The Maharashtra Legislative Assembly has promulgated the Labour Welfare Fund (Amendment) Bill, 2024 (“Bill”) to propose further amendments to the Maharashtra Labour Welfare Fund Act, 1953 (“Act”). The primary objective is to enhance the rates of tripartite contributions to the Labour Welfare Fund, underscoring the imperative of securing funds for the welfare initiatives aimed at laborers and their dependents.
The Bill is proposed with a view to augment the rates of contribution from both employees and employers under the Act. The rationale is to enable the Maharashtra Labour Welfare Board (“Board”) to effectively finance a spectrum of welfare activities while upholding a balanced ratio of administrative expenses. It further aims to enable the Board to finance new welfare-oriented schemes, activities, and programs, including sports training centers and tournaments for workers and their dependents.
Key Highlights:
1. The half-yearly contribution of an employee whose name is enlisted in the register of an establishment on the 30th June and 31st December, respectively, is proposed to be set at the rate of twenty-five rupees (Rs. 25/-).
2. In tandem, the half-yearly contribution of an employer is proposed to be set at thrice the amount paid by the employee.
