Describe the profit sharing system in Indian markets. class 7
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A profit-sharing plan gives employees a share in their company's profits based on its quarterly or annual earnings. It is up to the company to decide how much of its profits it wishes to share. Contributions to a profit-sharing plan are made by the company only; employees cannot make them, too.
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“Profit-sharing is a method of industrial remuneration under which an employer undertakes to pay to his employees, a share in the net profits of the enterprise in addition to their regular wages”.In India, workers and trade unions are interested in bonus payment and they are not interested in profit-sharing agreement.
Explanation:
A profit-sharing plan gives employees a share in their company's profits based on its quarterly or annual earnings. It is up to the company to decide how much of its profits it wishes to share. Contributions to a profit-sharing plan are made by the company only; employees cannot make them, too.
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