The government is in all respects likely to introduce a revise or introduce four new wage codes or labour codes during the next fiscal year. The new codes will stress social security, industrial relations and occupation safety, health and working conditions.
The central government has already finalised the rules under these codes. The states are required to frame regulations on their part as labour is a concurrent subject. A few states have already published the laws.
If the four codes are implemented, they will have a significant impact on how industrial firms treat their employees, as well as working hours, take-home pay, and other employee rights. For example, once the wage code is implemented, there will be significant changes in the calculation of employees' basic pay and provident fund.
It is expected that under the new code, provisions will be there for four working days, thereby making 3 weekend holidays. However, the working hours may be extended Currently the weekly working hours is 48 and making 4 day week means a 12 working hours per day.
There would also be less take-home salary and more PF for the workers. The new laws would change the way the basic pay is calculated and also the provident fund. The contribution of the employees in their PF would increase every month and the in-hand salary would reduce.
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