Under the Industrial Relations Code, 2020, what is the maximum amount that an employer is required to contribute towards the re-skilling fund for retrenched workers, and to whom is it credited?

Section 83 of the Industrial Relations Code, 2020 provides for the constitution of a re-skilling fund for the training of retrenched workers. The employer is required to contribute to the fund an amount equal to fifteen days' wages last drawn by the worker immediately before retrenchment, for every retrenched worker. The fund is intended to help workers acquire new skills and re-enter employment. The amount so contributed is credited to the account of the retrenched worker in the manner prescribed, within forty-five days of the retrenchment. This is a novel welfare mechanism introduced by the Code to cushion the impact of retrenchment.