Aparajitha Corporate Services Private Limited, the country’s no.1 company for Compliance, today organized a ’60 Minutes Compliance’ webinar to discuss Labour Compliance vis-a-vis Salary.
The webinar focussed on explaining how the term ’Salary’ varies under different labour legislations and how salary consists of ‘inclusive’ and ‘exclusive’ portions and how there is no ratio prescribed between the two. The discussion was completely based on the recently proposed Labour Codes Point of View and how under the codes, the definition is going to be common, with a 50 % ceiling fixed for ‘exclusive portion’ of the monthly wages which otherwise can be stated as at least 50% of the monthly compensation shall be necessarily considered as wages for any purpose, subject, of course, to the restriction, if any, notified.
Speaking on the occasion, Mr. Nagaraj Krishnan, Managing Director, Aparajitha Corporate Services Private Limited said, “The earlier legislation allowed a lot of loopholes through which salary structures could be tweaked by organizations which might have been discriminatory to the workforce of an organization at certain instances especially in Gratuity, Bonus and Provident Fund. The salary structures which have the wage portion working out to less than 50% might be revisited under the newly proposed codes. This significant change could have an impact on other areas like PF, ESI, Bonus, Gratuity, etc. The webinar intended to take deep-dive into it and explain to people what the term ‘salary’ means, what aspects put together it, and certain nuances of the term that are often missed by many.”
The webinar, which saw participation by individuals comprising of HR professionals and mid & senior level personnel across various industry sectors, was moderated and addressed by Mr. K. Varadan, Chief Consultation Officer, Aparajitha Corporate Services Private Limited.