Government will unveil new regulations under the new labor code, which will provide employees three days of paid leave and lower salaries

 Government will unveil new regulations under the new labor code, which will provide employees three days of paid leave and lower salaries

Government will unveil new regulations under the new labor code, which will provide employees three days of paid leave and lower salaries

Union Budget 2024: On February 1, 2024, Union Finance Minister Nirmala Sitharaman will make the budget's sixth presentation. The last budget of the Modi government's second term will be presented by Nirmala Sitharaman since nationwide Lok Sabha elections will take place shortly after. The government may make a lot of announcements in this kind of circumstance to capitalize on its voter base, particularly for the salary class.

Union Budget 2024: On February 1, 2024, Union Finance Minister Nirmala Sitharaman will make the budget's sixth presentation. The last budget of the Modi government's second term will be presented by Nirmala Sitharaman since nationwide Lok Sabha elections will take place shortly after. The government may make a lot of announcements in this kind of circumstance to capitalize on its voter base, particularly for the salary class. The declaration about include labor rules in the budget might come from the government. The government has long intended to enact the labor legislation nationwide, but it is taking longer than expected because of disagreements among the states. The administration may make some special announcements for its support base, but Finance Minister Nirmala Sitharaman has said that no significant announcements would be made in the budget.

The Labor Code, or i.e. Labor Code?

Four codes comprise the 29 Central Labor Laws of India. The four labor codes that make up the code's regulations include Wages, Social Security, Industrial Relations, and Occupation Safety and Health, among others. These draft legislation have been created so far by 23 states. These regulations must be announced by the state governments in addition to the Center before they can be put into effect.

Three days every week will be off.

Companies may raise working hours to 12 hours per day in accordance with labor laws, but they will still get one more day off. In such scenario, workers will get three days of paid leave rather than just one or two.

Salary will go down, but retirement benefits from PF will be up.

The basic wage should make up at least 50% of the entire remuneration, under the new regulations. The majority of workers' pay structures will alter as a result. The base wage rise means that PF and gratuity money will be withheld at a higher rate than before. In other words, the pay can be lower than it was before. A higher PF deduction while employment will provide a higher retirement benefit.