Budget 2025: Modi government can announce implementation of Labor Code rules in the budget. Union Finance Minister Nirmala Sitharaman may announce a plan to implement labor codes in a phased manner in the upcoming budget. According to sources, these new labor codes will be implemented in three phases. The working hours of employees will increase. Also, you will get the option to work 4 days a week. If the amount deducted in PF increases, the salary received every month may reduce.
Labor code can be implemented in three phases
The Labor Code will give all small and big businesses and traders time to implement the new policies. If the government announces these codes in Budget 2025, they will be implemented in the coming financial year. These codes will not only provide ease to businessmen and companies, but will also provide better social security to the employees.
In the first phase, it will be mandatory for big companies with more than 500 employees to follow these codes.
In the second phase, medium companies with 100-500 employees will be brought under its purview.
In the third phase, these codes will be implemented on small companies with less than 100 employees.
How much time will small businesses get to apply?
Under the new rules and scheme of the Labor Code, small businessmen will take about two years to implement these rules. Let us tell you that MSME i.e. small industries constitute more than 85% of India’s business structure.
Talks are taking place with states regarding labor code.
The Labor Ministry is in talks with the states to implement these codes. At present, the ministry is busy finalizing the draft regulation with states like West Bengal and Delhi. The government wants to implement the Code on Wages and Social Security Code in the first phase. The draft rules are expected to be ready with all states by March 2025.
What are labor codes?
The Government of India has consolidated 29 central labor laws into four labor codes. The objective of this work is to strengthen the businessmen and strengthen the social security of the employees.
code on wedges
social security code
Industrial Relations Code
Occupational Safety, Health and Working Conditions Code
Four days work a week and three days rest – Labor Code rules
Labor codes may also include a policy of four days of work and three days of rest a week. The purpose of this rule is to create balance between the work and life of the employees. However, the rule of working four days a week will increase the working hours. Also, the amount deducted from the provident fund will increase. In such a situation, the salary received may be less.
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