Budget 2024: Good News! Major Leave Announcement for Government Employees on Cards, Details

Budget 2024: Employees' accrued leave may rise from 240 to 300 days. The Modi government may decide soon to raise the amount of paid time off for workers. The Labour Ministry, Labour Union, representatives of the industry, and some still remained have made numerous decisions regarding new rules pertaining to working hours, yearly leave, pensions, PF, take-home pay, retirement, and other matters. A request was made in this regard to raise the employees' earned leave from 240 to 300 days. It is anticipated that this time around, there will likely be some discussion over the budget.

Labour Union's Proposal for Leave Increase

Labour union members want to see an increase in the maximum amount of earned leave from 240 to 300 days. In September 2020, the Parliament passed new labour reform legislation. The Central Government is currently working to put these into effect as quickly as feasible.

Despite its desire, the administration has not been able to put these into effect as quickly as it would have liked. It is anticipated that the government will be able to make an announcement in this area inside the budget this time around.

Labour Code's Pay Structure Regulation

The Labour Code stipulates that the base pay must make up at least 50% of the total compensation. The majority of employees' pay structures will alter as a result. The amount deducted for PF and gratuity will rise in tandem with an increase in base pay. This will lower the current salary. PF, however, might rise.

Budget Presentation Date

On February 1, 2024, Union Finance Minister Nirmala Sitharaman will make her sixth presentation of the Union Budget 2024. The final budget of the Modi government's second term will be presented by Nirmala Sitharaman because nationwide Lok Sabha elections will take place shortly after. The government can use this opportunity to make a special announcement in order to increase the number of its supporters, particularly those who are employed.

The declaration about include labour rules in the budget can come from the government. The administration has long intended to enact the labour law nationwide, but it is taking longer than expected because of disagreements among the states. The administration may make some special announcements for its support base, but Finance Minister Nirmala Sitharaman has stated that no significant announcements will be made in the budget.

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