New Wage Code Bill 2021
India's new labor codes, which includes a revised definition of the wages, are to kick starting from 1 April. The new definition is expected to shrink your cash-in-hand salary at the end of the month but boast the long-term benefits like gratuity and leave encashment. As the Government plans to implement New wage code Bill 2021, salary may see huge overhauling. What's there in New Wage Code Bill, 2021 Revised Salary Structure: - According to the New Wage code, if implemented, the share of basic salary in your CTC( Cost-to-company) should be 50 percent or more. If the basic salary is less than 50 percent in your Salary details, then it is going to change soon. Your CTC may also increases with your basic salary when the rules will be implemented. Allowance to employees, like leave travel, house rent, overtime and conveyance Lowrance, will have to be crapped to the remaining 50 percent of CTC. Increase in PF Contribution: - Presently 12 percent of your basic Salary now goe