This document outlines the key details of a Worker's Profit Participation Fund scheme in Pakistan. It defines important terms, establishes requirements for companies to contribute 5% of annual profits to the fund. A board of trustees manages the fund investments and distributions. All permanent workers are eligible for annual distributions based on their salary tiers. Upon leaving employment or retirement, workers receive their full share of accumulated assets in the fund.
Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
Aimed at helping investors and accelerating growth, the Government is planning new labour legislation that would merge 44 labour laws under four categories -- wages, social security, industrial safety & welfare, and industrial relations.
This "Brief Guide" gives information on Contracts of Employment in the Republic of Ireland including minimum required terms and conditions and more information on permanent, fixed term and specific purpose contracts. This document can be downloaded at http://www.collierbroderick.ie/Services/HR%20Administration/Contract%20of%20Employment.asp
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
OBJECTIVE :
1. To Provide for fixing minimum rates of wages in certain employments.
2. The provision of the act are intended to achieve the object of doing social justice to the worker employed in the scheduled employment by prescribing minimum rate of wages for them.
3. To achieve to prevent exploitation of labour & for that purpose the authorities under the act have been empowered to take step to prescribe minimum rate of wages in the scheduled industries.
MINIMUM RATE OF WAGE:
The minimum rates of wages may be fixed for different scheduled employments, different classes of work, in the same scheduled employments, adults, adolescents, children & apprentices & for different localities.
The Act is being implemented by the Central & State Government , & such as both are empowered to frame rules.
Minimum rate of the wages fixed or revised consists of the following:-
a basic rate of wages & a special allowance i.e. cost of living allowance;
a basic rate of wages with or without cost of living allowance & cash value of supplies of essential commodities;
an all inclusive rate, i.e. basic rate, cost of living allowance & cash value of concessions.
The Government may fix the minimum rates of wages either by the hour, day, month or by such large wage-period as may be prescribed which may be revised at intervals & reviewed, if felt necessary.
The employer must pay every employee wages so fixed as notified by the Government.
Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
Aimed at helping investors and accelerating growth, the Government is planning new labour legislation that would merge 44 labour laws under four categories -- wages, social security, industrial safety & welfare, and industrial relations.
This "Brief Guide" gives information on Contracts of Employment in the Republic of Ireland including minimum required terms and conditions and more information on permanent, fixed term and specific purpose contracts. This document can be downloaded at http://www.collierbroderick.ie/Services/HR%20Administration/Contract%20of%20Employment.asp
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
OBJECTIVE :
1. To Provide for fixing minimum rates of wages in certain employments.
2. The provision of the act are intended to achieve the object of doing social justice to the worker employed in the scheduled employment by prescribing minimum rate of wages for them.
3. To achieve to prevent exploitation of labour & for that purpose the authorities under the act have been empowered to take step to prescribe minimum rate of wages in the scheduled industries.
MINIMUM RATE OF WAGE:
The minimum rates of wages may be fixed for different scheduled employments, different classes of work, in the same scheduled employments, adults, adolescents, children & apprentices & for different localities.
The Act is being implemented by the Central & State Government , & such as both are empowered to frame rules.
Minimum rate of the wages fixed or revised consists of the following:-
a basic rate of wages & a special allowance i.e. cost of living allowance;
a basic rate of wages with or without cost of living allowance & cash value of supplies of essential commodities;
an all inclusive rate, i.e. basic rate, cost of living allowance & cash value of concessions.
The Government may fix the minimum rates of wages either by the hour, day, month or by such large wage-period as may be prescribed which may be revised at intervals & reviewed, if felt necessary.
The employer must pay every employee wages so fixed as notified by the Government.
This presentation covers the types of audit, its practical implications, tools for conducting audits, how to plan an audit, and what the outcomes of audit planning and finally how to execute an audit.
Presented to members of the Institute of Chartered Accountants of Pakistan. The presentation covers the AMLA 2010, Rules 2008, Regulations, FMU and its functions, Red Alerts, and the schedule containing predicate offences.
A comparative study of Sales Tax Acts of the Provinces. The Constitutional Backing and issues involved. Also included are changes introduced through Finance Acts 2016 of the Provinces
PPRA rules 2004, Rules relating to Procurement by procuring agencies i.e. Institutions coming under the Federal Government. Guidelines for procurement. Topic relating to commercial functions of Government's procurement agencies
Finance bill 2015 16_Changes Proposed in Sales Tax Act, 1990Muhammad Ijaz Syed
Changes proposed through Finance Bill 2015-16 in Sales Tax Act, 1990.
Wherever strike through is used in this document means deletion or omission. Yellow highlight represent new additions
"Turning Goals into Results". Presentation based on article by Jim Collins. Explaining how big and audacious goals can be turned into reality? How to think out of box? How you can convert dreams into reality?
