Labour Welfare Fund

    A labor welfare fund is created and managed by an employer or by a corporation or company for their employees. It may be designed to provide benefits in financial distress, especially in cases of unemployment or incapacity, medical coverage, death, or retirement. In some nations, it is required that such funds be set up as part of the national social security system. Benefits are usually also provided to surviving dependents. Other examples include sick leave, bereavement leave, severance pay, public holidays, action following illegal dismissal, other penalties imposed on employers for specific activities.

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