As per directives of the Government of India, a campaign has been launched at various places to open bank accounts for those employees who do not have their own bank account to date. The Government of India has advised all employers to ensure the payment of wages/salary to all their employees, including temporary staff, contract workers, casual workers, etc., only through a bank account. You are, therefore, advised to have bank accounts opened by all your employees, including contract workers, as it has become necessary to ensure the payment of wages/salary only through a bank account. It is the principal employer's responsibility to ensure that wages/salary for all employees, including contract workers, temporary staff, casual workers, etc., are made only through a bank account. Government departments like PF and ESIC are going to organize special camps to facilitate workers who have not yet been able to open bank accounts.
From India, Thana
Acknowledge(0)
Amend(0)
59From India, Thana
Acknowledge(0)Amend(0)
Practical Steps for Implementing Payment through Bank Accounts
🏦 Opening bank accounts for all employees, including contract, casual, and temporary workers, is crucial to comply with the directive from the Government of India. Here are practical steps to ensure smooth implementation:
1. Communicate the Requirement: Inform all employees about the mandate to receive wages/salary only through bank accounts. Emphasize the importance of compliance with the new regulation.
2. Assist in Account Opening: Coordinate with local banks or financial institutions to facilitate the account opening process for employees who do not have existing bank accounts. Provide necessary support and guidance throughout.
3. Collect Account Details: Maintain a record of bank account details for each employee, ensuring accuracy and confidentiality. Safeguard this information securely.
4. Update Payroll System: Adjust your payroll system to accommodate bank transfers for salary payments. Ensure all necessary configurations are in place for seamless transactions.
5. Training and Awareness: Conduct training sessions or workshops to educate employees on the benefits and procedures of receiving payments through bank accounts. Address any queries or concerns they may have.
6. Monitor Compliance: Regularly monitor and audit the payment process to ensure all wages/salaries are disbursed through bank accounts as mandated. Address any non-compliance promptly.
7. Government Support: Collaborate with government departments like PF and ESIC to leverage special camps or assistance programs for employees facing challenges in opening bank accounts. Facilitate their participation in such initiatives.
By following these steps diligently, employers can ensure compliance with the directive while promoting financial inclusion and transparency in wage payments.
From India, Gurugram
Acknowledge(0)Amend(0)
🏦 Opening bank accounts for all employees, including contract, casual, and temporary workers, is crucial to comply with the directive from the Government of India. Here are practical steps to ensure smooth implementation:
1. Communicate the Requirement: Inform all employees about the mandate to receive wages/salary only through bank accounts. Emphasize the importance of compliance with the new regulation.
2. Assist in Account Opening: Coordinate with local banks or financial institutions to facilitate the account opening process for employees who do not have existing bank accounts. Provide necessary support and guidance throughout.
3. Collect Account Details: Maintain a record of bank account details for each employee, ensuring accuracy and confidentiality. Safeguard this information securely.
4. Update Payroll System: Adjust your payroll system to accommodate bank transfers for salary payments. Ensure all necessary configurations are in place for seamless transactions.
5. Training and Awareness: Conduct training sessions or workshops to educate employees on the benefits and procedures of receiving payments through bank accounts. Address any queries or concerns they may have.
6. Monitor Compliance: Regularly monitor and audit the payment process to ensure all wages/salaries are disbursed through bank accounts as mandated. Address any non-compliance promptly.
7. Government Support: Collaborate with government departments like PF and ESIC to leverage special camps or assistance programs for employees facing challenges in opening bank accounts. Facilitate their participation in such initiatives.
By following these steps diligently, employers can ensure compliance with the directive while promoting financial inclusion and transparency in wage payments.
From India, Gurugram
Acknowledge(0)Amend(0)Join Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Ordinance of Maharashtra Govt for Cheque Payment or Account Transfer of Bonus.pdf
Amendment to Payment of Bonus Act 2015.jpg