From April 1, there will be major changes from PF to working hours, from these points, understand what is the government’s plan
New Delhi: With the beginning of the new financial year 2021-22 from April 1, the rules of the employed people are going to change a lot. In these changes, many rules such as working hours and salary can be changed with the provident fund of those who work. Not only this, you will get relief from increase in your gratuity and PF, but your salary will be reduced.
The rules of the bill, which are from the central government, are still under discussion. Discussions are still underway to implement this. Let us tell you that these changes can happen due to the three Wages Code Bill passed in Parliament last year. These Bills are likely to come into force from 1 April 2021 this year. Let us tell you what kind of changes can happen?
- Understand these changes in the new rules
According to the government’s plan, with effect from April 1, the basic salary (basic salary and dearness allowance in government jobs) should be 50 percent or more of the total salary.
- The central government believes that doing so will benefit both employers and workers.
- According to the new rules, where there will be an increase in your PF, then the salary received in your hand will be reduced. Actually, according to the new rules, the basic salary should be 50 percent or more of the total salary.
- With the implementation of these rules, the salary structure of the employed can be completely changed. Explain that the increase in the basic salary will also increase the PF, because it is based on basic salary.
- Now it is also proposed to increase the working hours to 12. Apart from this, if you work extra for 15 to 30 minutes of your time, then it will be included in overtime.
- If you work extra for less than 30 minutes, then it will not be counted in overtime.
- According to the new rules, more than 5 hours of continuous work will be banned. It is necessary to give a break of half an hour in between working.
- Increasing the amount of PF will also benefit greatly at the time of retirement. After retirement, this accumulated capital will help people a lot.
- Increasing PF and gratuity will also increase the cost of companies as they too will have to contribute more to the PF for employees.