Under New Wage Code, Take Home Salary May Reduce, PF and Gratuity to Rise

New changes might be coming for those under the Salary structure. The latest wage code which was to apply from April 1 got postponed. Ministry of Labour decided to implement it later on. There are chances of it coming to effect from this July. It means those with jobs, people working on salary basis can expect a change.

This is the major discussion among everyone. Speculations are that it will be implemented from July and will bring some major changes for job seekers. The salary structure is in for a modification, which means they take home money can also be affected.

The next financial year that is April 2021 might see the changes. The take-home salary will see a reduction. The major things in your payslip like Provident Fund and Gratuity will see a rise. According to the new wage code, the Take the home amount of an employee will be at least 50 per cent of that mentioned in the CTC. That means a person will only be able to take home 50 per cent of their monthly specified amount.

It means that the amount of PF and gratuity that is contributed every month will also be increased. This is not the only decision that will be taken. Other stuff like working hours and the number of holidays will also be affected.

How to Check PF? 

The provident fund or the PF is something that people will like to check. It is difficult to get an update regarding it, but there are methods by which you can check the balance. It provides social security.

• This is the SMS method. A registered member can check the balance through SMS.
• From your registered mobile number, send an SMS to EPFOHO.
• Type ‘EPFOHO UAN’ and send it to 7738299899.
• Pay attention to the space in between EPFOHO and UAN.
• You will receive an SMS with the available account balance.