Dear Seniors, what is "cash value of the wages paid in kind"? under form III minimum wages act.
From India, Gurgaon
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2From India, Gurgaon
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Dear Talib,
I would like your interpretation of Rule 20 and the footnote regarding the specific item at serial number 6 of Form-III of the Minimum Wages (Central) Rules,1950.
The formula for calculating the cash value of wages paid in kind is as follows: Cash value = Cost Price paid by the employer - Actual Price paid by the employee.
From India, Salem
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I would like your interpretation of Rule 20 and the footnote regarding the specific item at serial number 6 of Form-III of the Minimum Wages (Central) Rules,1950.
The formula for calculating the cash value of wages paid in kind is as follows: Cash value = Cost Price paid by the employer - Actual Price paid by the employee.
From India, Salem
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Dear Sir,
I read, "Cash value of the wages paid in kind should be obtained by taking the difference between the cost price paid by the employer and the actual price paid by the employee for supplies of essential commodities given at concessional rates." However, I do not understand this properly.
Suppose:
1. My salary components are Basic-10000, HRA-6000, Conveyance-4000, and others-3000.
2. I worked a full day in that year.
Then, how do I compute the cash value of the wages paid in kind?
From India, Gurgaon
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I read, "Cash value of the wages paid in kind should be obtained by taking the difference between the cost price paid by the employer and the actual price paid by the employee for supplies of essential commodities given at concessional rates." However, I do not understand this properly.
Suppose:
1. My salary components are Basic-10000, HRA-6000, Conveyance-4000, and others-3000.
2. I worked a full day in that year.
Then, how do I compute the cash value of the wages paid in kind?
From India, Gurgaon
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Dear Mohmed Talib,
I do not find the supply of anything in kind, like essential commodities, by the employer as part of your salary in your illustration. Such practice is in vogue in certain industries like the Plantation Industry and industries situated in interior areas far away from mainlands. So, you need not rack up your brain unnecessarily just because of the presence of such a column in the Annual Return form under the Act. Simply mark "does not arise" in such columns as your industry does not have such a practice.
From India, Salem
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I do not find the supply of anything in kind, like essential commodities, by the employer as part of your salary in your illustration. Such practice is in vogue in certain industries like the Plantation Industry and industries situated in interior areas far away from mainlands. So, you need not rack up your brain unnecessarily just because of the presence of such a column in the Annual Return form under the Act. Simply mark "does not arise" in such columns as your industry does not have such a practice.
From India, Salem
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