These holidays can be redeemed. Now 300 holiday cash on carry can be forwarded. But, under the New Wage Code, there was a demand to increase the number of these holidays from 300 to 450.
What is New Wage Code?
The government has made 4 new codes by combining 29 central labor laws. These include the Industrial Relations Code, the Code on Occupational Safety, the Health and Working Condition Code (OSH), the Social Security Code and the Code on Wages. But, the biggest change is in the definition of ‘salary’. It has been expanded. The new labor code is aimed at consolidation. 50% of the salary will be included directly in the salary. Let us tell you, new laws related to labor reforms have been passed by the Parliament. Now to implement them.
Labor Ministry will issue 4 notifications
According to EPFO board member and Bharatiya Mazdoor Sangh general secretary Virjesh Upadhyay, labor laws include 4 labor codes. How these four will be implemented will be decided differently. The Labor Ministry will soon issue separate notifications of the four codes.
