But, what is the date of implementation fixed? There is confusion about this too. Still everyone is waiting. The new wage code has been waiting for a long time. The deadline has been extended several times. Waiting for what is hidden in the new codes? Because, many different types of updates have been going on continuously. But, what is the date of implementation fixed? There is confusion about this too. Still everyone is waiting.

Before implementing labor laws, understand what is the latest update?

Draft rules on all the four labor codes have been received from most of the states. But, the new rules will be implemented at the appropriate time. If sources are to be believed, on the basis of the number of drafts prepared, different codes will be implemented in a systematic manner. 31 states have sent their drafts on The Code on Wages, 2019.

At the same time, comments have been received from 26 states on The Industrial Relations Code, 2020. 25 states have sent drafts on The Code on Social Security, 2020. On the other hand, drafts have been received from only 24 states on The Occupational Safety Health and working Conditions Code, 2020.

States will have to decide the final deadline, the Center is ready –

If the sources of the Ministry of Labor are to be believed then the New Wage Code can be implemented soon. But, the decision on this will also be taken when the drafts on all the four codes are received from the states. However, the codes can be implemented in a phased manner.

The central government can issue official notification before 1 October 2022. The codes will be considered applicable from 1 October 2022. States can be relaxed in this matter to implement the codes according to their own. But, the final deadline for all the four codes has to be fixed. After this, all the codes have to be implemented till the last deadline. For this, states can be given one year’s time.

Holidays, working hours and day rules will change –

4 new codes (New Wages Code) have been created by combining 29 central labor laws. These include Industrial Relations Code, Code on Occupational Safety, Health and Working Conditions Code (OSH), Social Security Code and Code on Wages. But, the biggest change is in the definition of ‘veg’. It has been expanded. In the new labor code, 50 percent of the salary will be directly included in the wages.

According to EPFO ​​board member and Bharatiya Mazdoor Sangh General Secretary Virjesh Upadhyay, social security is very important for the employees. There are many important aspects in this. Rules have to be changed on important issues like working hours of employees, annual holidays, pension, PF, take home salary, retirement. There will be a ban on getting work done for more than 48 hours. Means there will be only 48 hours of work every week.

The post New Wage Code: New Wage Code will be implemented for employees this month – Details Here first appeared on Rightsofemployees.com.

New Wage Code is expected to be implemented in the year 2022. Let us tell you that till now 90 percent of the states have prepared the draft rules. There is a lot of discussion among the employees regarding this new rule. Cost to Company (CTC) is the most discussed in the new wage code. If this rule is implemented then it will bring a big change in Take Home Salary, PF and Gratuity of the private job worker. Experts say that after this the monthly salary will decrease but more funds will be ready in EPF. This will give more money on retirement. Let’s see its full calculation.

How will the calculation be done in the New Wage Code?

According to our partner website Zee Business, if the basic salary in the New Wage Code is Rs 25 thousand per month, then the EPF amount on retirement will be Rs 1,16,62,366 at the rate of 5% annual increment. This will increase the EPF fund further.

PF Benefits in New Wage Code 

If someone’s monthly salary is 50 thousand rupees and his basic pay is 15 thousand then the amount of PF on retirement will be Rs 69,97,411.

New Wage code: Cost to Company

Actually, the expenditure incurred by a company on its employee is CTC, and this is the entire package of that employee. This includes monthly basic pay, allowances, reimbursement. At the same time, products like gratuity, annual variable pay, annual bonus are included on an annual basis. Let us tell you that the amount of CTC is never equal to the employee’s take home salary. Take home salary is less than this. There are many components in CTC – CTC = Gross Salary + PF + Gratuity

basic salary

EPF Calculator New Wage Code: Basic salary is the base income of an employee.

gross salary

PF Calculator New Wage Code: The salary which is made by adding basic pay and allowances without deducting tax is called gross salary. This includes bonus, overtime pay, holiday pay and other itemized allowances. But it is not take home salary.
Gross Salary = Basic Salary + HRA + Other Allowances

How much will be the take home salary?

It is worth noting that the salary that is made after deducting the tax is called net income. Understand here- 
Net Salary = Basic Salary + HRA + Allowances – Income Tax – EPF – Professional Tax

What allowances are included

1. HRA: House Rent Allowance is given to the employee in lieu of the house on rent.

2. LTA: LTA is the cost of domestic travel to the employee. This does not include food, hotel fare.

3. Dearness Allowance: DA is a living allowance. It is given in lieu of inflation. It keeps increasing from time to time.

