All About the Payment of Statutory Bonus

Early European employers in India awarded 'bakhshish', or a gift, to their workers on holidays like Diwali probably because they were happy with their profits. Employers award bonuses to employees to motivate their workers to give their best in the job. Employees have a legal right on the surplus dispersed by employers. Employers should distribute this surplus among workers based on their wages and not add this expense to the dearness allowance or any other allowance. Bonuses motivate employees to work at their best capacity. The Payment of Bonus Act o...

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A Legal Study on Equal Pay for Equal Work

The aim of the Constitution of India is to maintain social, economic, and political justice. Economic justice is the most critical. For a democracy to be factual, both equality and justice are required. Therefore, the constitution ensures that everyone has the same status and opportunities. Economic justice reveals that individuals will have no partiality about how much they are worth. This means equal pay for equal work, and everyone should get their fair share for the work. Article 39(d) of the Indian Constitution says that men and women should get t...

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Everything One Must Know About the Difference Between Arbitration and Conciliation

As an alternative to going to court, arbitration is one of the oldest methods for settling a dispute. The roots of arbitration can be traced to the village panchayats in India, which have been around for a long time. People believed that the panchas, when they met as a group as the panchayat, was the voice of God, and their decisions had to be accepted and followed without question. Alternative dispute resolution (ADR) is a way to settle civil disputes without involving the court. These methods can resolve disagreements on a large scale. Arbitration and...

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Fire Insurance Policies In India-A Financial Compensation For Fire Victims

Fire insurance is a contract in which the insurer agrees, in exchange for a payment (premium), to compensate the insured for any financial loss caused by fire to property or goods during a specific period. The parties to the contract agree on a maximum amount (written in the contract) the insured can claim in a loss. The insurance company has to pay back the actual amount of the loss set by the policy. A fire insurance policy cannot be given to someone else without the insurer's permission because the insured must have an insurable interest in the prop...

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Difference Between Life Insurance And General Insurance

Life is full of uncertainties. Insurance is a critical financial decision that helps to deal with life's uncertainties. Insurance denotes an arrangement in which the insurer commits to provide compensation for loss, damage, or death, caused to the insured in return for the premium. Investing in insurance can help get through times of crisis. Term insurance covers life risks and guarantees compensation by paying a fixed amount upon death of the insured person or after a certain time. After a few years, the policy can be surrendered, and the policyholder ...

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