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A restructuring of your salary package impacting your take-home is on the cards

21 Mar 2021  by   The Economic Times

According to a February 2021 report, come April, you could see a restructuring of your salary package with a retrospective increase in gratuity and leave encashment provision impacting your take-home, and raising compensation costs for companies as the new wage code comes into effect.

National floor level minimum wage: Leave the balance to be decided by state governments, urge industry experts

06 Mar 2021  by   The Economic Times

The Code on Wages prescribes a statutory floor level minimum wage for the country. The intent is to roll out the four labour codes from April 1 this year and hence the need for determining the minimum floor wage at the earliest.

Changes in basic pay structure will ease pay programme administration

20 Feb 2021  by   The Economic Times

According to Nitin Sethi, CEO, India and South Asia - Performance, Rewards & Organisation Effectiveness, Aon, this is a part of the move to clean and simplify compensation structures.

Will new wage code hit your take-home pay?

10 Feb 2021  by   The Economic Times

Big-ticket components under analysis include a retrospective increase in liabilities for benefit plans, such as gratuity and leave encashment, particularly for organisations where the employee base is long-tenured.

Salary Increases in 2020: Less Hype, More Hope

27 Jan 2021  by   The Economic Times

After all the apprehensions around job losses and pay cuts, the average employee in India, still saw a real, inflation adjusted pay increase in 2020.

The India Salary Increase Story – The Twists of 2020 or Just a Blip?

31 Dec 2020  by   The Economic Times

As per 1050 participating organisations, the pay increases in 2020 in India stands at 6.1%, which is approximately 120 basis points higher than the inflation rate.

New wage rule may raise India Inc's costs from April

08 Dec 2020  by   The Economic Times

Come April 2021, salary slips, provident fund (PF) and gratuity components, take-home pay and even balance sheets of India Inc will be impacted, thanks to the government’s new compensation rules, which are part of the Code on Wages passed by Parliament last year.

Resilient India Inc. bets on recovery, 87% to give salary hikes in 2021: Aon Survey

04 Nov 2020  by   The Economic Times

Among the organisations that are considering giving increments in 2021, 61 per cent of these plan to offer increases between 5 per cent and 10 per cent (projected) compared to only 45 per cent handing out hikes in 2020 in the same range.

EPF contribution at 10% likely to push up your take home by only 1-2%

30 May 2020  by   The Economic Times

As per the analysis, a 4% gross increase of basic wages due to reduction in EPF contribution to 10% for both employers and employees for May, June and July 2020 may not make a material difference to an employee.

More than 60% companies ready to go back to work: Survey

01 May 2020  by   The Economic Times

Over 60 per cent of Indian companies say they have planned for the opening of business operations once the lockdown ends on May 3.