Retrenchment compesation
This query is : Resolved
10 January 2020
Hi,
Is there any rebate or relief available for retrenchment compensation. If yes, could you please help explain that.
Regards,
Reshmi
Is there any rebate or relief available for retrenchment compensation. If yes, could you please help explain that.
Regards,
Reshmi
CA R SEETHARAMAN
(Expert)
10 January 2020
RETRENCHMENT COMPENSATION – SECTION 10 (10B) :
The retrenchment compensation received by a workman is exempt provided that in general it does not exceed the sum calculated on the basis provided in Section 25F(b) of Industrial Disputes Act, 1947 or any such amount as is specified by the Central Govt. by a Notification, whichever is less. The maximum exemption is Rs. 5 lakhs where retrenchment is on or after 1-1-1997.
The retrenchment compensation received by a workman is exempt provided that in general it does not exceed the sum calculated on the basis provided in Section 25F(b) of Industrial Disputes Act, 1947 or any such amount as is specified by the Central Govt. by a Notification, whichever is less. The maximum exemption is Rs. 5 lakhs where retrenchment is on or after 1-1-1997.
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