Divya Agarwal
Becomes the First Company in the Indian Gems & Jewellery Sector to surpass the Wage Code Norms of 50%
Surat (Gujarat) [India], April 23: In a progressive move that puts people at the heart of policy, Shree Ramkrishna Exports (SRK), one of India’s leading natural diamond crafting and export companies, has become the first in the gems and jewellery sector to go beyond the statutory requirements of the Code on Wages, 2019 by implementing a 55% fixed wage structure, exceeding the mandated 50%. At a time when India’s new labour codes are reshaping compensation frameworks across industries, SRK has chosen to lead with intent and responsibility.
Under the Code on Wages, 2019, wages comprising basic pay, dearness allowance, and retaining allowance must constitute at least 50% of an employee’s total remuneration, a reform aimed at bringing greater transparency, uniformity, and fairness to compensation practices. SRK has consciously gone a step further by increasing this to 55%, reinforcing its belief that true progress is driven by the well-being and financial security of its people.
For SRK, this is not merely a structural change in salary design, but a meaningful shift in how employees experience stability and dignity at work. By strengthening the fixed component of wages, employees benefit from a more predictable and reliable income, reducing dependence on variable pay elements. This change also leads to higher contributions toward statutory benefits such as provident fund and gratuity, thereby strengthening long-term financial security and retirement readiness. Over time, this translates into more substantial savings, greater confidence about the future, and a deeper sense of trust in the organisation. The move also simplifies salary structures, making them more transparent and easier to understand, which further enhances employee confidence and engagement. In essence, this additional 5% is not just an incremental increase; rather, it creates a tangible and lasting difference in the lives of thousands of employees and their families.
This initiative builds on SRK’s deeply rooted people-first philosophy, where employee well-being, dignity, and long-term financial security have always been central to decision-making—well before regulatory mandates.
Commenting on the initiative, Shri Jayanti Narola, Managing Director, SRK, said, “At SRK, we have always believed in setting benchmarks rather than simply following them. Moving beyond the mandated wage structure is a reflection of our commitment to fairness, transparency, and the long-term prosperity of our people. Thisis about consciously investing in the future of those who power our organisation.”
Dr. Nirav Mandir, Chief Human Capital & Sustainability Officer, SRK, added, “Strengthening the wage component directly enhances the financial security of our people. This decision ensures that the intent of regulatory reform is not only implemented but genuinely experienced in everyday life. It reflects our belief in building a workplace where every individual feels secure, valued, and empowered.”
The implementation of India’s new labour codes marks an important step toward modernising the country’s labour ecosystem, with a strong emphasis on transparency and social security. SRK’s proactive move demonstrates how organisations can embrace such reforms as an opportunity to create deeper, more meaningful impact rather than viewing them as regulatory obligations. By going beyond compliance, SRK is setting a powerful example for the industry, showing that responsible business practices and people-centric growth can go hand in hand. This approach is further reinforced by SRK’s state-of-the-art wage administration practices, which are setting new benchmarks not only within the gems and jewellery sector but also across industries. While certain aspects of wage implementation are guided by regulatory frameworks, many progressive measures at SRK are driven by the leadership’s proactive commitment, reflecting a conscious balance between compliance and conviction in building a future-ready, people-first organisation.
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