Overview – Decoding The New Wage Code

 

Ms. Shaifaly started with a detailed introduction of activities being conducted by HR SUCCESS TALK. She started with Learning & Development by sharing the information of the previously conducted webinars such as “Work From Home – is this the new Normal?”, “Inculcating the sense of Ownership & Responsibility amongst employees” and others. In total, we have successfully conducted 22 Webinars since April 2020. She also briefed about the upcoming webinar on Ramping Hiring Capability which is planned for March 20, 2021, from 11:00 hrs to 12:30 hrs. Interested souls can register themselves by visiting the HR SUCCESS TALK portal.

Then she briefed the HR Forum where all HR Professionals or To be HR Professionals help each other by sharing the questions and their answers. This is a platform where you can put your questions in an open forum and experienced or knowledgeable HR professionals will answer your questions including Volunteers of HR SUCCESS TALK.

Then she put some light on Social Media Vertical, HR Strings Meet, YouTube Channel, Assessments and Certifications, HR Awards, Blogs/Website, Workshop. You can visit www.hrsuccesstalk.com to know more about the upcoming events.

Moving forwards, she profoundly introduced the founders and advisors of HR SUCCESS TALK who all are putting all their best efforts to run and expand this Fraternity. She also appealed to the participants to become Volunteers of HR SUCCESS TALK under different verticals.

After an energetic introduction to HR SUCCESS TALK, she handed over the session to Mr. Radha Krishna Murthy, who is an advocate of the High Court of Telangana and Andhra Pradesh and a Corporate Legal Consultant. He has adorned various government boards and Committees as a part of committees or boards. He strongly believes and says “I am not that lawyer who says ‘I am a dispenser of Justice’, I am but the lawyer who says ‘God is the Chief Justice”.

Then Mr. Radha Krishna Murthy started his session by introducing the upcoming changes made by the Hon’ble Government of India to make a more feasible work environment for Employees in the pretext of the current working situations and to benefit the business by increasing Ease of Doing Business in the country. Currently, there are 14 different prevailing acts that are merged into 4 Codes and various definitions of the acts have been changed or revised in accordance to benefitting the employees and employers both simultaneously. This session was particularly on “Code on Wages, 2019” which will come into effect by 1st April tentatively. This code is merging 4 prevailing acts which are “The payment of Wages Act, 1936”, “The Minimum Wages Act, 1948”, “The Payment of Bonus Act, 1965” and “The Equal Remuneration Act, 1976”. He explained the revised universal Definition of Wage (Earlier definition of Wage was different in all acts), which is that the minimum 50 % of total wage has to be considered as “Basic Wages” and all other benefits of employees or liabilities of the employer to be calculated on the same.

He covered all important aspects of The New Wage Code, 2019 as follows;

  • Interpretations and Definitions of Employee, Establishment, Employer and Inspector-cum-Facilitator. 
  • Methods and Frequencies of Payments to workers. (Daily, weekly, Fortnightly or monthly)
  • Revised conditions of Claims, Limitations, and Appeals as an employee.
  • Impact on conducting Offenses, Faulty Records, Returns and Inspections, and Accuracy of Balance Sheet.
  • Inquiry on Offenses, Penalties, and Criminal Complaints (New and added feature in the code).
  • New Definition of Minimum Wages according to the Different Categories & Geographical Areas and Revision schedule.
  • Threshold Limit, Eligibility (Minimum & Maximum), and Infancy Period under Payment of Bonus.
  • Fixed Terms Employment and Added condition of Payment of Gratuity

On the whole, he explained each and every important aspect which has a major revision and is affecting employees as well as employers. His method of explaining the revised conditions was so distinguished that he successfully connected the participants and participants had no queries on the information shared by him but most of them questioned the speculations which they were not aware of.

The most highlighting part of the session was, Moderator and Facilitator were taking the questions on the ending of each important topic, and then they were moving on with the next important topic. As it was a virtual session, they handled the participants calmly and patiently and responded to them with acceptable answers. Kudos to Mr. Radha Krishna Murthy for his wonderful and excellent session on the highly impacting change for an HR Professional in the coming days, weeks, months, and years. A special thanks to L&D Team for their exceptional approach to bring such knowledge-worthy webinars on board.

We would like to thank our Speaker Mr Radhakrishna Murthy and Moderator Mr Govind Singh Negi for delivering this insightful session and educating our participants about the “The New Wage Code”

Click here to watch the Webinar and enhance your knowledge about the “The New Wage Code”

Author – Himanshu Desai, HR Professional and Management Consultant, HR Prism Management Consultants / Content Strategist , HR SUCCESS TALK

A Human Resources professional skilled in HR Management, Organizational Development, Policy Formulation & Implementation, Talent Acquisition, Manpower Planning & Succession Planning, Training & Development and Behavioral Competency Framework. His potential clientele includes some industry giants in India and abroad for implementing HR Projects and Management Concepts. He operates his knowledge sharing business with his own firm HR Prism Management Consultants.

 

 

 


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