National renewable fund was instituted for the purpose of
Answers
The main objective of the National Renewal Fund was to provide a social safety to the workers who are likely to be affected by technological up-gradation and modernisation in the Indian industry.
The main objectives are
a) By providing assistance to firms to cover the costs of retraining and redeployment of employees arising as a result of modernisation and technological upgradation of existing capacities and from Industrial restructuring.
b) By providing funds for compensation to employees affected by restructuring or closure of industrial units, both in the public and private sectors.
c) By providing funds for employment generation schemes in the organised and unorganised sectors in order to provide a social safety net for labour.
N.B- The National Renewal Fund was abolished by the government in 2000
Hope it will help you
Mridul
Explanation:
naturalNational renewal fund was set up by the government to retrain ready player returns labour and to provide compensation to the public sector employees seeking voluntary retirement.