Your Take-Home Salary May Reduce From April Next Year

The in-hand component of salaries of employees may reduce starting next financial year as companies would be required to restructure pay packages after the government notifies draft rules under the new wage rule. The new compensation rules, which are part of the Code on Wages 2019, are likely to become effective from the next financial year starting in April. According to the new rules, the allowance component cannot exceed 50 per cent of the total salary or compensation and this basically implies that basic salary has to be 50 per cent.

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