New Wage Code: Industry stakeholders agree to cap allowances at 50% – details

 

New Wage Code: At a crucial meeting of the Union Labour Ministry on Monday, industry stakeholders agreed to implement the new Wage Code with 50 percent allowances in the salary. The stakeholders have also asked the government to issue clear guidelines regarding exemptions. At the same time, the stakeholders said that the list of exemptions should not be open-ended.

Read More:-Markets open lower; Sensex falls 601 points in early trade

Apart from this, the stakeholders also requested the government to increase the gratuity provisions. Besides, the stakeholders have also sought a two-month time to implement the new rules from the date of the notification.

Other issues like the participation of women workforce also figured during yesterday’s meeting. The government wants to increase the participation of women. It wants 50% of the total workforce to be women.

Read More:-This Adani Group Stock Gains 47% in A Month, Rises 326% So Far This Year; Do you Own?

The Labor Ministry has also asked the industry to use e-shram portal data to create new jobs.

The industry stakeholders also submitted some recommendations related to EPFO ​​and ESIC to the government. They made a presentation on its preparedness for the implementation of the 4 labor laws in the meeting of the Ministry of Labor.

Read More:-Private sector capex on the cusp of revival: HDFC Securities lists these 13 stocks to play the multi-year theme

The Ministry of Labor will now discuss the new laws with the states as part of the exercise to build consensus on new labor laws across the country.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more