7th Pay Commission: From April 1, there will be a big change in your salary, PF, graduation, understand in detail
On February 8, Labor and Employment Secretary Apoorva Chandra said the ministry would soon implement the four codes. He said all the relevant things were done while making these rules.
New Delhi: 7th Pay Commission: Salary of government and private sector employees will increase after the new pay code bill (new wage code) is implemented from April 1, 2021. The monthly provident fund (PF) and graduate contributions will also change from 1 April. This is because the government has provided that the basic salary of an employee should be 50 per cent of his monthly CTC.
This means that if the new wage code bill comes into force on April 1, your basic salary will be 50 per cent or more of your total salary, meaning that the allowance you receive will not be more than 50 per cent of your salary. It will affect your monthly salary which is in your hands, i.e. your Take Home Salary will go down. But the contribution of PF and graduate will increase so in the long run you will have more amount.
On February 8, Labor and Employment Secretary Apoorva Chandra said the ministry would soon implement the four codes. He said all the relevant things were done while making these rules.
The Ministry of Labor will implement these four codes
1. Code on Wages
2. Industrial Relations
3. Occupational Safety
4. Health and Working Conditions and Social Security Codes
Let me tell you that the government has not yet announced the date of implementation of the new Wage Code, but it is assumed that it will be implemented from 1 April 2021.
Additional announcements will be made in DA soon
It is hoped that the central government may soon announce an increase in the cost of living allowance (DA) for its employees. The finance ministry has already said that the DA will be announced in view of the central employee's pension or basic salary. DA and DR (Dearness Relief) still have an annual expenditure of Rs 12,510 crore, but after the increase, it is expected to reach Rs 14,595 crore annually.
On the other hand, in her budget speech, Finance Minister Nirmala Sitharaman said that the LTC has been kept under the ambit of tax exemption in view of the Koro crisis. The government feels that this will put a lot of money in the hands of government employees. It will also benefit the economy.
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