New Delhi. There is good news for the employees. Now they can get relief in working hours and days. In fact, four labor codes on wages, social security, industrial relations and occupation safety and health and working conditions are expected to be implemented by the next fiscal year 2022-23 (FY23). Chances are. Giving this information, a senior official said that at least 13 states have prepared the draft rules for these laws.
Center has given final shape to the rules
The Center has finalized the rules under these codes and now the states have to make their own rules, as labor is a subject of the Concurrent List. The official said that four labor codes are likely to be implemented by the next financial year.
“The four labor codes are likely to be implemented in the next financial year 2022-23 as a large number of states have finalized their draft rules. The Center had completed the process of finalizing the draft rules of these codes in February 2021, but since labor is a concurrent subject, the Center wants the states to implement it simultaneously.
Many states have prepared draft rules
Union Labor Minister Bhupendra Yadav said in the Rajya Sabha earlier this week in response to a question that at least 13 states have prepared the draft rules of the Labor Code on occupational safety, health and working conditions. Apart from this, 24 states and union territories have prepared the draft rules of the Labor Code on wages. 20 states have prepared the draft rules of the Industrial Relations Code and 18 states have prepared the draft rules of the Social Security Code.
Will get 3 days off in a week
According to the information, there is a proposal to increase the maximum working hours daily to 12 in the new draft law. However, you will have to work only 48 hours a week. If a person works 8 hours a day then he will have to work 6 days a week whereas a person who works 12 hours a day will have to work 4 days a week. In other words, on the implementation of this law, employees can get 3 days leave in a week instead of one or 2 days.
Take home salary will decrease due to implementation of new law
It is worth noting that after the implementation of the new labor law, the salary in the hands of the employees will decrease. At the same time, companies will have to bear the burden of higher PF liability. According to the new draft rules, the basic salary should be 50 percent or more of the total salary.
This will change the salary structure of most of the employees. With the increase in basic salary, the amount deducted for PF and gratuity will increase. Explain that the money going into it is fixed in proportion to the basic salary. If this happens then the take home salary of the employees will decrease. However, the PF and gratuity money received on retirement will increase.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
