519. (A) Under retainership contracts, professionals are entitled to statutory benefits like Provident Fund, bonus, and gratuity.
(R) Retainership is a contract where professionals are paid regularly for their services as and when required without any obligation of fixed working hours or physical presence.
Key Concept: Retainership Meaning, Statutory Benefits
d) Assertion is false, but Reason is true.
[Solution Description]
Solution: The assertion states that professionals under retainership contracts are entitled to statutory benefits. However, as per the syllabus, statutory compliances like Provident Funds, bonus, gratuity, etc., are not applicable to retainership professionals. Therefore, the Assertion is false. On the other hand, the Reason correctly describes the nature of retainership as per the syllabus, stating that professionals are paid regularly for services without fixed working hours or physical presence. Hence, the Reason is true.
Step 1: As per the syllabus, "Statutory compliances of employment like Provident Funds, bonus, gratuity, etc. are not applicable to these individuals." This directly contradicts the Assertion, making it false.
Step 2: The Reason matches the definition given in the syllabus: "Retainership is a contract in which professional persons are paid regularly for a fee in consideration of their services as and when required... He is not required to put in daily attendance or observe any fixed working hours." Thus, the Reason is true.
Step 3: Since the Assertion is false and the Reason is true, the correct answer is option d).
Your Answer is correct.
d) Assertion is false, but Reason is true.
[Solution Description]
Solution: The assertion states that professionals under retainership contracts are entitled to statutory benefits. However, as per the syllabus, statutory compliances like Provident Funds, bonus, gratuity, etc., are not applicable to retainership professionals. Therefore, the Assertion is false. On the other hand, the Reason correctly describes the nature of retainership as per the syllabus, stating that professionals are paid regularly for services without fixed working hours or physical presence. Hence, the Reason is true.
Step 1: As per the syllabus, "Statutory compliances of employment like Provident Funds, bonus, gratuity, etc. are not applicable to these individuals." This directly contradicts the Assertion, making it false.
Step 2: The Reason matches the definition given in the syllabus: "Retainership is a contract in which professional persons are paid regularly for a fee in consideration of their services as and when required... He is not required to put in daily attendance or observe any fixed working hours." Thus, the Reason is true.
Step 3: Since the Assertion is false and the Reason is true, the correct answer is option d).