New Labor Code: The government will unveil new regulations, and employees will get a three-day leave and a pay reduction

New Labor Code: The government will unveil new regulations, and employees will get a three-day leave and a pay reduction

New Labor Code: The government will unveil new regulations, and employees will get a three-day leave and a pay reduction

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 use this to its advantage by announcing a lot of things, particularly to appeal to the salaried 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 use this to its advantage by announcing a lot of things, particularly to appeal to the salaried class. The declaration about include labor legislation 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. Nirmala Sitharaman, the minister of finance, has said that although there won't be any significant announcements in the budget, the administration may make a few special announcements to woo supporters.

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

India has 29 central labor regulations, broken down into 4 codes. The four labor codes that make up the code include topics including pay, social security, labor relations, occupational safety and health, and working conditions. These draft legislation have been created so far by 23 states. These regulations must be announced by state governments in addition to the Center before they can be put into effect.

There are three days off per week.

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 case, the workers will get three days of continuous leave rather than just one or two.

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

The new regulations state that the base pay must make up at least 50% of the total compensation. 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. This implies that the pay received can be lower than it was before. You will get more money after retirement if you take out more PF during your employment.