salary slip will change from july state will decide on new labor code: This news is for you if you are doing a job. Your salary structure is changing from July this year. New rules will apply with the new Labor Codes. The deadline set by the Ministry of Labor and Employment to implement the new labor laws is being extended to July.
According to experts, the new Labor Code suggests a definition of pay and a new structure. Because of this, companies will have to provide extra amount for gratuity, holiday pay and PF. Under the new provisions, only after assessing its financial impact, companies will review the salary budget in the second half.
The Ministry of Labor has given till June to decide the rules of the new Labor Act for the states that have industry. It has been known since April 1 that the new laws were to come into force, but the industrialized states have been given a June deadline. According to the new Wage Code of the Modi government at the Center, companies will be required to pay at least 50 per cent of the basic salary in CTC or your full basic salary from May 2021.
salary slip will change from july state will decide on new labor code. The new salary will have to be paid to your Cost to Company (CTC) according to the new structure. This will have an effect on PF Contribution. This means that if the company gives you an increment, it will be adjusted to PF. This means that the salary in your salary will go down instead of increasing.