How Salary, Taxes And Other Rules May Change After June 30: 10 Points
The in-hand salary, contribution to Employees' Provident Fund and working hours could change significantly as the Centre plans to implement the new labour laws, including the new wage code, from July 1. The newly prescribed wage codes lay down a series of modifications, which will result in increased work hours, PF (Provident Fund) contributions, and decreased in-hand salary for the employees. The government is in the process of i...
- The in-hand salary, contribution to Employees' Provident Fund and working hours could change significantly as the Centre plans to implement the new labour laws, including the new wage code, from July 1. The newly prescribed wage codes lay down a series of modifications, which will result in increased work hours, PF (Provident Fund) contributions, and decreased in-hand salary for the employees.
- The government is in the process of implementing the new labour codes with effect from July 1. However, a few states are yet to frame the rules under all four labour codes. Only 23 states and Union Territories (UTs) have published the draft rules under the Code on Wages, Minister of State for Labour and Employment Rameshwar Teli had said in a written reply to Lok Sabha.
- The dearness allowance (DA), which will be released the next month, in July 2022, may be increased for thousands of government employees. Twice a year, in January and July, the DA is announced. The government may adjust the DA amount for July 2022 due to a rise in retail inflation.
- From July 1, Tax Deducted at Source (TDS) on business benefits for sales promotion will apply to social media influencers and doctors. The Central Board of Direct Taxes (CBDT) has released guidelines on the applicability of the new provision.
- The Reserve Bank of India has given a three-month extension after June 30, 2022, for provisions related to activating and tokenisation of credit or debit cards and co-branding norms.
- The RBI on Friday extended data storage rules implementation for credit and debit cards, or the card-on-file (CoF) tokenisation deadline by three months to September 30, 2022, given various representations received from industry bodies.
- The RBI also notified all non-bank prepaid payment instrument (PPI) issuers in the country to restrict them from loading instruments, including prepaid cards using credit lines.
- The RBI last year had issued debit and credit card tokenisation rules, keeping in mind customer safety. Under the rules, merchants were barred from storing customer card data in their servers. These card tokenisation rules were to be effective from July 1, 2022. But on Friday, the central bank gave a three-month extension for this rule to be implemented.
- The "One Nation, One Ration Card" (ONORC) programme of the government has been successfully implemented throughout the nation, with Assam being the last state to make the service operational. Beneficiaries protected by the National Food Security Act of 2013 (NFSA) can use their current ration cards with biometric verification to purchase their allotted amount of subsidised foodgrains from any electronic point of sale device (ePoS)-enabled fair price shops of their choosing under ONORC.
- Central Government's flagship programme - the Pradhan Mantri Awas Yojana-Gramin (PMAY-G), or the pucca housing scheme - is aimed at constructing houses in rural areas. PMAY-G began in November 2016 with a target of completing 2.7 crore houses. So far, according to the Ministry of Rural Development, 1.8 crore houses have been constructed, which is 67.72 per cent of the target.