4. Includes special allowance, medical allowance and incentive or incentive.

These allowances are also included

New Wage Code: According to experts, in many companies there is a provision to reimburse the employee for treatment, phone expenses, newspaper bill. This amount is available separately from the salary. 

The post Big Update on New Wage Code! 25 thousand rupees basic people will get 1.16 crore, know when it will be implemented first appeared on Rightsofemployees.com.

New labor laws are yet to be implemented. But, for the last 2 years, their discussion is in full swing. A total of four labor codes will be implemented in the country. Most of the states have given their consent to the draft rules. Labor Minister Bhupendra Yadav has expressed hope that the new labor laws will be implemented soon.

Preparations have been completed by the Labor Ministry. The salaried workers will benefit the most when the New Wage Code is implemented. They will have more corpus deposited in the Provident Fund. According to experts, even though there will be some reduction in the monthly in hand salary, the retirement fund will accumulate more through EPF. Only your EPF account can make you a millionaire.

New Wage Code Calculation

On the implementation of the New Wage Code, let’s assume that the basic salary of an employee is 25 thousand rupees per month. In such a situation, the total amount of EPF with him on retirement will be Rs 1,18,58,402. An annual increment of 5 percent has also been kept in this calculation, which will increase the EPF fund further.

If we look at the current conditions, the monthly salary of an employee is Rs 50,000 and the basic salary is Rs 15,000, then the amount of PF on retirement will be Rs 64,62,867.

What is the cost to company?

CTC is the expenditure incurred by a company on its employee. This is the complete salary package of the employee. CTC includes Monthly Basic Pay, Allowances, Reimbursement. At the same time, products like gratuity, annual variable pay, annual bonus are included on an annual basis. The amount of CTC is never equal to the employee’s take home salary. CTC has many components so it is different. CTC = Gross Salary + PF + Gratuity

Basic salary

Basic salary is the base income of an employee. It is fixed based on the level of all the employees. It varies according to the rank of the employee and the industry in which he is working.

Gross salary

PF Calculator New Wage Code: The salary which is made by adding basic pay and allowances without deducting tax is called gross salary. This includes bonus, overtime pay, holiday pay and other itemized allowances.
Gross Salary = Basic Salary + HRA + Other Allowances

Net salary

Net salary is also called take home salary. The salary that is made after deducting tax is called net income.
Net Salary = Basic Salary + HRA + Allowances – Income Tax – EPF – Professional Tax

The post New Wage Code: Big news! Basic salary 25 thousand rupees, age 30, retirement at 60 years you will have Rs 1,18,58,402, check details first appeared on Rightsofemployees.com.

The government has made preparations to implement the new labor code. Today we will discuss on this. Understand what other special things can happen in the new labor code. How beneficial will this be for the employees?

The final draft is with the government, almost everything is ready

The government has made preparations for changes in labor laws. Except one or two states, all have submitted their draft to the Center along with suggestions. On the basis of which the new labor code is almost ready. There is just a delay in implementing it. The new Labor Code passed in the Parliament in 2019 will replace 29 Central Labor Laws. The government has made 4 new labor codes in place of 29 central labor laws. These include Wage, Social Security, Industrial Relations and Occupational Security.

Salary structure will change completely

The purpose of the new labor code is to further strengthen the social and economic security of the employed people. In this, special attention has been given to PF, take home salary, working hours, pension and the amount received by the employee after retirement. With the implementation of the new labor code, the salary structure of the employees will change completely.

According to this, the basic salary of an employee cannot be less than 50% of the company’s CTC. If the basic salary increases, then the PF contribution will also increase. This will definitely reduce the take home salary but the employee will get more amount on retirement. The new labor code will also be applicable for the employees of the unorganized sector.

Optional will be 4 days work, 3 days off According to the new labor code, companies will be allowed to increase the working hours of employees from 9 hours to 12 hours. However, this facility will be optional. In this, the employee will have to work only 4 days in a week. While there will be a weekly holiday of 3 days. According to the new labor code, in case of resignation, removal or termination, the company will have to make full and final payment of the employee within two days of the last day of the employee’s work. Usually companies take one and a half to two months for its settlement. PF and gratuity are not included in this scope.

Work on integration of e-shram portal

The government is not only preparing to implement the new labor code, but also plans to integrate its e-shram portal. So that the database of workers can be linked with the states. Actually, the government had launched the e-shram portal in August last year. So that they can get the benefit of social security related schemes of the government.

Apart from this, the emphasis of the government is on increasing the participation of women in the job profession. At present, the government is gearing up to implement the new labor code. And its purpose is to ensure the financial security of the employed people.

