New Wage Code: Here’s how it will impact your PF, salary, gratuity and pension

Many changes have been implemented starting from employee holidays to salaries and working hours have been enacted as a result of this bill. 

The Central Government is nearing the conclusion of the New Wage Code, which will be implemented this fiscal year. Many modifications have been implemented starting from employee holidays to salaries and working hours have been enacted as a result of this bill. 

According to Virjesh Upadhyay, an EPFO board member and the General Secretary of the Bharatiya Mazdoor Sangh, the new labour regulations would include some significant modifications. The laws will be applied to major concerns such as employee working hours, yearly holidays, pensions, PF, take-home pay, and retirement. The states' consent is also required to apply the new rules, which is the main cause for the delay. The draught line and notification of the new wage code will be given before the new wage code is implemented.

An official from the Labor Ministry's Labor Reform Cell said, on the condition of anonymity, that the labour union has made a demand regarding PF and yearly holidays.