India, Nov. 24 -- The implementation of India's four new Labour Codes-which consolidate 29 existing laws-marks a significant overhaul of the country's employment and social security framework.

India's four new labour codes are:

These codes, particularly the Code on Social Security, 2020, introduce major changes to gratuity, Provident Fund (PF), and salary structure, aiming for wider worker protection and formalisation.

India's new Labour Codes introduce a uniform definition of "wages" across all four codes. This change is designed to curb practice of companies deliberately keeping the basic salary component low while inflating various allowances to reduce statutory contributions.

PF and Gratuity Increase: The new definition of 'wages'...