New Delhi, Nov. 23 -- The Centre has announced a new framework that consolidates the country's employment statutes into four codes. The new labour codes have overhauled the calculation of wages, gratuity, provident fund (PF), pension, and other social security benefits. These changes affect both employees and employers. Mint explains who benefits and if your take-home salary is affected.

The definition of 'wages' has been standardized across the four new codes. The new definition includes basic pay, dearness allowance (DA) and all other retaining allowances that are part of the cost-to-company (CTC) and are not specifically exempted.

As per The Code On Wages, 2019, the main exclusions include house rent allowance (HRA), conveyance allow...