What is nrf basic recovery amount?

The Government of India had announced to establish a National Renewal Fund (NRF) as a part of the slew of measures announced in New Industrial Policy of 1991. The Fund was later established in February, 1992 for a period of 10 years.

The main objective of the National Renewal Fund was to provide a social safety net to the workers who are likely to be affected by technological up-gradation and modernisation in the Indian industry. The objectives of were to be achieved as follows:

The government included two schemes under this fund viz. Voluntary Retirement Scheme (VRS) for central public sector undertakings; and re-training scheme for rationalised workers in organised sector.

The National Renewal Fund was abolished by the government in 2000 and administration of the VRS scheme was shifted to Department of Public Enterprises (DPE), instead of DIPP from fiscal year 2001-02.

The reason for abolishing NRF was that most of the payments under this was made for VRS and this fund did not serve adequately the purpose of retraining and rehabilitation. Further, private sector was also listed as one of the beneficiaries of the NRF, but later it was felt that this fund should deal exclusively with the public sector units only.

Tags: Labour Reforms in India

Correct Option: B The PV Narasimha Rao government established the National Renewal Fund (NRF) in February 1992 to provide a social safety net to the

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So, if you have a very big amount as basic, be prepared to pay tax on it. Kumar says, “House rent allowance and employee provident fund are

The Government of India had announced to establish a National Renewal Fund (NRF) as a part of the slew of measures announced in New

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