BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
salary
|
|
|
Workers compensation
|
|
|
unemployment compensation
|
Detailed explanation-1: -Unemployment Allowance is provided to workers losing their jobs under no fault of their own (on account of closure of factories, retrenchment or permanent invalidity of at least 40% arising out of non-employment injury). Unemployment allowance is the 50% of an insured worker’s daily average earnings.
Detailed explanation-2: -1. Rajiv Gandhi Shramik Kalyan Yojana (RGSKY) With an aim to help the citizens during an unfortunate job loss, RGSKY got added to Employment State Insurance Corporation ESIC in 2005. RGSKY is the one and only traditional unemployment insurance policy in India.
Detailed explanation-3: -In India, Unemployment allowance is given to workers who have contributed to the Employees’ State Insurance for at least three years. The benefit is given for a maximum of one year and is either 50% of the average daily wage or Rs 35, 000 a month, whichever is lower.
Detailed explanation-4: -Unemployment benefit is money that some people receive from the state when they do not have a job and are unable to find one. That year more than three million were receiving unemployment benefit. Unemployment benefits are directly related to previous earnings.
Detailed explanation-5: -Only the employer pays FUTA tax; it is not deducted from the employee’s wages. For more information, refer to the Instructions for Form 940.