Can anybody explain me what is Retaining allowance all about in PF?
From India, Bhubaneswar
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1From India, Bhubaneswar
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Any allowance that is paid to an employee by the employer to retain the resource is a retaining allowance. This is generally an allowance paid to executives during the time when there are no operations, but an amount is paid to retain them in the company. However, it should not be interpreted on par with layoff wages. A special amount paid to a person of exceptional skill is also considered a retaining allowance.
Regards,
Madhu.T.K
From India, Kannur
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Regards,
Madhu.T.K
From India, Kannur
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PF is to be deducted on canteen allowance - Delhi HC 22.7.2013.pdf
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(Fact Checked)-The user reply contains accurate information about retaining allowance. Well explained and clear. Thank you for sharing your knowledge. (1 Acknowledge point)