Here is what's new
Just when you thought the new labour codes might finally help all stressed employees out there, you’re in for a surprise. The labour codes are said to be implemented from July 1, 2022 however the Centre has made no official announcement regarding the same, yet. This means the number of working days in a week will reduce but the number of working hours will increase. The in-hand salary that the employees get will also drastically change.
Let’s have a look at what the new labour codes will entail for all the employees.
Working days a week
Those who have been wanting to work for a lesser number of days in a week will be rooting for this new labour code as the number of working days may get reduced from 5 to 4. However, the number of working hours will increase.
The number of working hours
If an employee will be working for 4 days instead of 5 days a week, the number of working hours will substantially increase. The new wage code requires a 48-hour working week. This means the employees will have to work a 12-hours shift instead of the usual 9-hours one.
PF contribution and gratuity
Under the new labour codes, an employee’s Provident Fund (PF) amount will increase. The basic salary of an employee will at least be 50 per cent of their gross (overall) monthly salary. This will lead to an increase in the PF contribution made by employees and their employers. This will benefit the retirement plans and gratuity amount of the employee. Hence, the employees will also be able to have a considerable amount of their take-home salary. It might also see a reduction for some.
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