New Labor Code: 23 states have adopted the pre-published draft of the new labor code law. But the rest of the states have not adopted it yet. The government has brought a new labor code for four major changes.
The new labor code, which will be implemented from July 1, is currently stuck. The central government wanted all the states to implement the new labor code simultaneously, but things did not work out and the law is currently hanging in the balance. 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 government has brought a new labor code for four major changes. With the new code, there would have been a change from Weekly Holidays to In-Hand Salary.
Three days weekly off
According to the new wage code, salaried people have to get four days of work and three holidays in a week. However, after its implementation, employees will have to work more in the office. With three days off in a week, you will have to work 12 hours in the office every day. This means that in any case the duration of your work will not be reduced.
At present, employees have to work in the office for 8 to 9 hours 5 days a week. The new labor codes are related to Wage, Social Security, Industrial Relations and Occupational Safety.
Big change regarding holidays
Another major change has been made in the new labor code regarding holidays. 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).
Full and final in two days
After leaving the job in the new wage code, a big change has been made regarding full and final. It has been provided in this that companies will have to pay their salaries to the employees within two days of the employee leaving the job, dismissal, retrenchment and resignation. At present, most of the rules are applicable on the payment and settlement of wages. However, this does not include resignation. At present, companies take 30 to 60 days to complete and finalize.
Change in salary
A provision was also made to change the basic salary of the new wage code. After its implementation, take home salary i.e. in hand salary will be reduced in your account. The government has made new rules regarding pay rolls. Under the new wage code, the basic salary of an employee should be 50 percent or more of his total salary (CTC).
If your basic salary increases, 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 huge amount at the time of retirement. The government has made these changes keeping in mind the future of the employees. But the new wage code has not been implemented yet.
