What are the popular trends in the frequency of pay and advance policies?
From India, Mumbai
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From India, Mumbai
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Dear Pranav,
Monthly disbursement of salaries and wages is a statutory requirement. The will of the employers cannot prevail in choosing the frequency so that a trend is formed. Neither populism can override the statutory requirement.
Thanks,
Dinesh Divekar
From India, Bangalore
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8220Monthly disbursement of salaries and wages is a statutory requirement. The will of the employers cannot prevail in choosing the frequency so that a trend is formed. Neither populism can override the statutory requirement.
Thanks,
Dinesh Divekar
From India, Bangalore
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The Payment of Wages Act prescribes various wage periods and dates of payment of wages. Accordingly, it shall not exceed 30 days, and the payment in respect of that period should be made within the next 7 days. In an establishment employing 1000 or more employees, the date of payment of wages shall be extended up to the 10th day of the following wage period. There are provisions for payment by week, fortnight, and even daily. But the most popular frequency of payment of salary is a monthly basis.
There is no legal requirement for any advance payment of wages. But companies use to pay salary advances by the middle of the month.
From India, Kannur
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There is no legal requirement for any advance payment of wages. But companies use to pay salary advances by the middle of the month.
From India, Kannur
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As rightly pointed out, there is no legal/statutory restriction on faster pay. In fact, in spirit, the wages act favors payment as soon as the work is conducted.
I am personally surprised that in a credit-constrained country which otherwise has seen rapid adoption of new technology, employers are still able to get away by paying so late.
From India, Mumbai
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I am personally surprised that in a credit-constrained country which otherwise has seen rapid adoption of new technology, employers are still able to get away by paying so late.
From India, Mumbai
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