Through this scheme, the families of workers also receive nutritious food, medical facilities and access to recreational facilities. Also, workers in the unorganized sector earn higher wages as a result of this fund, hence, better living conditions that increase the standard of living for a lot of them. Some of them are mentioned below Improved social securityīecause of this fund, unemployed people or women in subsidiary occupations have a better chance of arranging for medical treatments. While different states decide how they decide to use the funds, there are some benefits that are majorly common to all.
What are the common benefits of the Labour Welfare Fund (across states)? If you are running payroll in excel, the following helps you understand the compliance calculations: how to run payroll in excel. You need to check the applicability and this will depend on the state your company is registered in.Īpart from the Labour Welfare Fund, some of the other compliances for payroll that you need to be aware of are Employee State Insurance, Employee Provident Fund, Professional tax and TDS. The amount to be contributed, the last date to contribute and even the penalties for not contributing differ from one state to the other. This will vary based on the state in which your company functions. Based on this act, you as an employer need to contribute a certain about on your behalf as well as on behalf of your employee. Out of 36 states and union territories, the act has been only implemented in 16 of them (I have mentioned a list below). The Labour Welfare Fund (LWF) is an initiative by the government of India to help and improve the living conditions of the unorganized sector.
What are the common benefits of the Labour Welfare Fund (across states)?.In this blog, I have written in detail about how you can calculate and contribute to the LWF. If you are running your company’s payroll, you need to understand the different aspects of the LWF and how it applies to you. This contribution is carried out for the benefit of workers and labourers in the unorganized sector. Labour welfare Fund (LWF) is a statutory contribution that state authorities manage individually. We look at tips, tricks and hacks for achieving growth in today’s world That holds true for any business in today’s world. Growth A business exists to achieve growth.Human Resources Human resources category.HR Concierge: Shared Services for Startups.Best Performance Management Software for Startups and Small businesses.
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