From 1 April 2021, your gratuity, PF and working hours may change. Gratuity and PF to employees are to be changed. Then the money that comes in hand will also be cut. Even the balance sheets of companies will be affected. This is because the three labor bills passed in Parliament last year are to come into force from April 1 this year.

Under the new definition of wages, the total salary of the allowance will be 50 per cent higher, which means that the basic wage should be 50 per cent or more of the total wage from April. It may be mentioned here that for the first time in the 73-year history of the country, such a change is being made in the labor law. The government claims that these laws will benefit both the employer and the worker.

Salary cuts and increase in PF

According to the new draft rule, the total wage should be 50 per cent or more. This will largely change the wage structure, as the unpaid portion of wages is typically less than 50 per cent of the total salary. Then the share of the total wage allowance becomes even more than that. Your PF will also increase from the basic salary. PF is based on basic wages. As the basic wage increases the PF will increase. Which means it's about to be the most delusional time of the year, as well.

There will be an increase in the amount of retirement

Increasing the contribution to gratuity and PF will increase the amount of retirement income. This will make it easier for people to live a happy life after retirement. The salary structure of large salaried officers will change the most. PF and gratuity will also increase the income of increasing companies. Because, they also have to contribute more to the PF of the employees. This change will affect the balance sheet of companies.

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Working hours

The new draft law proposes to increase working hours to 12. The draft rules of the OSH code also provide for the inclusion of overtime between 15 and 30 minutes of overtime. Under the current rule, less than 30 minutes is not considered overtime. The draft rules prohibit any employee from working more than 5 hours continuously. The new draft includes an order to give employees a half-hour break every five hours.

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