What is LWF? Benefits & Contribution

 

Labour welfare fund is a statutory contribution managed by individual state authorities. The state labour welfare board determines the amount and frequency of the contribution.

What is Labour Welfare Fund?

Labour welfare is an aid in the form of money or necessities for those in need. It provides facilities to labourers in order to improve their working conditions, provide social security, and raise their standard of living.

To justify the above statement, various state legislatures have enacted an Act exclusively focusing on welfare of the workers, known as the Labour Welfare Fund Act. The Labour Welfare Fund Act incorporates various services, benefits and facilities offered to the employee by the employer. Such facilities are offered by the means of contribution from the employer and the employee. However, the rate of contribution may differ from one state to another.

Scope of Labour Welfare Fund Act

The scope of this Act is extended to housing, family care & worker's health service by providing medical examination, clinic for general treatment, infant welfare, women’s general education, workers activity facilities, marriage, education, funeral etc. State specific Labour Welfare Funds are funded by contributions from the employer, employee and in few states, the government also.

Comments

Post a Comment

Popular posts from this blog

What is Professional Tax, Rates, Due Date, Compliance — Simpliance

Image
  Professional Tax is a state-level tax levied on individuals earning an income through employment, trade, or profession. The tax is governed by the respective State Governments and varies from one state to another. The tax is typically calculated as a percentage of the income earned, subject to a maximum limit. The amount of tax payable may vary depending on the salary bracket of the individual, and some states also provide exemptions or deductions based on factors such as age, gender, and occupation. Professional Tax is usually deducted at source by the employer and remitted to the State Government. Failure to pay the tax can result in penalties and legal action. Understanding the implications of Professional Tax is essential for individuals who earn a professional income. It is important to stay updated on the tax rates, exemptions, and deadlines to avoid any legal or financial implications. Simpliance  provide comprehensive information on  Professional Tax , including its implicati
Read more

Best Risk Management Software for 2024 — Simpliance

Image
  Simpliance’s   Risk Management Software  is a comprehensive solution suite that empowers organizations to operationalize the foundation of their ESG risk mitigation programs. Protect your business from losses, fines, and adverse impacts with our advanced tools. Equip your functional leaders with robust digital tools to effectively identify, manage, and mitigate risks. Enhance performance, ensure compliance, and drive success with our innovative software. Experience the power of Simpliance’s  Risk Management Software.
Read more