According to sources, these new labor codes will be implemented in three phases. The working hours of the employees will increase. Also, there will be an option to work 4 days a week. If the amount deducted in PF increases, then the salary received every month may decrease.

Labor code can be implemented in three phases

The Labor Code will give time to all small and big businesses and businessmen to implement new policies. If the government announces these codes in Budget 2025, then it will be implemented in the coming financial year. These codes will not only make things easier for businessmen and companies, but employees will also get better social security.

• In the first phase, big companies with more than 500 employees will be required to follow these codes.
• In the second phase, medium-sized companies with 100-500 employees will be brought under its scope.
• In the third phase, these codes will be implemented on small companies with less than 100 employees.

How much time will small businesses get to implement?

Under the new rules and plans of the Labor Code, it will take about two years for small businesses to implement these rules. Let us tell you that MSME i.e. small industries account for more than 85% of India’s business structure.

Talks are going on with the states regarding labor code

The Labor Ministry is in talks with the states to implement these codes. At present, the ministry is busy finalizing the draft regulations with states like West Bengal and Delhi. The government wants to implement the Code on Wages and the Social Security Code in the first phase. The draft rules are expected to be ready with all the states by March 2025.

What are Labor Codes?

The Government of India has consolidated 29 central labor laws into four labor codes. Their main purpose is to strengthen businesses and strengthen the social security of employees.

• Code on Wedges
• social security code
• Industrial Relations Code
• Occupational Safety, Health and Working Conditions Code

Four days of work and three days of rest in a week – rules of the Labor Code

Labor codes may also include a policy of working four days a week and resting three days a week. The purpose of this rule is to create a work-life balance for employees. However, the rule of working four days a week will increase the working hours. Also, the amount deducted in the Provident Fund will increase. In such a situation, the salary received may be less.

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The post New Labor Code: You will have to work 4 days a week, you will get 3 days off, your salary will be reduced first appeared on Rightsofemployees.com.

Last year, a late fine of Rs 500 was imposed from April 1, which was later increased to Rs 1,000 from July 1. Apart from this, PAN will become inactive if it is not linked with Aadhaar before June 30 this year. If the PAN card becomes inactive then all the financial work will stop.

Given enough time

During a press conference on Thursday, the Union Finance Minister said that PAN card should have been linked with Aadhaar. A lot of time has already been given by the government to do this work. He said that if this deadline expires, the amount of the fine will increase. According to a Finance Ministry statement issued on March 28, anyone having a PAN will have to link it with Aadhaar or face consequences, which include TDS and TCS deductions.

Link will have to be done by June 30

According to the statement, under the provisions of the Income Tax Act, 1961 (‘Act’), every person who has been allotted PAN as on July 1, 2017 and is eligible to obtain an Aadhaar number, is required to link his Aadhaar. Earlier the date of linking it was 31 March 2023. PAN could be linked to Aadhaar with a fine of Rs 1,000. Now its date has been extended again. Now PAN can be linked with Aadhaar till June 30. If taxpayers do not link their Aadhaar before July 1, 2023, then the PAN card will become inactive.

The post Pan Aadhaar Link: Big News! Pan card will be canceled after so many days if not linked to Aadhaar first appeared on Rightsofemployees.com.

Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

The post Big news for the customers of SBI-HDFC-ICICI Bank, Finance Minister issued a statement first appeared on Rightsofemployees.com.

According to sources, the Finance Minister has been admitted to the private ward of AIIMS at 12 noon on Monday. 63-year-old Sitharaman has been admitted due to health problems.

The post Breaking News! Union Finance Minister Nirmala Sitharaman’s health deteriorated, admitted to AIIMS first appeared on Rightsofemployees.com.

Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

The post Big news for the customers of SBI-HDFC-ICICI Bank, Finance Minister issued a statement first appeared on Rightsofemployees.com.