Code of Wages: Lower take-home pay today, for a larger retirement corpus tomorrow

  • Press Release|
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  • By Taxmann
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  • Last Updated on 23 February, 2021

FEB 23, 2021

Rachit Sharma, deputy general manager at Taxmann, said:

“…With the implementation of the Code employers will have to revise the salary structure by providing at least 50 per cent of the salary in the form of basic components”…”during lockdown PF withdrawals were at life-time high. The new wage code would improve the social security of the workforce. It is in the interest of the workforce that the new reformatory labour code is implemented at the earliest.”

Read the Full Article Here: Code of Wages: Lower take-home pay today, for a larger retirement corpus tomorrow

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

One thought on “Code of Wages: Lower take-home pay today, for a larger retirement corpus tomorrow”

  1. Kindly let us know what is the treatment on following wage parameters, whether Inclusive or exclusive of wage:
    1) basic 0.5 of ctc, inclusive
    2) hra 0.4 of basic, exclusive
    3) conveyance 1600, exclusive
    4) medical allowance 1250,??
    5) education 200,??
    6) lta 0.1,??
    7) Employer PF, 1950, exclusive
    8) Employer Esic,??
    9) Gratuity, based on above inclusive

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