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New Labour Code To Be Likely Implemented From July 1, 2022: Here's What Will Change
As the centre is mulling to implement new labour laws from July 1, 2022, there is a slew of changes that shall come into force. With the implementation of the same, there shall be a drastic change in EPF contribution of an employee, work timings as well as take home salary.
So, here are the likely changes expected with the implementation of the new labour code:
Change in work timings
With the changes, employees shall be able to get three week off but this would be available at a cost. There shall be no reduction in weekly work hours so employees will end up working for 10-12 hours for 4 days. Also, the new laws would also imply that the maximum overtime hours shall increase from 50hours to 125 hours across all sectors.
Take home salary and the changes to the employees and employer EPF contribution
As per the new rules, basis salary shall have to be 50% of the gross salary. So though the EPF contribution shall see an increase, there would be a proportionate decline in the take home salary.
Better retirement fund
As per the provisions of the new rules, the retirement corpus of employees shall also see an increase as per the new rules.
Leave related rules shall also be streamlined
The leave related rules shall also be aligned. This includes rationalisation in respect of the carry forward of the leaves to the successive year as well as encashment of leaves. Also, the government is considering work from home model that has gained prominence amid the pandemic.
