Basic Pay

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New labour codes on the cards: PF liability of companies to rise, workers to see reduction in take-home pay
Business

New labour codes on the cards: PF liability of companies to rise, workers to see reduction in take-home pay

Under the new wages code, allowances are capped at 50 percent. Employers have been splitting wages into numerous allowances to keep basic wages low to reduce provident fund and income tax outgo.

Take-home salary for Indian workers to fall from April 2021, but PF and gratuity will likely rise
India

Take-home salary for Indian workers to fall from April 2021, but PF and gratuity will likely rise

As per the draft rules of the Code of Wages, 2019, the basic salary component, which is used to calculate gratuity and provident fund contributions, have to be at least 50 percent of an employees' total pay or compensation