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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
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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. ....

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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 Bhatia , Gaurav Kumar , Prashant Singh , Teamlease Services , National Pension System , Quess Corp , Public Provident Fund , Provident Fund , Vice President , Payroll Outsourcing , Workforce Management , Chief Technology Officer , Wages Act , Minimum Wages Act , Bonus Act , Equal Remuneration Act , லோஹித் பாட்டியா , கௌராவ் குமார் , பிரஷண்ட் சிங் , குழு வெளியீடு சேவைகள் , தேசிய ஓய்வூதியம் அமைப்பு , க்வெஸ் கார்ப் , பொது வருங்கால நிதி , வருங்கால நிதி , துணை ப்ரெஸிடெஂட் , ஊதியம் ஔட்‌ஸ்ர்ஸிஂக் ,

More People Rejoin The Workforce, Exits Drop, Shows September EPFO Data


More people rejoin the workforce, shows September EPFO data
So far this fiscal, as many as 44,69,771 workers have exited the EPFO.
December 23, 2020 / 06:17 PM IST
A total of 7,87,519 people, who exited the Employees Provident Fund Organization (EPFO) rejoined it in the month of September, the retirement fund body s payroll data showed.
The September figure is the highest monthly enrollment this year.
Exited members rejoining the EPFO is an important indicator of people joining the workforce.
The trend of people rejoining has shown a positive sentiment towards the economy and employment. We have seen that the majority of the migrant population has started returning to states where they worked or has been called by their employers. Sectors like e-commerce, retail, real estate, manufacturing, and services are the larger ones where we have seen major inflow, said Prashant Singh, Vice President and Business Head- Compliance and Payroll Outsourcing, Tea ....

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