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When will the New Wage Code i.e. new labor laws come into force?.

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October 1, 2022, hopefully the central government can implement it and make it a reality instead of paper. This is very important for you, me and millions of employees

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What is going to happen in your life with the new wage code? Salary will change, holidays will increase, shift time will be more...

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What are the benefits you will get in New Wage Code?

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Income Tax Your Provident Fund share will be higher after the implementation of the New Wage Code. Meaning more money will be deposited in it. If there is more investment, then the tax savings will also be more.

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Bank Loan While applying for the loan, the bank does not see your in hand salary but basic salary. In such a situation, by increasing the basic salary, your chances of getting a loan will also increase.

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Jobs People often ask your CTC after leaving the job. But, whenever the HR of the new company talks about your salary, he also prepares the complete structure on the basis of basic salary.

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Provident Fund Provident Fund (EPF) is deducted from the salary, its calculation is done on the basic salary. 12% of the basic salary goes to EPF. The same part is also deposited on behalf of the company.

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Gratuity An employee who works continuously for 5 years in a company gets it. Its calculation is also done on Basic Salary. With the implementation of the new Wage Code, the employer will have to spend more money for this as well.

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What will change In new wage code