New labor code

– Government ready, may be implemented anytime
– 29 will replace central labor laws
– 29 old labor laws will be replaced by 4 labor codes

included in the new labor code

– Wage, Social Security
– Industrial Relations
– Occupational Security

Features of the ‘New Labor Code’

– PF, take home salary, working hours will be fixed
– focus on pension, retirement amount

New Labor Code, Salary Decode

– Salary structure will change
– CTC will be 50% of basic salary
– PF contribution will increase due to increase in basic salary
– Employee’s ‘take home salary’ will decrease
– Will get more amount on retirement
– Will be implemented in unorganized sector too

Features of the ‘New Labor Code’

– 4 days work in a week, 3 days rest option
– Approval to increase working hours from 9 to 12 hours

Features of the ‘New Labor Code’

– Employee will not be disturbed if job is lost or quit
– Full and final payment two days after ‘Last working day’
– At present, companies take one and a half to two months time

Government’s focus

– Plan for integration of e-shram portal
– Emphasis on linking workers’ database with states – Emphasis
on ensuring economic security of
workers – Emphasis on giving benefits of government schemes to workers – Emphasis
on increasing women’s participation in labor force

The post New Wage Code: New Labor Code, Salary Decoded – Draft ready, may be applicable anytime – Read full report first appeared on Rightsofemployees.com.

It is being said that there may be a new condition for one year’s job instead of 5 for gratuity, but no statement has come from the government in this regard yet.

Gratuity is available on a job of 5 years

Actually, gratuity is given to the employee for working more than 5 years in a company. It is given to the employees under a fixed formula. During work, a small part of gratuity is deducted from the salary of the employee and a large part is given by the company.

Waiting for the implementation of the new wage code, let us tell you that everyone is waiting for the new wage code. Updates keep coming from time to time regarding this. Recently, during the monsoon session of Parliament, Minister of State for Labor Rameshwar Teli had told that no deadline has been fixed yet, but efforts are being made to implement it as soon as possible. He had told that comments on different codes have not been received from many states.

Wage codes will be implemented in a phased manner According to media reports, it is planned to implement them sequentially from October 1, 2022. That is, on the basis of the number of drafts ready, different codes will be implemented in a phased manner.

Let us inform that 4 new codes have been created by combining 29 central labor laws. These include the Industrial Relations Code, Code on Occupational Safety, Health and Working Conditions Code, Social Security Code and Code on Wages.

The post Employees Gratuity New Rules: Employees will now get gratuity on this basis , check new rule immediately first appeared on Rightsofemployees.com.

When during the monsoon session, Union Minister of State for Labor Rameshwar Teli told what is the status of the drafts received from the states. At the same time, which state has sent drafts for which code. But, what has been the date of implementation? There is confusion about this too. Still everyone is waiting.

Planning to implement this way from October 1, 2022

According to Minister of State for Labor Rameshwar Teli, no deadline has been set yet. But, try to implement it as soon as possible. Rameshwar Teli, in response to written questions in the Lok Sabha, said that till now comments have not been received from many states on different codes. Due to the delay on the part of the states, they will be implemented immediately. At the same time, sources in the Ministry of Labor say that from October 1, 2022, there is a plan to implement them in a phase manner.

Before implementing labor laws, understand what is the latest update?

Drafts rules have been received from most states on all four labor codes. But, the new rules will be implemented in due course. If sources are to be believed, on the basis of the number of drafts that have been prepared, different codes will be implemented in a sequential manner. 31 states have sent their drafts on The Code on Wages, 2019.

At the same time, comments have been received from 26 states on The Industrial Relations Code, 2020. 25 states have sent drafts on The Code on Social Security, 2020. At the same time, drafts have been received from only 24 states on The Occupational Safety Health and Working Conditions Code, 2020.

States will have to decide the final deadline, the center is ready

According to sources in the Ministry of Labor, the New Wage Code can be implemented from October 1. But, the decision on this will also be taken when the drafts on all the four codes are received from the states. However, the codes can be implemented in a phased manner. The central government can issue official notification before October 1, 2022.

The codes will be deemed to be applicable from 1 October 2022. The states can be relaxed in this matter to implement the codes according to their own. But, the final deadline of all the four codes will have to be fixed. After this all the codes will have to be implemented till the last deadline. For this, the states can be given one year’s time.

Holidays, working hours and day rules will change

Four new codes have been created by merging 29 central labor laws. These include the Industrial Relations Code, Code on Occupational Safety, Health and Working Conditions Code (OSH), Social Security Code and Code on Wages. But, the biggest change is in the definition of ‘wage’. It has been expanded. In the new labor code, 50 percent of the salary will be directly included in the wages.

