Budget 2024: Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country. In such a situation, the government can make many announcements to cash in on its vote bank, especially for the salary class.
Budget 2024: Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country. In such a situation, the government can make many announcements to cash in on its vote bank, especially for the salary class. The government can make an announcement regarding bringing labor laws in the budget. The government has been planning to implement the labor law across the country for a long time, but due to lack of consensus among the states, there is a delay in implementing the law. However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but the government can make some special announcements for its vote bank.
What is Labor Code i.e. Labor Law?
In India, 29 Central Labor Laws are divided into 4 codes. The rules of the code contain 4 labor codes like Wages, Social Security, Industrial Relations and Occupation Safety and Health and Working Conditions etc. So far 23 states have prepared these draft laws. Apart from the Centre, it is also necessary for the state governments to notify these rules, only then they will be implemented.
There will be holiday for 3 days a week
According to the rules of labor law, companies will have the right to increase the working hours to 12 hours but then they will get one more day off. Then in that case the employees will get leave for 3 days straight, not just one or two days.
Salary will decrease but PF received on retirement will increase.
According to the new rules, basic salary should be 50% or more of the total salary. This will change the salary structure of most employees. Due to increase in basic salary, PF and gratuity money will be deducted more than before. That is, the salary received may be less than before. Deducting more money from PF during job will result in more money after retirement.
