Sure, I'd be pleased to share some insights on the education allowance policy generally followed by organizations in Mumbai, India. Please note that the exact figures and conditions can vary from one company to another.
✨ Amount Given: Most organisations offer an education allowance of between INR 20,000 to INR 1,00,000 per year for employee development programs. This can include higher education or skill enhancement courses relevant to their job role. Some companies also aid in the education of employee's children, typically around INR 15,000 to INR 25,000 per child per annum.
📚 Conditions Applied: Typically, these conditions are observed:
1️⃣ The course or program should be relevant to the employee's job role and contribute to their career growth within the organisation.
2️⃣ The employee usually needs to maintain a certain level of performance and show commitment towards the organisation.
3️⃣ The employee may be required to stay with the company for a specified period after the completion of the course. This is to ensure that the company benefits from the employee's enhanced skills.
4️⃣ For child education allowance, the benefit is often limited to two children.
🚦Legal Aspects: As per the Income Tax Act of India, Section 10(14), any allowance granted to meet the expenditure incurred on the education of the employee’s children is exempt up to INR 100 per month per child for a maximum of two children.
I hope this provides you with a good starting point for your research. Please keep in mind that these are just averages and actual figures can vary based on the company's size, industry, and policies.