In a good news for crores of salaried employees, new salary rules for India will not come into force from Thursday (April 1). A senior Labour Ministry official told a business daily that Prime Minister Narendra Modi-led government has put the new wage code, that may change the take home salary, on hold for now. This will have an impact on employees' cost to the company (CTC) as well as employers' wage bills. Employers are likely to see increased outgo towards provident fund (PF) and gratuity contributions. Under the Code on Wages 2019, wages will include three components - basic pay, (inflation-linked) dearness allowance and retention payment.

Source: dna March 31, 2021 08:03 UTC