What are the popular trends in the frequency of pay and advance policies?
From India, Mumbai
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From India, Mumbai
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Dear Pranav, Monthly disbursement of salaries and wages is a statutory requirement. The will of the employers cannot prevail in choosing the frequency so that a trend is formed. Neither populism can override the statutory requirement.
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Dinesh Divekar
From India, Bangalore
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8087Thanks,
Dinesh Divekar
From India, Bangalore
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The Payment of Wages Act prescribes various wage periods and dates for the payment of wages. Accordingly, it shall not exceed 30 days, and the payment for that period should be made within the next 7 days. In an establishment employing 1,000 or more employees, the date of payment of wages may be extended up to the 10th day of the following wage period. There are provisions for payment by week, fortnight, and even daily. However, the most popular frequency for salary payment is on a monthly basis.
There is no legal requirement for any advance payment of wages. However, companies often pay salary advances by the middle of the month.
From India, Kannur
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There is no legal requirement for any advance payment of wages. However, companies often pay salary advances by the middle of the month.
From India, Kannur
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As rightly pointed out, there is no legal or statutory restriction on faster pay. In fact, in spirit, the Wages Act favors payment as soon as the work is conducted.
I am personally surprised that in a credit-constrained country, which otherwise has seen rapid adoption of new technology, employers are still able to get away with paying so late.
From India, Mumbai
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I am personally surprised that in a credit-constrained country, which otherwise has seen rapid adoption of new technology, employers are still able to get away with paying so late.
From India, Mumbai
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