The Indian government has introduced major changes in the wage structure under the new labor code, directly impacting employees’ monthly in-hand salary and their future retirement funds. According to the new rules, the basic salary should now account for at least 50% of your total CTC, which was previously around 30%. This means that the basic salary will increase, and allowances will decrease.
If your monthly CTC is 1,00,000 INR, the basic salary will now be 50,000 INR, whereas it was 30,000 INR before. The PF contribution that was previously 7,200 INR will now increase to 12,000 INR. The NPS contribution will also increase from 4,200 INR to 7,000 INR. As a result, your take-home salary will decrease by approximately 7,600 INR per month.
Furthermore, under the new rules, your total PF and NPS corpus, which was approximately 3.46 crore INR, could increase to as high as 5.77 crore INR. This means you could receive an additional 2.31 crore INR in your retirement funds.
While a reduction in your monthly take-home salary may initially pose some challenges, it will be beneficial for securing your long-term financial stability. Increased PF and NPS contributions over the years will strengthen your retirement fund, reducing financial worries in the future.
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