Introduction The Code on Wages, 2019 has introduced a universal definition of wages that has been incorporated across the three other labour Codes as well. This definition is a marked departure from the multiple varied definitions of the term across different enactments. While the attempt to universalize the definition of such a key term is commendable, much remains to be seen with regards to its effects on wage structuring, payroll, and statutory benefits. The new…
Introduction The Employees’ Provident Fund Organization is one of the world’s largest social security providers which covers approximately 10,24,188 establishments with 1,934 lakh members as of the financial year 2016-17. It administers three major schemes, namely: – Employees’ Provident Funds Scheme Employees’ Pension Scheme Employees’ Deposit-Linked Insurance Scheme Prior to the onset of COVID-19, PF contribution rates were fixed at 12% for both employers and employees. This figure excludes administrative charges that are borne solely…
Introduction While individuals employed in government related jobs are statutorily provided with pensions and other retirement benefits, there exists no law governing the provision of such benefits to individuals in the private sector. This means that individuals in the twilight of their careers either have to invest in private retirement plans or approach old age with a great deal of uncertainty. The above is especially troubling in India that has undergone a demographic shift both…