Home > Income Tax > Help Center > Layoffs: What to expect and Taxes Last Updated: Feb 21st 2023
Layoff is the end of a job because of financial problems or a lack of work. Even though layoffs are a normal part of the modern workforce, they will be widespread in 2023 due to the global recession environment.
At the moment, employees of multinational corporations (MNCs) are being laid off in large numbers all over the world. The economy will suffer from these layoffs, and more people will lose their jobs all over the world. Find out what severance pay is and how it affects your taxes.This document covers
Depending on the type of work, most jobs can be put into three groups: organised, semi-organised, and unorganised.
There are many reasons why people lose their jobs in organised work. Layoffs will be used to cut costs, make the company run better, or change the size of its operations.
In India, compensation for layoffs is determined by the Industrial disputes act of 1947 or any other applicable statute.
For Understanding, refer at @ Employee Provident Fund
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