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From Change In Salary To 4-Day Work-Week: India's New Labour Codes Expected In FY 2022-23
Writer: Ojaswini Badhwar
She believes that a pen is the mightiest sword and words are the serial killers, hence one needs to be cautious before mishandling them. She is an Multimedia Journalism student with a vision to create and expand upon opportunities and to leave a remarkable impact on society with her work.
India, 22 Dec 2021 12:59 PM GMT
Editor : Snehadri Sarkar |
While he is a massive sports fanatic, his interest also lies in mainstream news and nitpicking trending and less talked about everyday issues.
Creatives : Snehadri Sarkar
While he is a massive sports fanatic, his interest also lies in mainstream news and nitpicking trending and less talked about everyday issues.
The next fiscal year, beginning in 2022 is likely to see new labour codes on wages, social security, industrial relations, and occupational safety. These codes are expected to impact aspects of employment and work culture, such as take-home salaries, working hours and number of weekdays.
The next fiscal year, beginning in 2022, is likely to see new labour codes on wages, social security, industrial relations, and occupational safety, according to a senior government, as per a PTI report. These codes are expected to impact aspects of employment and work culture, such as take-home salaries, working hours and number of weekdays.
Implementing these codes may result in employees in India having the opportunity to enjoy a four-day workweek starting next year. However, it could result in employees having to work 12 hours a day on the working days since the labour ministry has made it clear that even if the proposal is approved, 48 hours of work must be completed every week. Once these codes are implemented, there would be a reduction in the take-home salary of employees, and firms will have to bear a higher provident fund liability.
Monetary Adjustments
Experts assessing the proposed labour codes predict that the new laws will have far-reaching effects on employees' basic pay and provident fund. The new regulations will increase the amount of money employees pay into their PF accounts every month; however, monthly in-hand salary will be reduced.
There are restrictions on allowances, which implies that 50% of the salary is basic pay and that the contribution to provident fund is a percentage of basic pay and dearness allowances.
The Hindustan Times reports that the central government has already finalized the rules under the four labour codes, and now states must follow suit due to the fact that labour is a concurrent subject.
Implementation
Earlier this week, Indian Union minister Bhupender Yadav said that the Occupational Safety, Health, and Working Conditions Code is the only code for which the least number of states had pre-published draft rules. Nevertheless, both the Centre and the states are required to notify rules under the four codes to ensure that the laws are enforced in the respective jurisdictions.
These codes empower the central government, state governments, and other relevant authorities to make rules, which must be published in their official gazettes for a period of 30 or 45 days to enable public consultation.
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