If you also work, then there may be some major changes for you from April 1. After these changes, many rules like your PF, working hours and salary are going to change. Apart from this, your gratuity and PF will also increase. At the same time, your take home salary will be reduced.
New Delhi: If you also work, then there can be big changes for you from the beginning of the new financial year 2021-22 i.e. April 1, 2021. After these changes, many rules such as your Provident Fund (PF), Working Hours and Salary are going to change. Apart from this, your gratuity and PF will also increase. However, as the gratuity and PF increases, your take home or take home salary will decrease.
The rules of the bill brought by the central government for these changes are still under discussion. Discussions are still being done to implement it. Let us know that these changes can happen due to the Code on Wages Bill passed in Parliament last year. These Bills are likely to come into force from 1 April 2021 this year. Let us tell you what kind of changes can happen?
Understand in 10 points changes due to new rules
>> According to the government plan, from April 1, the basic salary (basic salary and dearness allowance in government jobs) should be 50 percent or more of the total salary.
>> The central government claims that this change in salary will benefit both employers and workers.
>> According to the new rules, there will be an increase in your PF on one side. At the same time, your inhand salary will be reduced. Actually, according to the new rules, the basic salary should be 50 percent or more of the total salary.
>> Salary structure of most employed people can change completely after this change. Explain that the increase in the basic salary will also increase the PF, because it is based on basic salary.
>> It has also been proposed to increase the maximum working hours to 12. Apart from this, there is a provision to include extra work for 15 to 30 minutes in overtime.
>> Currently, if you work extra for less than 30 minutes, then it is not counted in overtime.
>> According to the new rules, the work will be banned for more than 5 hours of continuous work. The government believes that employees should be given a break of half an hour after working for 5 hours.
>> Increase in PF amount will also increase the retirement amount. After retirement, people will get a lot of help from this amount.
>> Increasing the PF and gratuity will also increase the cost of companies as they too will have to contribute more to the PF for the employees.
>> These changes can happen due to the Code on Wages Bill passed in Parliament last year.
