New wage code: How you may end up with more funds post-retirement — explained
New wage code 2022: After Union Labour Minister Bhupender Yadav exuding confidence about the four labour codes to soon become a reality, new wage code on wages, social security, industrial relations and occupation safety, health and working conditions is in new again. Once the wage code becomes a reality, an employee's basic salary would become at least 50 per cent of its CTC, leading to rise in monthly contribution of PF and gratuity. Speaking on the new wage code 2022 proposals in regard to basic salary, Kartik Jhaveri, Director — Wealth at Transcend Capital said, "After implementation of the new wage code, an employee's basic salary would become at least 50 per cent of its net CTC. On how one's retirement fund would go up after implementation of new wage code, SEBI registered tax and investment expert Jitendra Solanki said, "The EPFO rule says that an employee will have to mandatorily contribute 12 per cent of its basic salary. As current average basic salary of an employee is expected to double after implementation of the new wage code, one's monthly contribution would also get doubled."
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