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Retaining Allowance
Human Resources » Compensation & Benefits


Chrm Message From: tracy_m Total Posts: 34 Join Date: 19/08/2006
Rank: Executive Post Date: 27/11/2006 01:56:10 Points: 170 Location: United States

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

Chrm Message From: ayeshaa Total Posts: 36 Join Date: 19/08/2006  
Rank: Executive Post Date: 27/11/2006 02:03:20 Points: 180 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

I hope this clarifies your doubt...

ayesha

 
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