According to EPFO ​​board member and Bharatiya Mazdoor Sangh general secretary Virjesh Upadhyay, social security is very important for employees. There are many important aspects to this. There is to be a change in the rules on important issues like working hours of employees, annual holidays, pension, PF, take home salary, retirement. There will be a ban on working more than 48 hours. That means there will be only 48 hours of work every week.

The post New wage code implementation date: Holidays, working hours and day rules will change from October 1, 2022 first appeared on Rightsofemployees.com.

The Central Government has passed these new laws in the Parliament. Many states have not yet ratified the new code; Due to which the implementation is getting delayed, because labor is a subject of the Concurrent List of the Constitution, and it cannot be implemented without the ratification of the states.

According to the government, so far 31 states and union territories have published the draft rules under the Code on Wages, 2019.

The new labor code, which will come into force soon, will affect the working hours, take-home pay and leave conditions of employees. The Wage Code mandates that full and final settlement of wages and dues should be completed within two days from the last working day of the employee.

Similarly, companies can increase the working hours of employees if needed. In such a situation, they will have to give extra leave.

The in-hand pay of employees is also going to be impacted as the new wage code states that the basic pay should be at least 50 per cent of the gross pay.

This will increase the contribution of both the employee and the employer to the provident fund.

This labor code, passed by Parliament in 2019, replaces 29 central labor laws.

Four new codes on wages, social security, labor relations, occupational safety, health and working conditions were to be implemented from July 1.

The new law emphasizes that full and final payment of wages must be made to the company within two days of the last working day of the employee after he resigns, removes or is dismissed from the job. Presently, companies are following a period of 45 days to 60 days for complete and final settlement.

The new labor law provides that where an employee has been – (i) removed or dismissed from service; or (ii) has been retrenched or has resigned from service, or has become unemployed by reason of the closure of the establishment, the wages payable to him shall be paid within two working days. be their expulsion, dismissal, retrenchment or, as the case may be, their resignation. Must be settled within two days.

However, the states are allowed to frame guidelines for the time period for complete and final settlement. Provident fund and gratuity are not part of salary and are covered under different laws.

Increased working hours

Under the new wage code, companies are allowed to increase the working hours of employees from 9 hours to 12 hours.

However, they will have to give one day extra leave. Therefore, in case of increase in working hours, employees will work only four days in a week instead of the current 5.

Employees will get 3 days weekly off. This continues with a minimum requirement of 48 hours of work every week. If an employee works more than 48 hours a week, the employer must pay overtime.

Take-home salary will be reduced

The new labor law, once implemented, will affect the take-home pay of employees. However, his retirement amount will increase.

As per the law, the basic salary of the employee should be 50% of the gross salary. This will lead to reduction in take-home pay and increase in retirement savings as provident fund contribution by both employer and employee will increase.

The post New Wage Code! Big News: There will be change in take-home salary and working hours, know details here first appeared on Rightsofemployees.com.

When will the new labor code be implemented? This question is booming in the mind of most of the employed. This code, which came into force from 1 April 2021, is being carried forward continuously. There are many speculations. But, the government has not given any formal deadline yet. However, according to sources in the Ministry of Labor, planning is underway to implement it from October 1, 2022. With the coming of the new wage code, there will be many changes. Let us know what is the update for you…

New Wage Code will be implemented in phases

If sources are to be believed, the New Wage Code can be implemented from October. But, it will not be implemented directly. It will be implemented in a sequential manner. Meaning the notification will be issued for this before October 1, 2022. It will be deemed to be applicable from 1 October 2022. But, the states have been relaxed in this. States can also implement a slight delay at their level. However, the final deadline will be worked out.

New wage code may be implemented from October

If sources are to be believed, the central government is ready to notify the New Wage Code. The central government does not want to issue notifications without the consent of the states. Therefore, the states will have the freedom to implement it in different phases. The draft rules are almost ready. New Wage Code can be implemented from October 2022.

What is the New Wager Code?

The government has made 4 new codes by combining 29 central labor laws. These include the Industrial Relations Code, Code on Occupational Safety, Health and Working Conditions Code (OSH), Social Security Code and Code on Wages. But, the biggest change is in the definition of ‘wage’. It has been expanded. The new labor code is aimed at consolidation. 50% of the salary will be directly included in the wages. Let us tell you, new laws related to labor reforms have been passed by the Parliament. Now to implement them.

How will the salary structure change?

According to the New Wage Code Act 2019, the basic salary of an employee cannot be less than 50% of the cost of the company (CTC). At present, many companies reduce the basic salary and give more allowances from above so that the burden on the company is reduced. With the implementation of the New Wage Code, the salary structure of the employees will change completely. The ‘Take Home Salary’ of the employees will decrease, because by increasing the Basic Pay, the PF of the employees will be deducted more, that is, their future will be more secure.

