Every employee who has worked in the establishment for not less than 30 days in an accounting year shall be paid bonus by his / her employer as per Sec 8 of, The Payment of Bonus Act. The term ‘employee’ as defined in Sec 2(13) does not include contract workers. Hence the position is clear […]
What is NBFC? The Non-Banking Financial Companies (NBFC) is a heterogeneous group of financial institutions that perform vehicle finance, equipment lease finance, personal loans, consumer loans, housing loans, etc. It is regulated by the Reserve Bank of India (RBI). Most NBFC’s are categorized as: NBFC-D NBFC-ND Core investment companies. NBFC-D is NBFCs accepting deposits from banks whereas […]
The incoming 2(y) vis-à-vis the outgoing 2(h) Finally, the new Code on Wages, 2019 which aims to amend and consolidate the existing four legislations, viz., The Equal Remuneration Act, The Minimum Wages Act, The Payment of Bonus Act and The Payment of Wages Act has been published on 8th August 2019. The definitions for the […]
Currently, there are 13 central legislations in India which regulate the Occupational Safety, Health and Working Conditions of the persons employed. These are either based on the type of establishment (ex. Factory, Mines, etc.) or on the class of workers (ex. Contract labour, Interstate migrant workers, etc.). The Code on Occupational Safety, Health and Working […]
What is Overtime? Overtime refers to the period for which an employee has worked more than their regular working hours. As per the overtime policies in India, the working hours are 7 to 9 hours per day and 48 hours a week. The labour laws in India state that any employee who works at overtime […]
A brief history of the Factories Act: In India, large scales of factories/ industries were growing up during the industrial revolution. Major Moore, chief inspector of the Bombay cotton department first raised a question for the provisions of the legislation to regulate the working conditions in factories. Hence the first Factories Act was enacted in […]
The Apex court’s judgment on PF wages was delivered on 28-02-2019 in a case more popularly known as Surya Roshni Ltd & Ors vs Employee Provident Fund & Ors.Hon’ble Supreme Court in the matter of Regional Provident Fund Commissioner Vs. Vivekananda Vidyamandir and other connected appeals including Surya Roshni Ltd considered the scope of ‘basic […]
Yes, of course, it is available. Nowadays cloud computing is an on-demand technology and many companies come forward to offer cloud-based compliance solution. Among them, I would recommend looking at Compfie, futuristic cloud-based compliance tool that enables companies to track, govern and do all the regulatory requirements on the cloud thereby preventing future risks.
The Second National Commission on Labour submitted its report on June 2002 and recommended that the existing set of labour laws should be broadly amalgamated into the following groups, namely:–– (a) Industrial relations; (b) Wages; (c) Social security; (d) Occupational Safety, Welfare & Working conditions. In pursuance of the recommendations of the said Commission and […]
Simply put Compliance means abiding by rules, set guidelines or norms. Though one can relate compliance to even individual citizens, who must act in accordance to set laws for the greater benefit of the society. The term Compliance mostly and more importantly pertains to business establishments, industries, business services or products.
According to the latest buzz, Employee Provident Fund deduction may increase soon for certain segments of the working population. The change does not affect employees earning more than Rs. 15000 in basic wages plus dearness allowance. All variable labour allowances linked to the employee’s efforts, such as overtime allowance, can be excluded. What’s the existing […]