Hi All
Can anyone send me a copy or details of about the new wage code . Is it complusory that we calulcate the basic as 50% for an IT company on TamilNadu ? Is there any time limit on this ?
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Hey @kavitha1980 ,
The calculation of the basic salary as 50% of the total salary in an IT company in Tamil Nadu is not mandatory or set by any specific law. The determination of salary components, including the percentage allocated to basic salary, is typically based on industry standards, company policies, employment agreements, and negotiations between the employer and employee.
It’s important to note that different companies may have different salary structures and components based on their internal policies and practices. Therefore, it is recommended to refer to the employment agreement, company policies, or consult with the HR department of the specific IT company in Tamil Nadu to understand their salary structure and the allocation of components.
Additionally, there is no specific time limit imposed on this calculation. However, it is important to ensure that the salary structure complies with applicable labor laws, including minimum wage requirements and any other relevant regulations specific to Tamil Nadu. Consulting with legal professionals can provide more accurate guidance based on the specific circumstances and applicable laws.
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Thank you so much. As of now we the basic at 40% and for PF at 85% . So I dont think we need to make any changes for now
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