How is LWF calculated?
How is LWF calculated?
The rate of contribution from an employee is Rs. 0.2% of the salary or any remuneration subject to a limit of Rs. 25/-. The rate of contribution from an employer is twice the amount contributed by such employee.
What does LWF mean?
Labour welfare fund
Labour welfare fund is a statutory contribution managed by individual state authorities. It 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.
What is LWF and how is it calculated?
LWF deduction is based on the rates as per applicable under state rules, which is listed below. LWF deduction is managed into two parts, ‘LWF Employee Contribution’ and ‘LWF Employer Contribution’. The employee part is deducted from salary. The deduction will be monthly, on half yearly, or annual based on state act.
Is LWF applicable for all employees?
In order to provide social security to workers, the government has introduced the Labour Welfare Fund Act. This act has been implemented only in 16 states out of 37 states including union territories. The Labour Welfare Fund Act is not applicable to all category of employees working in the establishment.
How do I apply for LWF benefits?
5,000/- towards Funeral Expenses. Following is the eligibility criteria: i) The employee should have been contributing to the Labour Welfare Fund. ii) Employee’s monthly salary should not exceed INR 25,000 (basic pay + dearness allowance).
Who is applicable for MLWF?
Maharashtra Labour Welfare Fund has become effective in the year 1953 and is applicable to all the companies in the state that has 5 or more persons employed, . Includes all employee, including employee through contractor, except those working in the managerial or supervisory position and drawing wages more than Rs.
What is LWF employee contribution?
In order to provide social security to such workers, Government has introduced Labour Welfare Fund to ensure assistance to unorganized labours. The contribution to LWF fund by the employee is Rs. 6 for salary upto Rs. 3000 and Rs. 12 for salary above Rs.
How many employees should be there for LWF?
RULES: Any Establishment/Employer employing 50 or more persons.
What is EWF in salary?
Employees Welfare Fund, setup in 1991, caters for the welfare, leisure and recreational needs of employees and their families in terms of loans, financial assistance and welfare projects.
What is MLWF in salary slip?
Maharashtra Labour Welfare Fund (MLWF) is Covered under The Maharashtra Labour Welfare Act, 1953. Applicability : Maharashtra Labour Welfare Fund has become effective in the year 1953 and is applicable to all the companies in the state that has 5 or more persons employed.
What is the benefit of Labour welfare fund?
Some of the major benefits of labour welfare are: (1) Improved Industrial Relations (2) Increase in the General Efficiency and Income (3) High Morale (4) Creation of Permanent Labour Force (5) Improvement in the Mental and Moral Health (6) Change in the Outlook of Employers and (7) Social Benefits.
