What percentage of net salary can an employee take as a loan? Interested to know if there is any such rule.
From India, Patna
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From India, Patna
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Dear Sudipta,
It would have been better if you had mentioned the type of establishment, such as a factory, shop, or another type of establishment. This is because the process of payment of wages, including deductions on specific heads, is currently covered by the special enactment, namely the Payment of Wages Act, 1936. The applicability of this act is restricted under subsections (4), (5), and (6) of Section 1. Furthermore, the limit on the amount of loans and advances is subject to the provisions of the establishment-specific law applicable to the employee.
The authorized deductions, including those for loans and advances to employees falling under the Act, and the extent of deductions from their monthly wages, are elaborately addressed under Section 7 of the Act. Similarly, this aspect is covered in Section 18 of the yet-to-be-implemented Code on Wages, 2019. I recommend reviewing these sections to gain a better understanding.
Please take the time to go through the information provided and clarify any queries you may have.
Best regards, [Your Name]
From India, Salem
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6108It would have been better if you had mentioned the type of establishment, such as a factory, shop, or another type of establishment. This is because the process of payment of wages, including deductions on specific heads, is currently covered by the special enactment, namely the Payment of Wages Act, 1936. The applicability of this act is restricted under subsections (4), (5), and (6) of Section 1. Furthermore, the limit on the amount of loans and advances is subject to the provisions of the establishment-specific law applicable to the employee.
The authorized deductions, including those for loans and advances to employees falling under the Act, and the extent of deductions from their monthly wages, are elaborately addressed under Section 7 of the Act. Similarly, this aspect is covered in Section 18 of the yet-to-be-implemented Code on Wages, 2019. I recommend reviewing these sections to gain a better understanding.
Please take the time to go through the information provided and clarify any queries you may have.
Best regards, [Your Name]
From India, Salem
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