Retaining Allowance Calculated In Bonus
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Any allowance that is paid to an employee by the employer to retain the resource is a retaining allowance. This is generally an allowance paid to executives during the time when there are no operations, but an amount is paid to retain them in the company. Howeve...
Can anybody explain to me what the Retaining Allowance is all about in PF?
Certainly, retaining allowance is different from overtime. Retaining allowance is paid when an employee is retained by the employer when the factory or establishment is not working. When the EPF Act came into force, at that time in Kolkata and in some other part...
**Understanding Retaining Allowance in the Context of Employment Seasonality**In the Indian context, retaining allowance serves as a mechanism to support seasonal laborers in industries where employment is not consistent throughout the year. This practice is par...
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There are DA/VDA calculations for minimum wages as well as through different schemes both in the public and private sectors. In all methods, the Consumer Price Index (CPI) is a common factor, but the neutralization processes are different. In some cases, it is p...
On which basis is dearness allowance calculated?
The Employee Provident Fund (EPF) in India is calculated based on the basic salary and dearness allowance (if any) at a rate of 12%. Other allowances, such as Conveyance and Defray Allowance, are typically not included in the calculation of the EPF.Conveyance Al...
Dear All,We all know that the Employee Provident Fund (EPF) calculation includes the Basic salary and other components, excluding the House Rent Allowance (HRA), at a rate of 12%. Could anyone shed some light on whether the conveyance allowance, which is fixed a...
For the purpose of EPF contribution, all fixed components of salary as per the contract of employment should be considered. HRA, as a compensatory allowance only, can be excluded. A compensatory allowance means an allowance paid to an employee to compensate for ...