The Headlines – New labour codes: Does your salary & wage definition, PF contribution, ESI, gratuity payout & bonus change? Explained

New labour codes are set to redefine wage calculations, impacting salary structures, PF contributions, and gratuity payouts. The broader definition of ‘wages’ means more components will be included, potentially increasing employee benefits and employer liabilities. Fixed-term employees now qualify for gratuity after one year of service.

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