Good news for employees: work 4 days a week instead of 5, 3 days off, government is bringing new rules

 Good news for employees: work 4 days a week instead of 5, 3 days off, government is bringing new rules

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કર્મચારીઓ માટે વધુ એક ખુશખબર, સરકાર આપી રહી છે આ નવી સુવિધા, જાણો શું ફાયદો થશે

 

Source VTV

There is good news for employees.  Now they are going to get relief in working hours and days.  The government is soon considering giving four days job instead of five days a week and 3 days leave instead of two days.  This will be possible in the coming days under the new labor laws made in the country.  On the other hand, the Central Government has increased the Travel Allowance (TA) from 60 days to 180 days.  It will be implemented from 15 June 2021.  In March 2018, the central government reduced the time limit for TM claims on retirement from 1 year to 60 days.  The decision has been taken after several government departments were asking to increase the limit.

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 Will have to work 4 days instead of five

 In the new Labor Code, this option will also be included in the rules, on the basis of which the company and employees can make a decision by mutual consent.  Under the new rules, the government has increased working hours to 12.  The maximum working hours limit is 48 hours per week, in which case the number of working days can be reduced.



The year 2006 turned out to be a momentous year for the insurance sector as regulator the Insurance Regulatory Development Authority Act, laid the foundation for free pricing general insurance from 2007, while many companies announced plans to attack into the sector.

Both domestic and foreign players robustly pursued their long-pending demand for increasing the FDI limit from 26 per cent to 49 per cent and toward the fag end of the year, the Government sent the Comprehensive Insurance Bill to Group of Ministers for consideration amid strong reservation from Left parties. The Bill is likely to be taken up in the Budget session of Parliament.

The infiltration rates of health and other non-life insurances in India are well below the international level. These facts indicate immense growth potential of the insurance sector. The hike in FDI limit to 49 per cent was proposed by the Government last year. This has not been operationalized as legislative changes are required for such hike. Since opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have tipped into the Indian market and 21 private companies have been granted licenses.

The involvement of the private insurers in various industry segments has increased on account of both their capturing a part of the business which was earlier underwritten by the public sector insurers and also creating additional business boulevards. To this effect, the public sector insurers have been unable to draw upon their inherent strengths to capture additional premium. Of the growth in premium in 2004-05, 66.27 per cent has been captured by the private insurers despite having 20 per cent market share.

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વાંચો આ સમાચાર વિગતમાં

 The new draft law proposes to increase the maximum working hours to 12.  In the draft rules of the code, there is a provision to include additional work between 15 and 30 minutes in overtime by calculating 30 minutes.  Under the current rule, less than 30 minutes is not considered eligible for overtime.  The draft rules prohibit any employee from working continuously for more than 5 hours.  Employees have to rest for half an hour every five hours

 Salary will decrease and PF will increase

 According to the new draft rule, the basic salary should be 50% or more of the total salary.  This will change the pay structure of most employees.  Home pay can be reduced and the amount of PF can be increased.  After the implementation of the new pay code, employers will have to pay the employee 50 per cent of the CTC as basic pay.  This will increase the contribution of employees towards other components like PF and gratuity.  Bonuses, pensions, convention allowances, house rent allowances, housing benefits, overtime, etc. will be deducted when the new pay code comes into force.  Companies have to ensure that some of the other components included in the CTC other than the basic salary should not exceed 50 per cent and the remaining half should be the basic salary.

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