Code on Social Security 2020

The Code on Social Security, 2020 received parliamentary and presidential approval in October 2020. This has been a significant measure towards combining, harmonising and simplifying various legislation on social security in India.

Willis Towers Watson has put together a detailed note around the implications of the Code on retirement benefits from the perspective of the employer and employee in the organised sector. We have covered the following key amendments of the code:

• Broadening of the definition of wages, and its implications on compensation structure and retirement benefits;
• Benefits extended to those on fixed-term employment;
• Specific amendments with respect to Retirement Benefits (Gratuity and Provident Fund) including dormant provisions which could have further implications, if made effective.

As always, we are committed to providing clarity and confidence to you, our valued clients. To help you better understand and prepare for the people, risk and insurance implications for your organisation, our team of experts remain available to assist you.

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Disclaimer

This note should not be considered as a formal legal or tax advice. This view is subject to the interpretation of concerned Regulatory authorities.

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