LTC cash voucher scheme
The Finance Ministry has taken a decision to continue to Leave travel concession (LTC) cash voucher scheme. it aims to boost consumer spending. it will allow non-government employees to have tax-free cash allowance.
LTC cash voucher scheme Objective
- To increase consumer spending ahead of the upcoming Diwali festival.
- It covers employees which are related to sectors such as public enterprises, state governments, banks and the private sector.
About Leave Travel Concession scheme
- the employer compensates the travel cost and his/her family members to any place for a holiday. Only the travel cost is paid under the scheme. The extent of compensation is subjected to the designation of the employee.