India will most likely implement four new labour codes on wages, industrial relations, job safety and social security by the next fiscal year beginning 2022, according to a senior government official.
The codes will affect our work culture, employment routine and pay alongside working hours and number of workdays.
Once the new codes are implemented, employees will enjoy a 12-hour, 4-day work week according to the labour ministry to meet the 48-hour weekly requirement.
The labour codes also state that there would a reduction in the take-home pay of employees and employers will have to bear a higher provident fund liability.
The regulations further restrict allowances to 50 per cent so half of the salary would be basic wages and contribution to the provident fund will be calculated as a percentage of basic wage that involves the basic pay and dearness allowance (DA).
Under the current labour regulations, the employer’s percentage-based contribution towards the PF balance depends on the employee’s basic pay and dearness allowance.
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