New Delhi: The new Wage Code is now one of the major topics of discussion in the country as the month-end approaches.
There are reports that the government may implement four labour codes on wages, social security, industrial relations and occupation safety, health and working conditions from July 1.
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However, there are no new official confirmation on these so far and only speculations are being made.
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As per a report by India Today, here are five things that might change if the New-Wage Code 2022 is implemented:
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1. In-hand salary may be reduced with the implementation of the Wage Code: The government’s notification of the Code on Wages 2019 may reduce the take-home pay while components like PF and Gratuity might rise.
2. The new wage code might also impact your allowance component which is a part of your salary
3. New wage code to impact your provident fund but that will be positive After the implementation, PF will be higher
4. There might be a new and longer working hour schedule which means the week off will be more than 2
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