What it means
The four Labour Codes took effect on 21 Nov 2025. Section 50(3) of the Code on Wages asks employers to issue wage slips, and the Central rules notified on 8 May 2026 (G.S.R. 343(E), rule 52) set the format as Form V, given electronically or on paper, on or before the day wages are paid. Form V lists the establishment and period; the employee’s name, parent or spouse name, designation, UAN and bank account; rates of basic, DA and allowances; attendance; overtime; gross wages; PF, ESI and other deductions; and net wages paid. States set their own rules for establishments under them, which mostly follow these formats.
Example
Ravi Kumar, store assistant at Kaveri Agencies, October 2026:
| Item | Amount |
|---|---|
| Basic + DA + allowances (26 days) | ₹24,000 |
| Overtime | ₹1,200 |
| Gross wages | ₹25,200 |
| PF (12% of ₹18,000 basic + DA) | ₹2,160 |
| ESI (gross above ₹21,000) | Nil |
| Others (professional tax, Karnataka, ₹25,000 or more) | ₹200 |
| Net wages paid | ₹22,840 |
Common mistakes
- Handing over slips days after salary is credited.
- Leaving out UAN or the bank account number that Form V asks for.
- Showing the employer’s PF share as a deduction.
In MyRecords
MyRecords prints the Form V wage slip from each submitted salary slip, or for the whole month at once, and employees see and print their own payslips in My HR on any phone browser. Download our free payslip template if you run payroll by hand.