New wage code latest news: New wage code will be implemented along with 4 labor codes. There is also news that some changes have been made in the labor laws. Now they will be implemented in the states in phase manner.
New wage code latest news: New news has come about the new wage code. According to information received from sources by Zee Business Digital, new labor laws will be implemented soon. The draft for the New Wage Code has been prepared by the states. In the New Wage Code, 4 will be implemented along with the Labor Code. There is also news that some changes have been made in the labor laws. Now they will be implemented in the states in phase manner. The state will be able to decide this on its own. Let us tell you that the Central Government is preparing to implement it for the last one and a half years.
Holidays, pension and EPF also affected
According to Virjesh Upadhyay, secretary of the Bharatiya Mazdoor Sangh, social security is very important for the employees. Important issues like annual holidays, 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 Labor Ministry, a demand for changes in EPF and annual holidays was placed on behalf of the union. Due to this, it has been continuously delayed. 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 disagreements between the state and the union regarding the salary structure. According to sources, some changes have been made in this too. There was talk of keeping 50% of the total CTC in the basic salary and 50% in the allowance. There seems to be an agreement not to do this in the first year. At the same time, 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, then as soon as the new wage code is implemented, the part of allowance will not be kept at 50% directly. Rather, they will be increased little by little in 3 years.
There may be change regarding Earned Leave
The biggest change can be regarding government holidays. Let us tell you that at present, 30 holidays are available in government departments in a year. At the same time, 60 holidays are available in defense in a year. These holidays can be cashed. Now 300 holidays can be cashed on carry forward. But, under the New Wage Code, there was a demand to increase the number of these holidays from 300 to 450.
What is the New Wages Code?
The government has made 4 new codes 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 ‘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.
Ministry of Labor 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, it will be decided differently. The Ministry of Labor will soon issue separate notifications of all the four codes.
