Code of Wages: Lower take-home pay today, for a larger retirement corpus tomorrow
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- By Taxmann
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- Last Updated on 23 February, 2021
Latest from Taxmann
FEB 23, 2021
Rachit Sharma, deputy general manager at Taxmann, said:
“…With the implementation of the Code employers will have to revise the salary structure by providing at least 50 per cent of the salary in the form of basic components”…”during lockdown PF withdrawals were at life-time high. The new wage code would improve the social security of the workforce. It is in the interest of the workforce that the new reformatory labour code is implemented at the earliest.”
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Kindly let us know what is the treatment on following wage parameters, whether Inclusive or exclusive of wage:
1) basic 0.5 of ctc, inclusive
2) hra 0.4 of basic, exclusive
3) conveyance 1600, exclusive
4) medical allowance 1250,??
5) education 200,??
6) lta 0.1,??
7) Employer PF, 1950, exclusive
8) Employer Esic,??
9) Gratuity, based on above inclusive