What other notable statutory benefits does India’s social security system offer?
The Employees’ Provident Fund Act (EPFA) applies to all companies with at least 20 workers, although this may be revised down to a limit of 10. Both the employer and employee contribute 12% percent (as of 2022) on an employee’s wages, dearness, and retaining allowances. These are collected by the Fund Commissioner, who then distributes them to the employee’s individual account. All employees with monthly wages (including some allowances) up to INR 15,000 or with a provident fund account from previous employment participate in the Employee’s Provident Fund (EPF) Scheme. International workers employed in India also participate in the EPF Scheme.
Does Velocity Global provide travel insurance?
Velocity Global does not currently offer a travel insurance plan in India, but a monthly allowance may be provided instead.
What are the maternity and paternity benefits in India?
Maternity leave and benefits, including leave for adoptive and commissioning mothers (the latter provides an egg for an embryo to be implanted in another woman), are provided under the Maternity Benefits Act (MBA) of 2017. The MBA applies to factories, mines, plantations, any government establishment, and any shop or establishment employing at least 10 workers (excluding women covered under the Employees’ State Insurance Act) in the past 12 months.
Women qualify for paid maternity leave when they have worked at least 80 days in the previous 12 months within the same company. This leave lasts 26 weeks, of which no more than eight weeks may be taken before childbirth or 12 weeks when the child is the woman’s third or beyond. In the case of a miscarriage or medical termination of pregnancy, a woman is entitled to six weeks of paid leave after the end of the pregnancy.
There is no law in India that mandates the provision of paternity leave in the private sector. Some companies provide one to two weeks of paternity leave, although this is not mandated.