Maharashtra Labour Welfare Fund Modification Act 2024: Increased Contribution Prices
3 min read
Introduction: The Maharashtra Labour Welfare Fund Amendment Act 2024 marks a major update in the state’s labor regulations, significantly regarding contribution prices. Effective from its enactment, this amendment entails a notable raise in the contribution premiums for each employees and companies.
In depth Evaluation:
1. Amendment Overview: The amendment, reflected in portion 6BB of the Maharashtra Labour Welfare Fund Act XL of 1953, introduces revised contribution premiums.
2. Revised Contribution Prices:
Staff Contribution: The Act now mandates a contribution of Rs 25 for each employee, payable semi-each year.
Employer Contribution: Employers are now obligated to add thrice the volume payable by each personnel, as specified in clause (a) of the amendment.
3. Provision for Revision: The Condition Federal government retains the authority to revise the personnel contribution charge at the time every single three many years. Nevertheless, any boost is capped at thirty per cent of the present level, as stipulated in the Act.
4. Lawful Framework: The Act is enacted underneath the authority vested in the Seventy-fifth Year of the Republic of India, emphasizing its authorized importance and adherence to constitutional provisions.
5. Publication and Implementation: The Act’s publication in the Maharashtra Authorities Gazette on March 18, 2024, signifies its instant outcome upon the specified day.
Summary: The Maharashtra Labour Welfare Fund Modification Act 2024 displays the state government’s dedication to boosting labor welfare actions. By revising contribution costs, the Act aims to make sure sustainable funding for welfare initiatives though balancing the interests of each workforce and companies. Comprehension the implications of these amendments is very important for compliance and powerful labor administration in Maharashtra.
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Monday, 18th March 2024
By buy and in the title of the Governor of Maharashtra,
SATISH WAGHOLE,
Secretary (Legislation) to Authorities,Legislation and Judiciary Office.
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MAHARASHTRA ACT No. XXV OF 2024.
(Initially revealed, after possessing been given the assent of the Governor in the “ Maharashtra Govt Gazette ”, on the 18th March 2024.)
An Act further to amend the Maharashtra Labour Welfare Fund Act.
XL of 1953. WHEREAS it is expedient further more to amend the Maharashtra Labour Welfare Fund Act, for the purposes hereinafter showing it is hereby enacted in the Seventy-fifth Yr of the Republic of India, as follows :—
1. Short title. This Act may possibly be identified as the Maharashtra Labour Welfare Fund (Modification) Act, 2024.
XL of 1953.
2. Modification of segment 6BB of XL of 1953. In part 6BB of the Maharashtra Labour Welfare Fund Act, for sub-segment (2), the following sub-portion shall be substituted, specifically :–
“(2) The sum of contribution payable each and every six months in respect of every employee and an employer for every such staff shall be at the next prices, particularly :–
(a) in regard of an personnel, whose title seems in the sign up of an institution on the 30th June and 31st December, respectively, shall be at the rate of twenty-5 rupees:
Furnished that, the Condition Govt shall on receipt of a proposal from the Board, by notification in the Official Gazette, improve when in each and every 3 several years, the charge of employee’s contribution so, even so that, these kinds of increase shall not exceed thirty for every cent. of the price of contribution
(b) in regard of an employer, for just about every employee referred to in clause (a), thrice the amount of contribution payable by an personnel.”.
