Budget 2025: Modi government can announce the implementation of labor code rules in the budget. Union Finance Minister Nirmala Sitharaman can announce a plan to implement labor codes in a phased manner in the upcoming budget.
According to sources, these new labor codes will be implemented in three phases. The working hours of the employees will increase. Also, there will be an option to work 4 days a week. If the amount deducted in PF increases, then the salary received every month may decrease.
Labor code can be implemented in three phases
The Labor Code will give time to all small and big businesses and businessmen to implement new policies. If the government announces these codes in Budget 2025, then it will be implemented in the coming financial year. These codes will not only make things easier for businessmen and companies, but employees will also get better social security.
- In the first phase, big companies with more than 500 employees will be required to follow these codes.
- In the second phase, medium-sized companies with 100-500 employees will be brought under its scope.
- In the third phase, these codes will be implemented on small companies with less than 100 employees.
How much time will small businesses get to implement?
Under the new rules and plans of the Labor Code, it will take about two years for small businesses to implement these rules. Let us tell you that MSME i.e. small industries account for more than 85% of India’s business structure.
Talks are going on with the states regarding labor code
The Labor Ministry is in talks with the states to implement these codes. At present, the ministry is busy finalizing the draft regulations with states like West Bengal and Delhi. The government wants to implement the Code on Wages and the Social Security Code in the first phase. The draft rules are expected to be ready with all the states by March 2025.
What are Labor Codes?
The Government of India has consolidated 29 central labor laws into four labor codes. Their main purpose is to strengthen businesses and strengthen the social security of employees.
- Code on Wedges
- social security code
- Industrial Relations Code
- Occupational Safety, Health and Working Conditions Code
Four days of work and three days of rest in a week – rules of the Labor Code
Labor codes may also include a policy of working four days a week and resting three days a week. The purpose of this rule is to create a work-life balance for employees. However, the rule of working four days a week will increase the working hours. Also, the amount deducted in the Provident Fund will increase. In such a situation, the salary received may be less.
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