Unpaid employee compensation attracts simple interest after delay, from the due date until payment at the prescribed rate. Employer liability for interest on unpaid employee compensation arises if compensation payable under section 77 is not paid within thirty days. The ... Summary
Unpaid employee compensation attracts simple interest after delay, from the due date until payment at the prescribed rate.
Employer liability for interest on unpaid employee compensation arises if compensation payable under section 77 is not paid within thirty days. The employer must then pay simple interest from the date the compensation becomes payable until the date of payment, at twelve per cent per annum or any other rate notified by the Central Government from time to time.
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