Last post November 27, 2006 02:03 AM by ayeshaa. 1 repiles.
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.
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 I hope this clarifies your doubt...