There is no new calculation effective from July 2022. All these are unnecessary press reports. Even earlier, PF was (to be) calculated on the gross salary earned. The practice of calculating the PF on basic wages alone was objected to by the EPFO long before, quoting the provisions in the EPF & M Act that the contribution is to be made at the rate of 12% on the basic wages, and that the basic wages mean the TOTAL wages earned by an employee. The employer can restrict those wages to Rs 15,000. That means if your salary is Rs 50,000, only Rs 15,000 will qualify for PF. Obviously, 12% of 15,000 is Rs 1,800, and that will be deducted from the salary.
When the new Labour Code is enforced (when...???), the definition of PF qualifying salary has been redefined. Accordingly, the salary on which PF is to be deducted (and contributed) is equal to basic wages (as designed by the employer) plus 50% of the allowances which exceed those basic wages. Total confusion...! Whatever the basic + allowances or basic + 50% of the allowances in excess of the basic, the employer can restrict the PF to 12% of Rs 15,000. Now we have reached the old pattern! The 12% of 15,000 is Rs 1,800, and the deduction is Rs 1,800 from Rs 50,000. Where is it going to impact your take-home salary?
In respect of an employee whose salary is less than Rs 15,000, the actual salary is the base for PF contribution. I am afraid if any person is working with a salary of less than Rs 15,000 when most of the states in India have minimum wages more than that!