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Скачать или смотреть Government may cut threshold for gratuity | Top News | News of the Day |

  • BizVD
  • 2020-08-10
  • 25
Government may cut threshold for gratuity | Top News | News of the Day |
economic news todayeconomics newsfinancial newsbusiness todaybusiness finance newsbusiness news liveBizVdBizVd NewsBizVd@trendingBizVd@123BizVd@1234BizVd@documentaryBizVd@closingbellBizVd@morningbellBizVd@bulletinBizVd@primeGratuityearlypaymentoutdatedlawParliamentaryCommitteesocialsecuritycodestandingcommitteeEPFOemployees newsemployees provident fund organisation
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Описание к видео Government may cut threshold for gratuity | Top News | News of the Day |

The central government is considering relaxing the minimum eligibility condition for gratuity payments to employees. The criteria may be reduced between one and three years from five years due to job security issues during the current pandemic. This development comes days after a report on social security code by the Parliamentary Committee on Labour.
The report recommended that the eligibility period for gratuity payable to an employee on termination of his employment should be cut down to one year from the current norm of five years.
There are two options, which are being considered. Pro-rata basis or proportional change for a few sectors, or a reduction in the five-year threshold for all sectors. Demand for the second option has more takers in the normal discourse with experts and economists. The standing committee has suggested lowering it to 1-3 years from the current five years.
Meanwhile, the Parliamentary Committee report had also highlighted the concern that the threshold limit of twenty or more employees for Employees’ Provident Fund Organisation registration can be used by the employers to exclude themselves from the EPFO coverage.

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