Labour Welfare Fund (LWF)
An Indian social security program for employees is the Labour Welfare Fund (LWF). The purpose of this statutory contribution is to raise workers’ and their families’ standard of living. The asset is overseen by the state legislatures and is managed by the Work Government assistance Board. Employers make a monthly contribution to LWF based on an employee’s salary, and the money is used for employee welfare.
The commitment sums and qualification rules for LWF contrast from one state to another. Normally, businesses should contribute a level of their employee’s compensations to the asset, and the commitments are matched by the state government. Employees receive a variety of benefits and services, including housing, social security, medical care, and education, with the help of the collected funds.
The law mandates that employers sign up for LWF and contribute monthly on their employees’ behalf. There may be consequences or legal action for failing to do so. Employees can likewise contribute intentionally to the asset, and they might be qualified for specific advantages in view of their commitments. LWF is a significant effort to improve the well-being of workers and aims to improve their quality of life.