Rules of holidays, pension and working hours will change

According to EPFO ​​board member and Bharatiya Mazdoor Sangh general secretary Virjesh Upadhyay, social security is very important for employees. There are many important aspects to this. There is to be a change in the rules on important issues like working hours of employees, annual holidays, pension, PF, take home salary, retirement.

There will also be a change in PF, Gratuity

Contribution to gratuity will also increase along with Provident Fund. Take home salary will definitely decrease but the employee will get more amount on retirement. The New Wage Code 2022 will also be applicable for the employees of the unorganized sector. The rules related to salary and bonus will change and there will be equality in the salary of employees working in every industry and sector.

The post New Wage Code: Final date has arrived! States got a big discount, know the latest updates on this law related to your salary first appeared on Rightsofemployees.com.

New Labor Code Update:  Minister of State for Labor Rameshwar Teli has given his answer by implementing the New Wage Code in the Lok Sabha. He has told that many states have presented their drafts. The states have put forth your side on the four labor codes. Let’s know the latest updates.

The post New Wage Code Update: Labor Minister gave big information in Lok Sabha on New Wage Code, know when the new rule will be applicable first appeared on Rightsofemployees.com.

Actually, it is being claimed in many media reports that the new wage code will be applicable from July 1, but till now no such announcement has been made by the government officially. And the biggest thing is whenever a policy is implemented, its notification is issued at least 15 days in advance. Therefore, there is no question of its implementation from 1st July. But it can be implemented soon. Let us know that after its implementation, who will be in profit and who will be in loss?

What is in the new wage code?

According to the Wage Code Act, 2019, the basic salary of an employee cannot be less than 50% of the cost of the company (CTC). At present, many companies reduce the basic salary and give more allowances from above so that the burden on the company is reduced. Let us know about its provisions.

Salary structure will change completely

With the implementation of the Wage Code Act, 2019, the salary structure of the employees will change completely. Employees’ (Take Home Salary) will decrease, because by increasing Basic Pay, employees’ PF will be deducted more, that is, their future will be more secure. Contribution to PF as well as Gratuity will increase. That is, take home salary will definitely decrease but The employee will get more amount on retirement.

Take home salary will decrease, retirement will improve 

The post New Wage Code Update: Your salary structure will change after the implementation of New Wage Code, see details here first appeared on Rightsofemployees.com.

What changes will the new wage code bring?

After the implementation of the new wage code, the take home salary i.e. in hand salary will come less than before. The government has made a provision in the new rule that the basic salary of any employee should be 50 percent or more of his total salary (CTC). If the basic salary is higher, then the PF contribution will increase. With this provision of the government, employees will get a large amount at the time of retirement. Along with this, the gratuity money will also get more. This will make their future financially strong. According to the new law, 48 hours of work will have to be done in a week. Meaning the work is not to be reduced, but instead of 5 days, you will have to go to work for 4 days.

Final settlement within two days of leaving the job

There is also talk of big changes regarding the holidays. Earlier, it was necessary to work at least 240 days in a year to take long-term leave in any institution. But under the new labor code, you will be able to take long leave after working for 180 days (6 months). Apart from this, about full and final settlement in the new Wage Board, it has been said that employees will be paid their salary within two days of leaving the job, dismissal, retrenchment and resignation. At present, most of the rules are applicable on payment and settlement of wages, but these do not include resignation.

What is the latest update?

The Narendra Modi government at the Center wants to implement it for the last 2 years. But due to lack of consensus and changes in the drafts, it is getting delayed. It is all set to be implemented in the year 2022, although the date is not final yet. There are reports about the New Wage Code that it can be implemented from July 1. Let us tell you that this is completely misleading. The government has not made any such announcement yet. Whenever a policy is implemented, its notification is issued at least 15 days in advance. In such a situation, it is not possible to implement it from July 1.

Date has already been extended

The date of implementation of the new wage code has been changed several times in the past as well. The date of implementation was first kept as 1 April 2021, then it was further extended to July 2021. After that, even after fixing the date of October 2021, it could not be implemented. Explain that four labor codes are to be implemented in the New Wage Code. At present, the discussion on the draft inputs of the state is going on. A total of 26 states have filed drafts. It is discussed that some changes are being made in the new labor laws. Modi government can once again change the salary structure under the new labor code. For your information, let us tell you that the new Labor Code has been passed by the Parliament in 2019.

The post New Wage Code: Big change in the new labor code today, see here immediately first appeared on Rightsofemployees.com.