New Labor Code: The Modi government of the Center has been preparing for a change in labor law rules from October 1. If this rule goes into effect your office hours will increase from October 1st. 12 hours of work is proposed under the new labor law. Beyond this, the salary in your hands will affect this law. Tell us what the new Labor Code may have on you.
So the salary goes down and the PF goes up.
Under the new draft rule, the base salary must be 50% or more of the total salary. This changes the pay structure of most employees, as the nonprofit portion of the salary is usually less than 50 percent of the total salary. At the same time, the share of allowances in the total salary increases even more. With the increase in base salary, your PF will also increase. PF is based on base salary. An increase in base pay will increase PF, which means a reduction in take-home or hand-to-hand payments.
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The amount of retirement will increase
With the increase in contributions to gratuity and PF, the amount received after retirement increases. This makes it easier for people to live happier lives after retirement. The highest paid officers see the most change in their pay structure and are most affected. With the increase in PF and gratuity, the cost of companies will also increase. This is because they too have to contribute to the PF for employees. These things affect the balance sheet of companies.
Working hours are proposed to be 12 hours
Under the new draft law, a proposal to increase the maximum working time to 12 is proposed. The drafting rules of the OSCH code are considered to be overtime for 30 minutes of extra work between 15 and 30 minutes. Under the current rule, less than 30 minutes is not considered eligible overtime. The draft rules prohibit any employee from working continuously for more than 5 hours. The draft regulations include instructions to give employees a half hour rest after every five hours.
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