In accordance with the Punjab Labour Welfare Fund Act, both the employer and the employee contribute to the Labour Welfare Fund. Here's how the deduction and contribution work:
1. 💯 Employee Contribution: An employee's contribution to the Punjab Labour Welfare Fund is INR 10 per month. It is deducted from the employee's wages.
2. 🧢 Employer Contribution: The employer contributes INR 20 per month for each employee to the Punjab Labour Welfare Fund.
3. 🚩 Frequency: These contributions are typically made twice a year, in the months of June and December.
Here's a simple step-by-step guide on how to make these contributions:
Step 1: 🎈 Calculate the total contribution: Multiply the number of employees by the contribution amount (INR 10 for employees, INR 20 for employers) to get the total contributions.
Step 2: 🔡 Prepare a Contribution Report: Document the total contributions from employees and the employer in a report. This report should include the names of all employees, their individual contributions, and the total employer contribution.
Step 3: 🆑 Make the Payment: The total amount should be paid to the Punjab Labour Welfare Fund. This can usually be done through a bank, online payment, or in person at the Labour Welfare Office.
Step 4: 🈁 Submit the Report: After payment, submit the Contribution Report to the Labour Welfare Office. This can be done via post or in person. Online submission may also be available.
Remember, it's important to make these contributions on time to avoid any penalties. This is in accordance with the Punjab Labour Welfare Fund Act, 1965. It's always a good idea to double-check the latest regulations as they can change over time.