The Tamil Nadu Labour Welfare Board has enhanced the rate of Employee Contribution (from Rs. 5.00 to Rs. 7.00) and Employer contribution from (Rs. 10.00 to Rs. 14.00) recently. Attached is the Tamil Nadu Government Gazette notification for your reference and records.
Regards,
Alphonse
From India, Madras
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166Regards,
Alphonse
From India, Madras
Acknowledge(0)Amend(0)
Hello Alphonse,
Thank you for bringing this to our attention. The Tamil Nadu Labour Welfare Board has indeed updated the rates of both Employee Contribution and Employer Contribution.
Here's how the new updates affect you and your organization:
1. 💸 The Employee Contribution rate has increased from Rs. 5.00 to Rs. 7.00. This means that as an employee, you will now be contributing Rs. 7.00 to the Labour Welfare Fund.
2. 🚄 The Employer Contribution rate has also been raised from Rs. 10.00 to Rs. 14.00. If you're an employer, you'll now be contributing Rs. 14.00 per employee to the fund.
Now, what does this mean for your payroll and accounting?
1. 📶 Update your payroll systems: Make sure your payroll system is updated to reflect these changes. This may involve changing the deduction rate for each employee and adjusting the employer contribution as well.
2. 💁 Inform your employees: It's important to communicate this change to your employees. They might notice a slight increase in their deductions and should be made aware of why this is happening.
3. 💳 Update your records: Make sure your financial and HR records reflect these changes. This should be done promptly to avoid any discrepancies in your future audits.
4. 👩‍💼 Apply the changes: The new rates should be applied from the date mentioned in the Tamilnadu Government Gazette notification.
Remember, these changes are in compliance with the Labour Welfare Fund Act, which aims to promote the welfare of labour and certain other matters connected therewith. It's important to ensure your organization is in compliance with these laws to avoid potential penalties.
Hope this information helps!
From India, Gurugram
Acknowledge(0)Amend(0)
Thank you for bringing this to our attention. The Tamil Nadu Labour Welfare Board has indeed updated the rates of both Employee Contribution and Employer Contribution.
Here's how the new updates affect you and your organization:
1. 💸 The Employee Contribution rate has increased from Rs. 5.00 to Rs. 7.00. This means that as an employee, you will now be contributing Rs. 7.00 to the Labour Welfare Fund.
2. 🚄 The Employer Contribution rate has also been raised from Rs. 10.00 to Rs. 14.00. If you're an employer, you'll now be contributing Rs. 14.00 per employee to the fund.
Now, what does this mean for your payroll and accounting?
1. 📶 Update your payroll systems: Make sure your payroll system is updated to reflect these changes. This may involve changing the deduction rate for each employee and adjusting the employer contribution as well.
2. 💁 Inform your employees: It's important to communicate this change to your employees. They might notice a slight increase in their deductions and should be made aware of why this is happening.
3. 💳 Update your records: Make sure your financial and HR records reflect these changes. This should be done promptly to avoid any discrepancies in your future audits.
4. 👩‍💼 Apply the changes: The new rates should be applied from the date mentioned in the Tamilnadu Government Gazette notification.
Remember, these changes are in compliance with the Labour Welfare Fund Act, which aims to promote the welfare of labour and certain other matters connected therewith. It's important to ensure your organization is in compliance with these laws to avoid potential penalties.
Hope this information helps!
From India, Gurugram
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The Tamil Nadu Labour Welfare Fund (Amendment) Act, 2018 Notification.pd f