Budget 2025: Modi government can announce the implementation of labor code rules in the budget. Union Finance Minister Nirmala Sitharaman can announce a plan to implement labor codes in a phased manner in the upcoming budget. According to sources, these new labor codes will be implemented in three phases
Budget 2025: Modi government can announce the implementation of labor code rules in the budget. Union Finance Minister Nirmala Sitharaman can announce the plan to implement labor codes in a phased manner in the upcoming budget. According to sources, these new labor codes will be implemented in three phases. The working hours of the employees will increase. Also, there will be an option to work 4 days a week. If the money deducted in PF increases, then the salary received every month may be reduced.
Labor code can be implemented in three phases
The Labor Code will give time to all small and big businesses and businessmen to implement new policies. If the government announces these codes in Budget 2025, it will be implemented in the coming financial year. These codes will not only make it easier for businessmen and companies, but employees will also get better social security.
In the first phase, it will be mandatory for large companies with more than 500 employees to follow these codes.
In the second phase, medium companies with 100-500 employees will be brought under its purview.
In the third phase, these codes will be implemented on small companies with less than 100 employees.
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How much time will small businessmen get to implement?
Under the new rules and scheme of the Labor Code, it will take about two years for small businessmen to implement these rules. Let us tell you that MSME i.e. small industries account for more than 85% of India’s business structure.
Talks are going on with the states regarding the Labor Code
The Labor Ministry is in talks with the states to implement these codes. At present, the ministry is busy finalizing the draft regulations with states like West Bengal and Delhi. The government wants to implement the Code on Wages and Social Security Code in the first phase. Draft rules are expected to be ready with all the states by March 2025.
What are Labor Codes?
The Government of India has consolidated 29 central labor laws into four labor codes. Their main purpose is to strengthen the businessmen and strengthen the social security of the employees.
Code on Wages
Social Security Code
Industrial Relations Code
Occupational Safety, Health and Working Condition Code
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Four days of work and three days of rest in a week – rules of the Labor Code
Labor codes may also include a policy of four days of work and three days of rest in a week. The purpose of this rule is to create a balance between the work and life of employees. However, the rule of working four days a week will increase the working hours. Also, the amount deducted in the Provident Fund will increase. In such a situation, the salary received may be less.
