Good news for employees Union Labour Minister to draft rules by 90 percent states on 4 labour codes
By Lokmat English Desk | Updated: April 28, 2022 19:09 IST2022-04-28T19:09:30+5:302022-04-28T19:09:30+5:30
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If you have a job, this news is especially for you. The country will soon have four labor codes. After that, you will start getting three weeks off per week.
Importantly, 90 percent of the states in the country have drafted the rules of the Labor Code. It will be implemented soon, the central government has said.
Salary and office hours will also change - Union Labor Minister Bhupendra Yadav informed in this regard. Yadav hopes that all the four labor laws will come into force soon.
Nearly 38 crore workers in the unorganized sector - The central government has already issued draft rules for all the four codes of labor laws. Yadav said the government was working to provide social security to all workers in the country.
The major changes that will take place after the implementation of the new Wage Code: Increase working hours - The new Wage Code proposes to increase working hours to 12 hours. They are divided into 4-3 scales per week. I.e. 4 days office, 3 days week off.
Overtime after 30 minutes of overtime - The new wage code proposes to add 15 minutes to 30 minutes of overtime if you work overtime. Under current rules, less than 30 minutes is not considered overtime.
The salary structure will also change - Under the new Wage Code Act, the basic salary of any employee will not be less than 50% of Cost To Company (CTC). Once the Wage Code is implemented, the Take Home Salary of the employees will be reduced.
More money after retirement - PF as well as monthly gratuity contribution will increase. This means that take-home salary reduction will be beneficial in terms of PF and retirement. The rules related to salary and bonus will also change.