Community » HR Forums » Human Resources » Compensation & Benefits» Retaining Allowance
Retaining Allowance

Last post November 27, 2006 02:03 AM by ayeshaa. 1 repiles.

November 27, 2006 01:56 AM 1
Total Posts: 34
Join Date: August 19, 2006
Rank: Executive
Post Date: November 27, 2006
Posts: 34
Location: United States

Retaining Allowance

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

November 27, 2006 02:032
ayeshaa
Total Posts: 36
Join Date: August 19, 2006
Rank: Executive
Post Date: November 27, 2006
Points: 180
Location: United States

Re: Retaining Allowance

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