I have received offer letter with 33% of CTC as the basic pay, now the new labor code mandates 50%, it appears that this has been mandated since 2022, but somehow both my current organization and Citi are providing 33%.

Is it because they are located in Special Economic Zones and subject to certain exemptions? Will these corporations revise the letter for everyone now? Why did it not happen in 2022 when they started to mandate 50% of CTC as basic?

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