Yes, your understanding of the definition of 'wages' as per the new labour codes is largely accurate. The definition of 'wages' under the new labour codes is indeed the sum of Basic Pay, Dearness Allowance, and Retaining Allowance. The exclusions you mentioned such as House Rent Allowance (HRA), bonuses, etc., are also correct. As per new labour codes, these exclusions cannot exceed 50% of the total remuneration. If these exclusions exceed 50% of the total remuneration, then the excess amount is added back to the wages. This indeed has a significant impact on the calculations of Provident Fund (PF), gratuity, overtime, and bonuses. As for its application in the calculation of wage limit under the Employees' State Insurance Corporation (ESIC) Act, the same principle applies. The wage limit for coverage under the ESIC Act is also based on the same definition of 'wages' as per the new labour codes. Therefore, the exclusions cannot exceed 50% of the total remuneration while calculating the wage limit under the ESIC Act. If they do, then the excess amount is added back to the wages. Please do keep in mind that these changes are in line with the objective of the new labour codes to simplify and rationalize the definition of wages across various labour laws.