New Delhi, April 16 -- The Indian government has implemented new labour laws from 1 April, with major focus towards helping salaried individuals save for their retired life. The biggest change for you is in the compensation structure, where there is more emphasis on building retirement funds. However, this also means that your current in-hand pay is likely to take a hit.

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.

Further, components such as bonus, house rent allowance (HRA) and special allowances are classified as exclusions till s...