New Wage Code 2022 PDF

New Wage Code 2022 PDF Details
PDF Name	New Wage Code 2022 PDF
No. of Pages	36
PDF Size	0.59 MB
Language	English
Category	English
Source	labour.gov.in
Download Link	Available ✔
Downloads	17

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New Wage Code 2022

Dear reader, if you are searching for New Wage Code 2022 PDF and you are unable to find it anywhere then don’t worry you are on the right page. The new labor law was last updated with some new amendments and will be more reliable in modern times. If you also want to know more about it then you can stay here. Starting July 1, the federal government plans to introduce new labor codes on wages, social security, occupational safety, industrial relations, health, and working conditions. If the new pay code is implemented, then your salary will change in many ways.

These laws will affect other changes in your pay structure, such as monetization of PF contribution, working hours, and earned leave. The new wage code makes it mandatory for companies to ensure that 50 percent of the CTC is paid to employees, while the remaining 50 percent includes other employee wages, such as rent and overtime. If the company pays an additional discount or payment of more than 50 percent of the CTC, it will be treated as pay plus pay.

New Wage Code 2022 PDF – Overview

Basic Pay to be 50 Percent of CTC

The new wage code makes it mandatory for companies to ensure that 50 percent of employees’ CTC is basic pay, while the remaining 50 percent includes other employee wages, such as rent and overtime.

If the company pays additional deductions or allowances exceeding 50 percent in CTC, it will be treated as salary plus salary.

Gratuity Cost of Companies to Increase

The new labor laws limit the maximum base pay of CTC to 50 percent, effectively increasing the employee bonus.

Under the new pay code, gratuity will be calculated on a larger payroll basis, which includes basic pay and allowances like special allowances on pay. This is expected to increase the cost of the contribution of companies.

While increasing the Social Security (pension) component of pay, the new laws will reduce the take-home pay that employees take.

Gratuity Cost of Companies to Increase

The new labor laws limit the maximum base pay of CTC to 50 percent, effectively increasing the employee bonus.

Under the new pay code, gratuity will be calculated on a larger payroll basis, which includes basic pay and allowances like special allowances on pay. This is expected to increase the cost of the contribution of companies.

While increasing the Social Security (pension) component of pay, the new laws will reduce the take-home pay that employees take.

Four Broad Labour Codes on Wages

Under the new law, the government wants to merge 44 federal labor laws into four board labor codes – wages, industrial relations; Occupational safety, sanitation and working conditions (OSH), and social protection. It has already got the assent of the President.

While the wage index was passed by Parliament in 2019, the other three indices were approved by both last years. The Labor Ministry is ready to implement new rules under these four labor codes. With regard to the new labor rules, companies need to make major changes in the pay structure of their employees. These include bonus enhancements and deductions from salaries, such as bonus, PF, and HRA.

To counter these recent changes, General Payroll Software is a category-leading software that covers all labor laws for businesses. There are changes like pay structure, wage/leave schedule, overtime pay facilities to give full support to the upcoming Labor Act 2021.

Here you cand download New Wage Code 2022 PDF by clicking on this link.

New Wage Code 2022 PDF Download Link

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