Can anybody tell me what is Retaining Allowance? The question popped up in my mind when i came across this term but could not find a precise meaninig.
Regards,
Tracy
Message From: ayeshaa
Total Posts: 29
Join Date: 19/08/2006
Rank: Executive
Post Date: 27/11/2006 02:03:20
Points: 145
Location: United States
According to Employees Providend Funds & Miscellaneous Provisions Act, 1952, "Retaining Allowance" means an allowance payable for the time being to an employee of any factory or other establishment during any period in which the establishment is not working, for retaining his services
