What is new wage code on salary and final settlement?
What is new wage code on salary and final settlement?
Share
Talks Legal Latest Questions
Sign Up to our corporate Questions & Answers Engine. A fastest-growing platform for professional aspirants.
Welcome back to our corporate Questions & Answers Engine. A fastest-growing platform for professional aspirants.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
The parliament has passed India’s new labour codes which specifically places importance on the areas of pay, social security, labour relations, occupational safety, health, and working conditions. According to NDTV, the new wage code dictates that a company “must pay the full and final settlement of wages and dues within two days of an employee’s last working day following their resignation, dismissal or removal from employment and services”.
Until now, it was the common practice for companies to pay the complete settlement of salary and dues after 45 days to 60 days from an employee’s last working day. In some cases, it went up to 90 days.