2. Definitions
Company;
Means a company as defined under Companies Ordinance 1984
And Includes
A body Corporate established by or under any law for the time
being inforce;
Any institution, organization or association whether incorporated or
not, declared by Federal Government in the Official Gazette to be a
company for the purposes of this Act;
Profits
As defined u/s 87C of companies Act-Since companies Act is not
more there and in 1984’s Ordinance Net profits are not defined
there this definition is redundant
Worker
Employee of the company including through contractor as
defined under clause xxx of section 2 of the Industrial relations
Ordinance, 2002
3. The charging provision-Section 3
Company to which scheme applies shall has to
establish fund u/s 3 as soon as the accounts of
the year in which the scheme become applicable
are finalized but not later than 9 months from
the close of the year
Pay to fund subject to adjustment Not later than
9 months of close of the year 5% of its profits
Furnish audited accounts to Federal Government
and the Board
4. Management of Fund-Section 4
Board of trustee-establish within 2 months of
establishment of fund
Two persons elected by workers amongst
themselves
Two being nominated by the company one of
whom shall be from accounts branch of the
company
Trustees shall elect for one year a person to be
the chairman-alternatively amongst the trustees
Procedures of the Board are defined u/s/s 3 to
11
5. Penalty-Section 5
Federal Govt. on default of the company can charge Rs.
5000 and Rs. 1000 for each day of default if the default
continues
Penalty if not paid is recoverable like a land revenue
On application within a period of 6months from the date
of order Federal Govt. can review the order
If any defaulting employer complies strictly to the
scheme and provisions so far as they are applicable then
notwithstanding any thing contained in this act or
scheme, penalty cannot be charged neither the company
is liable to pay interest as provided in the scheme
6. Powers with the Federal Govt
To call for information
Settlement of disputes
Delegation of powers
Power to make rules
Act to override other laws
7. The scheme
This scheme shall apply to all companies engaged in
industrial undertakings which satisfy any one of
the following condition, and to such other companies
as the Federal Govt. may, by notifications in the official
gazette, specify in this behalf, namely:-
The number of workers employed by the company at any time
during a year is 50 or more
The paid up capital of the company as on the last day of its
accounting year is Rs. 5 m (Rs 2 M before 2006’s change) or
more
The value of fixed assets of the company at cost as on the last
day of the accounting year is Rs. 20m (Rs. 4m before the
change ) or more
8. Industrial undertaking means an
institution, organization, enterprises or
establishment which involves the use of
electrical, mechanical, thermal, nuclear or
any other form of energy transmitted
mechanically and not generated by human or
animal agency and which is engaged in any
one or more of the following operations;
i. ….
ii. ….
iii. The transformers, generation, conversion,
transmission or distribution or electrical energy,
including hydraulic power; and
iv. …..
v.
9. Legal preposition
Reading application of scheme with
definition of industrial undertaking
Remember any one condition has to met
They are generating energy-The definition
Have more than 5 m paid up cap-Condition
Have more than 20 m cost of assets-Condition
Even if workers clause is not met above 2
will be met in most cases
10. Fund is available for investment is
company’s operations
Company shall pay interest 2.5% above
bank rate or 75 percent of dividend’s rate
which ever is higher
Incase the company issues further capital
the fund shall have the first option
11. Distribution & Disbursement of
Benefits
All workers are eligible to benefits and to participate however he
has to complete 6 months of employment in a year for eligibility
Shares of workers shall be calculated in number of units with a face
value of Rs. 10
Be divided into three parts for three categories of workers
Category 1(Average monthly salary not exceeding Rs. 7500)= 4 * x
Category 2 (Average monthly salary Exceeding 7500 but not Rs.
15000)= 2 * x
Category 3 (Average monthly salary Exceeding 15000)= x
Monthly salary be rounded to the nearest 10
Number of units available for each category be divided equally in all
workers of that category
No worker shall be allowed to get more than four times of the
minimum wages of unskilled worker notwithstanding any thing
contained in this scheme
12. Distribution
100% of annual income of fund +capital gains
A worker who voluntarily leaves employement or
terminated one 100% of net assets value in his
name
For continuing workers its choice for them to get
their 100% share in assets every year to leave
them invested
Incase of retirement or death while in
employment will receive 100% in net assets in
his name
Voluntary contributions can be made not
exceeding 10% of their annual wages
13. Misc
Fund is Exempt from Income tax (clause
9)
Allowable deduction in Income tax-for
companies (clause 8)
Income of workers are Income tax exempt
(clause 10)
Audit (clause 12)
This shall be in addition to other benefits
that may be available to workers