All the four labor codes will be implemented in the next few months. The central government is preparing to move forward on the implementation of these laws. After the implementation of the new labor code, if you work more than 15 minutes, then the company will have to pay overtime. After its implementation, the salary coming in the hands of the employees will also decrease. Let’s take a look at what will change once the new rules are implemented.
If you work 15 to 30 minutes more than your shift, then there is a provision to count it 30 minutes and include it in overtime. That is, if the provisions are approved in the new labor code, then you will get overtime for working extra 15 minutes. Under the current rules, work up to 30 minutes is not counted as overtime. The question is, how much overtime will there be? According to your salary, 30 minutes i.e. half an hour salary will be calculated and given to you.
HALF AN HOUR BREAK WILL BE AVAILABLE AFTER 5 HOURS
According to the rules of the new labor code, no employee is allowed to work continuously for more than 5 hours. After 5 hours, half an hour break will be given to the employee. The government has tried to make the new rules in such a way that employees can get maximum benefit from it and companies can not exploit any kind of employees.
IN HAND SALARY WILL BE REDUCED
According to the rules, the share of basic salary i.e. basic salary in the salary of any employee will be up to 50 percent and the remaining 50 percent will be all kinds of allowances. At present, companies keep only 25-30 per cent of the basic salary. In such a situation, all types of allowances range from 70-75 percent. Due to these allowances, more salary comes in the account of the employees, as all kinds of deductions are made on the basic salary and it is very less. In such a situation, after the implementation of the new wage code, there may be a reduction of 7-10% in your inhand salary.
CONTRIBUTION TO PF WILL INCREASE
If there is an increase in the basic salary, then the contribution to PF will also increase. This is because PF is calculated on the basis of basic salary. 12-12% of the basic salary is contributed by the employer and the employee to the provident fund. If your company is paying only 25-30 per cent of the basic salary of CTC, then it means that your contribution to PF will almost double after the implementation of the new wage code.
