New Delhi, April 23 -- Many salaried individuals have had their salary break-up rejigged for this financial year in order for companies to comply with the Centre's new labour laws, which came into effect from 1 April this year.

The primary change to the salary structure is a shift in focus towards long-term and retirement savings for salaried individuals, which means your current in-hand pay may take a hit. Overall, it may also impact your taxable salary and which regime you choose.

As per the reforms, there is a new uniform definition of "wages", which will now include basic pay, dearness allowance (DA), and retention allowance. These components are together required to comprise at least 50% of an employee's annual compensation.

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