Tuesday, September 21, 2010

New Notifications under Indian Labour Statutes-2010

· The Employees’ Provident Fund Board (EPFO) on Wednesday 15 September 2010 hiked interest rate paid to subscribers by 100 basis points to 9.5% for the current financial year from 8.5% a year ago. At 9.5%, the interest rate on EPF is 150 basis points higher than governmentrun provident funds like public provident fund.
· The Payment of Wages Act, 1936 amended to enhance the wage ceiling for its applicability. It is presently fixed at Rs. 10,000/- per month.
· The Payment of Bonus Act, 1965 amended to enhance the eligibility limit from Rs. 3,500/- per month to Rs. 10,000/- and calculation ceiling from Rs. 2,500 to Rs. 3,500/- per month while making employees employed through contractors on building operations eligible for payment of bonus under the Act.
· The Apprentices Act, 1961 amended, inter alia, to provide for reservation for other Backward Classes.
· The Maternity Benefit Act, 1961 amended to enhance the medical bonus from Rs. 250/- to Rs. 2,500/-and also empowering the Central Government to increase it from time to time before every three years, by way of notification in the Official Gazette, subject to a maximum of Rs. 20,000/-.
· The Employees State Insurance Act, 1948 amended to improve the quality of delivery of benefits under the scheme and also to enable ESI infrastructure to be used to provide health care to workers of the unorganised sector.
· The Payment of Gratuity Act, 1972 amended for raising the ceiling of Gratuity for employees in the private sector to Rs. 10 lakh from Rs. 3.5 lakh.
· The Plantations Labour Act, 1951 amended to provide safety and occupational health care to plantations workers.


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1 comment:

  1. Good information about the blog, Insured Person Registration | Employee's State Insurance Corporation, Ministry of Labour & Employment, Government of India.

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