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Why New Wage Code May Result in Lower Take Home Salary for Employees Next Year

Why New Wage Code May Result in Lower Take Home Salary for Employees Next Year FOLLOW US ON: Employers may have to revise offer letters if the new Code on Wages becomes effective from April 1, 2021, which may result in a lower take-home salary for a majority of employees. The new definition of wages is part of the Code on Wages, 2019 passed by Parliament last year. The rules to enforce the law were also firmed up last year. Along with the other three codes on industrial relations, social security and occupational health safety and working conditions, the implementation of the Code on Wages is planned from April 1 next year.

Lohit bhatiaGaurav kumarPrashant singhTeamlease servicesNational pension systemQuess corpPublic provident fundProvident fundVice presidentPayroll outsourcingWorkforce managementChief technology officerWages actMinimum wages actBonus actEqual remuneration act

10% area of industrial estates to be reserved as residential area for labour housing: Haryana deputy CM

10% area of industrial estates to be reserved as residential area for labour housing: Haryana deputy CM
hindustantimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hindustantimes.com Daily Mail and Mail on Sunday newspapers.

Dushyant chautalaUnveiling haryana enterprisesMinimum wages actதுஷியண்ட் ச ut டலாகுறைந்தபட்சம் ஊதியங்கள் நாடகம்

Explained : Why The Employers May Have To Revise Offer Letters

Explained : Why the employers may have to revise offer letters As per the new definition of wages under the Code on Wages, 2019, the government has put a cap on the allowances at 50 percent of the total compensation. The experts, therefore, say this will entail higher costs for employers and a lower take home pay for employees. December 24, 2020 / 07:33 PM IST Payroll experts are of the opinion that employers may have to revise offer letters if the Code on Wages becomes effective from April 1, 2021. As per the new definition of wages under the Code on Wages, 2019, the government has put a cap on the allowances at 50 percent of the total compensation. The experts, therefore, say this will entail higher costs for employers and a lower take home pay for employees.

Lohit bhatiaGaurav kumarPrashant singhTeamlease servicesNational pension systemQuess corpPublic provident fundProvident fundVice presidentPayroll outsourcingWorkforce managementChief technology officerWages actMinimum wages actBonus actEqual remuneration act

Industry asks govt to pause proposed changes to definition of wages

Industry asks govt to pause proposed changes to definition of wages SECTIONS Share Synopsis India Inc has asked the government to put on hold a key proposal in the new wages code that limits employee allowances to 50% of total salary, arguing that it will raise costs for employers while reducing take-home pay. Agencies New Delhi: India Inc has asked the government to put on hold a key proposal in the new wages code that limits employee allowances to 50% of total salary, arguing that it will raise costs for employers while reducing take-home pay. The code goes into effect on April 1. Lobby groups such as the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (Ficci) and the Hotel Association of India (HAI) have asked for changes to the wage structure prescribed in the code. The industry says this will impose additional costs as it copes with the downturn caused by the pandemic.

New delhiDipak haksarConfederation of indian industryIndia incHotel association of indiaIndian industryIndian chambersHotel associationWages actMinimum wages actEqual remuneration actபுதியது டெல்ஹிகூட்டமைப்பு ஆஃப் இந்தியன் தொழில்இந்தியா இன்க்ஹோட்டல் சங்கம் ஆஃப் இந்தியாஇந்தியன் தொழில்

Ease of Doing Business: Govt permits these 5 states for additional market borrowing of Rs 16,728 cr

Ease of Doing Business: Govt permits these 5 states for additional market borrowing of Rs 16,728 cr
financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.

Madhya pradeshAndhra pradeshTamil naduDepartment of expenditureFinance ministryBusiness reform action planEstablishment actContracts labourFactories actLegal metrology actInter state migrant workmenStorage licenseTrade licenseEqual remuneration actMinimum wages actEstablishments act