Hi
Can you please explain me the difference between labour welfare fund and employee welfare fund?
Ann Dominic (Staff Accountant) (24 Points)
24 July 2012Hi
Can you please explain me the difference between labour welfare fund and employee welfare fund?
CA Mayank Tulsyan
(B.Com(H), ACA)
(274 Points)
Replied 24 July 2012
Labour welfare fund is statutorily required to be deducted as per state norms, and deposited to state labour welfare board as per the rules.
Whereas the staff or employee welfare fund is basically deducted as per the companys policy and mainly for the purpose of festival celebration, medical treatment, gifts and other miscellaneous welfare purpose of the staff/employee.
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