The Modi government is looking to implement the revised Labor laws from 1 July. The working hours of employees may increase from 8 to 9 hours to 12 hours
From July 1, office working hours may increase. The working hours of employees may increase from 8 to 9 hours to 12 hours. The Modi government plans to implement the rules of the Labor Code as soon as possible. However, it may take at least three months to implement the rules of the four Labor Codes as not all states have framed the rules, reports MoneyControl.
The four Labor Code rules will encourage investment in the country and employment opportunities will increase. Labor law is an important part of the country’s constitution. So far 23 states have made rules for labor code rules. Now according to the new rules of the Labor Code, only seven states have not been able to make rules.
It may take another three months. According to media reports, the rules of the Labor Code may come into force from July 1.
29 Central Labor Laws in India are divided into 4 codes. The rules of the code include 4 labor codes like wages, social security, industrial relations and occupation safety and health and working conditions etc. So far 23 states have prepared these draft laws. These four codes have been passed by the Parliament.
According to the new draft rule, the basic salary should be 50% or more of the total salary. This will change the salary structure of most of the employees, due to increase in basic salary, PF and gratuity money will be deducted more than before. PF is based on basic salary. With the increase in PF, the take-home or salary in hand will decrease.
Companion companies will have the right to increase the working hours to 12 hours in a day but then one day more leave will be available. That is, employees will be able to get leave for 3 days.
With the increase in gratuity and PF contribution, the money received after retirement will increase. This will make it easier for the employees to lead a better life after retirement. The increase in PF and gratuity will also increase the cost for the companies as they will also have to contribute more to the PF for the employees. This will have a direct impact on their balance sheet..
With input from agencies