New Code Of Wages: Your Provident Fund And Gratuity Components Are Set To Rise
New code of wages: Your provident fund and gratuity components are set to rise But if your salary is over Rs 15,000 the new Code of Wages may not materially impact your salary December 21, 2020 / 08:08 PM IST Your provident fund (PF) component and gratuity pay-out are set to increase once the new code of wages gets implemented from April 1, 2021. This is because the definition of ‘wages,’ based on which employers deduct provident fund contributions, will now be standardised as per the new Code of Wages, 2019. The Code of Wages is a part of four labour codes that resulted from the mergi...