New Labor Code latest Update: Minister of State for Labor Rameshwar Teli has given his answer by implementing the New Wage Code in the Lok Sabha. He has told that many states have presented their drafts. The states have put forth your side on the four labor codes. Let’s know the latest updates.
New Labor Code Update: The latest update has come on New Wage Code. In the Lok Sabha, Minister of State for Labor Rameshwar Teli has presented his answer by implementing the New Wage Code. Minister of State Rameshwar Teli has told that many states have submitted their drafts. The states have put forth your side on the four labor codes. Rameshwar Teli has told which states have presented its chart so far.
Must Know, when it will be implemented?
Actually, the Ministry of Labor and Employment has finalized the rules under 4 labor codes. 4 Labor codes include the Wage/Wage Code, the Code on Industrial Relations, the Code on Work-Special Safety, the Code on Health and Work Conditions (OSH), and the Social and Occupational Safety Code. These four codes have been notified after getting the assent of the President, but the rules also need to be notified for their implementation. Let us know which states have agreed on which code. It is expected that by October this year, the New Wage Code will be implemented.
- Wage / Wages Code (The Code on Wages, 2019) : A total of 31 states including Uttar Pradesh, Gujarat, Goa have given their consent to this.
- Social and Occupational Security Code (The Code on Social Security, 2020) : A total of 25 states including Gujarat, Haryana, Madhya Pradesh have agreed to this.
- Code on Industrial Relations (The Industrial Relations Code, 2020) : 26 people including bihar, Gujarat, Haryana have accepted it.
- Code on Health and Working Conditions (OSH) (The Occupational Safety Health and Working Conditions Code, 2020) : A total of 24 states including Bihar, Assam, Goa, Gujarat have agreed to this code.
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Ministry wants to implement together
Out of the four major labor codes, the Wage/Wage Code was approved by the Parliament in 2019, the remaining three codes were approved by both the houses of the Parliament in 2020. The Labor Ministry wants to implement all the four codes simultaneously.
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Do you know, What is in the new wage code?
According to the Wage Code Act, 2019, the basic salary of an employee cannot be less than 50% of the cost of the company (CTC). At present, many companies reduce the basic salary and give more allowances from above so that the burden on the company is reduced. Let us know about its provisions.
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Salary structure will change completely
With the implementation of the Wage Code Act, 2019, the salary structure of the employees will change completely. The ‘Take Home Salary’ of the employees will decrease, because by increasing the Basic Pay, the employees’ PF will be deducted more, that is, their future will be more secure. Along with the PF, the contribution to the gratuity will also increase. That is, the take home salary will definitely decrease but The employee will get more amount on retirement.
