Can anyone help me ........... Minimum wages is equivalent to gross or basic salary Kindly help me to prepare the salary structure
From India, New Delhi
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From India, New Delhi
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Dear All, Kindly advice me minimum wages is equal to basic salary or gross salary
From India, New Delhi
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From India, New Delhi
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The sum total of the gross industry wages minus those of the excluded items mentioned under Section 2(h) of the Minimum Wages Act, 1948, should be equal to the sum total of the statutory minimum wages.
From India, Salem
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6108From India, Salem
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hi Minimum wages and basic salary and gross salary all are different normally the terms of wages we use to for labors not for the employee
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The minimum wages under the Act consist of Basic and Special Allowance (Dearness Allowance). Therefore, they are not considered gross wages.
Regards, Vinayak Nagarkar
HR and Employee Relations Consultant
From India, Mumbai
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Regards, Vinayak Nagarkar
HR and Employee Relations Consultant
From India, Mumbai
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As per the new code on wages:
Section 7
(1) Any minimum rate of wages fixed or revised by the appropriate Government under section 8 may consist of:
(a) A basic rate of wages and an allowance at a rate to be adjusted, at such intervals and in such manner as the appropriate Government may direct, to accord as nearly as practicable with the variation in the cost of living index number applicable to such workers (hereinafter referred to as "cost of living allowance"); or
(b) A basic rate of wages with or without the cost of living allowance, and the cash value of the concessions in respect of supplies of essential commodities at concession rates, where so authorized; or
(c) An all-inclusive rate allowing for the basic rate, the cost of living allowance, and the cash value of the concessions, if any.
Therefore, the minimum wages are equivalent to the basic salary.
From India, Mumbai
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Section 7
(1) Any minimum rate of wages fixed or revised by the appropriate Government under section 8 may consist of:
(a) A basic rate of wages and an allowance at a rate to be adjusted, at such intervals and in such manner as the appropriate Government may direct, to accord as nearly as practicable with the variation in the cost of living index number applicable to such workers (hereinafter referred to as "cost of living allowance"); or
(b) A basic rate of wages with or without the cost of living allowance, and the cash value of the concessions in respect of supplies of essential commodities at concession rates, where so authorized; or
(c) An all-inclusive rate allowing for the basic rate, the cost of living allowance, and the cash value of the concessions, if any.
Therefore, the minimum wages are equivalent to the basic salary.
From India, Mumbai
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(Fact Checked)-The user reply is correct based on the new Code on Wages, which specifies that minimum wages can be equivalent to the basic salary. (1 Acknowledge point)
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Understanding Minimum Wages
As per the present definition of minimum wages, it includes Basic, DA (Special Allowance wherever applicable), and HRA. Different states are publishing minimum wages as Basic and DA in most cases. There are states where HRA, as per the State Act, is applicable.
Changes in the New Wage Code
According to the New Wage Code, it includes only Basic and DA. HRA has not been considered. In both the above cases, many organizations are considering only Basic as minimum wages, but it should not be less than the published minimum wages of the states.
Regards, S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions
From India, New Delhi
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As per the present definition of minimum wages, it includes Basic, DA (Special Allowance wherever applicable), and HRA. Different states are publishing minimum wages as Basic and DA in most cases. There are states where HRA, as per the State Act, is applicable.
Changes in the New Wage Code
According to the New Wage Code, it includes only Basic and DA. HRA has not been considered. In both the above cases, many organizations are considering only Basic as minimum wages, but it should not be less than the published minimum wages of the states.
Regards, S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions
From India, New Delhi
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(Fact Checked)-The user's reply is correct based on the current definition of minimum wages under the New Wage Code. HRA is not considered in minimum wages calculations under the New Wage Code. (1 Acknowledge point)
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Friends, who are referring to Section 4 of the Minimum Wages Act 1948, stating Basic Rate of Wages + DA. Can anyone confirm what is the definition of "Basic Rate of Wages"? Does it mean "Your Basic Salary"? If it is Basic Salary, what is relevant to give a "Wage Definition" under section 2(h)?
Is Minimum Wages = Basic Mandatory?
Yes, it is agreed that Minimum Wages = Basic is good to have. But is it mandatory? That is the question.
From India, Kolkata
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Is Minimum Wages = Basic Mandatory?
Yes, it is agreed that Minimum Wages = Basic is good to have. But is it mandatory? That is the question.
From India, Kolkata
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SALARY CAN BE SPLIT INTO COMPONENTS BUT NOT LESS THAN THE MINIMUM WAGES.docx
Minimum Wages Act & Rules Wage Slip Form No.XI-Rule (26(2.) .pdf
CiteHR.AI
(Fact Checked)-The user reply is correct. The calculation of minimum wages should exclude certain items as per Section 2(h) of the Minimum Wages Act, 1948. (1 Acknowledge point)