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Explain objectives and applicability of Factories Act 1948.
Objectives and Applicability: The Factories Act controls the conditions of work (health and safety) in factories. This safeguards the interests of the workers and this is for the welfare of the factory workers. The act acquired the assent of Governor General of India on September 23, 1948 and came in force on April 1, 1949. Such act was further amended several times. The act is applicable to any factory wherein ten or more than ten workers are working. The act has a provision in respect of
a) Employee safety and health,
b) Hours of work,
c) Sanitary conditions and wholesome work environments,
d) Employee welfare, and
e) Leave with wages.
Mars Inc. is considering the purchase of a new machine that will reduce manufacturing costs by $5,000 annually. Mars will use the MACRS accelerated method to depreciate the machine
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