Diabytes
New wage code News
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The central government has notified four labour codes, namely, the Code on Wages, 2019, on August 8, 2019, and the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 on September 29, 2020.
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Working week to be reduced.
In hand pay to shrink.
PF, Gratuity components to be hiked.
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The government had a few months ago said that there would be no change in the gratuity norms.
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Once implemented, the new wage code will impact working hours, salary restructuring and PF contribution, encashing of Earned Leaves among the prominent ones.
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The central government had notified four labour codes, namely, the Code on Wages, 2019, on August 8, 2019, and the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 on September 29, 2020.
)
The central government had notified four labour codes, namely, the Code on Wages, 2019, on August 8, 2019, and the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 on September 29, 2020.
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Most companies currently take 45 days to 60 days to process the full and final settlement.
It is a common practice followed by most firms.
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Working week to be reduced.
In hand pay to shrink.
PF, Gratuity components to be hiked.
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Here are five things that will be impacted once the New Wage Code is implemented from July 1.
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Here are five things that might change if the New Wage Code 2022 is implemented from July 1.
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Employees will be able to encash the leaves without waiting for the financial year to end.
The Central government has made an attempt to enforce leave provisions across all sectors.
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The central government had notified four labour codes, namely, the Code on Wages, 2019, on August 8, 2019, and the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 on September 29, 2020.
)
Working week to be reduced.
In hand pay to shrink.
PF, Gratuity components to be hiked.
)
Working week to be reduced.
In hand pay to shrink.
PF, Gratuity components to be hiked.
)
Working week to be reduced.
In hand pay to shrink.
PF, Gratuity components to be hiked.
)
Working week to be reduced.
In hand pay to shrink.
PF, Gratuity components to be hiked.
)
The trial program will begin in June, while the participating companies will allow employees to work for 32 hours per week.
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Working week to be reduced.
In hand pay to shrink.
PF, Gratuity components to be hiked.
)
The laws will be applied to major concerns such as employee working hours, yearly holidays, pensions, PF, take-home pay, and retirement.
Earned leave should be increased from 240 to 300 days.
Take-home salaries will be reduced.
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New wage bill likely to be approved soon.
No clarity regarding working hours in new wage bill.
Overtime to be considered from 15 mins onwards after regular shift time gets over.
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