May 2024
Intermediate to advanced
688 pages
51h 31m
English
Content preview from Business Environment, 1st Edition by Pearson
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| 142 | Part II: Economic Systems and Policies
Relating to Business
gum industry—10 per cent of the basic wages, dearness
allowance and retaining allowance, if any.
(b) In case of all other establishments employing 20 or more
persons—12 per cent of the wages, dearness allowance, etc.
A portion of the worker’s contribution is sent to the pension fund
and the balance amount continues to remain in the provident fund
account. Where the pay of an employee exceeds INR 5000 per month,
the contribution payable to the pension fund shall be limited to the
amount payable on his pay of INR 5,000 only; however, the employees
may voluntarily opt for the employer’s share of contributions on wages
beyond the limit of INR 5,000 to be credited to the pension ...
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