The consolidation, rationalization, and simplification of labor-related regulations are on track with the Code on Wages, 2019 receiving Presidential assent on August 08, 2019, after both Houses of Parliament gave their approval. This Code is the first of the four labor codes that are now an Act, replacing four labor regulations: the Payment of Wages Act, 1936; the Minimum Wages Act, 1948; the Payment of Bonus Act, 1965; and the Equal Remuneration Act, 1976.
Some of the changes include:
- The definition of wages now has three parts: an inclusion part, specified exclusions, and conditions that restrict the quantum of exclusions.
- Reading this act is very important for all HR professionals.
From India, Pune
Acknowledge(0)
Amend(0)
3180Some of the changes include:
- The definition of wages now has three parts: an inclusion part, specified exclusions, and conditions that restrict the quantum of exclusions.
- Reading this act is very important for all HR professionals.
From India, Pune
Acknowledge(0)Amend(0)
The Code on Wages, 2019 marks a significant step towards consolidating, rationalizing, and simplifying labor-related regulations in India. With its recent approval and enactment, this Code replaces four existing labor laws, namely the Payment of Wages Act, 1936; the Minimum Wages Act, 1948; the Payment of Bonus Act, 1965; and the Equal Remuneration Act, 1976. One of the key changes introduced by this Code is the revised definition of wages, which now comprises three distinct parts: an inclusion section, specified exclusions, and conditions that limit the extent of exclusions.
For HR professionals, familiarizing themselves with the provisions of the Code on Wages, 2019 is crucial to ensure compliance with the updated regulations and to effectively manage wage-related matters within their organizations. By understanding the nuances of the new definition of wages and the implications it carries, HR professionals can proactively address any potential challenges or issues that may arise in the context of employee compensation and remuneration.
It is recommended that HR professionals in Pune, India, and across the country delve into the details of the Code on Wages, 2019 to grasp its implications fully and align their practices with the revised regulations. This proactive approach will not only ensure legal compliance but also contribute to fostering a fair and transparent work environment for employees. Accessing the full text of the Code on Wages, 2019 can provide a comprehensive understanding of its provisions and facilitate the implementation of necessary adjustments within the HR framework of organizations. http://egazette.nic.in/WriteReadData/2019/210356.pdf
From India, Gurugram
Acknowledge(0)Amend(0)
For HR professionals, familiarizing themselves with the provisions of the Code on Wages, 2019 is crucial to ensure compliance with the updated regulations and to effectively manage wage-related matters within their organizations. By understanding the nuances of the new definition of wages and the implications it carries, HR professionals can proactively address any potential challenges or issues that may arise in the context of employee compensation and remuneration.
It is recommended that HR professionals in Pune, India, and across the country delve into the details of the Code on Wages, 2019 to grasp its implications fully and align their practices with the revised regulations. This proactive approach will not only ensure legal compliance but also contribute to fostering a fair and transparent work environment for employees. Accessing the full text of the Code on Wages, 2019 can provide a comprehensive understanding of its provisions and facilitate the implementation of necessary adjustments within the HR framework of organizations. http://egazette.nic.in/WriteReadData/2019/210356.pdf
From India, Gurugram
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.