Name any one act according to which organised sector works?
Answers
Organized sector or formal sector in India refers to licensed organizations, that is, those which are registered and pay sales tax, income tax, etc. These include the publicly traded companies, incorporated or formally registered entities, corporations, factories, shopping malls, hotels, large businesses etc. Organized sector is normally governed by the government and it has some sets of rules and regulations which must be followed.
The organized sector includes primarily those establishments which are covered by the Factories Act, 1948, the Shops and Commercial Establishments Acts of the States, Industrial Employment Standing Orders Act, 1946 etc.
Social Security to the workers in the organized Sector is provided through five Central Acts, namely, the Employees’ Compensation Act (1923), the Industrial Disputes Act (1947), the Employees State Insurance Act (1948), the Employees Provident Fund and Miscellaneous Provisions Act (1952), the Maternity Benefit Act (1961), and the Payment of Gratuity Act (1972).
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