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2[An Act to provide for the payment of bonus to persons employed in certain establishments and for matters connected therewith.] BE it enacted by Parliament in the Sixteenth Year of the Republic of India as follows:— 1. Short title, extent and application.—(1) This Act may be called the Payment of Bonus Act, 1965.
The Payment of Bonus Act, 1965 provides for a minimum bonus of 8.33 percent of wages. The salary limited fixed for eligibility purposes is Rs. 3,500 per month and the payment is subject to the stipulation that the bonus payable to employees drawing wages or salary not exceeded to Rs.10000 per month would be calculated as if their salary or ...
A Tripartite Commission was set by the Government of India by their resolution No.WB-20(9)/61, dated 6th December, 1961 to consider in a comprehensive manner, the question of payment of bonus based on profits to employees employed in establishments and to make recommendations to the Government.
Nov 10, 2014 · Payment of Bonus (Amendment) Rules, 2019. Download (301.33 KB) The Ministry of Labour & Employment is one of the oldest and important Ministries of the Government of India.|Government of India.
An Act to provide for the payment of bonus to persons employed in certain establishments and for matters connected therewith. Ministry: Ministry of Labour and Employment
The Payment of Bonus Act, 1965, in summary: Applicable to any establishment with 20 or more employees or any factory with 10 or more employees. Eligible for employees drawing ₹21000 per month or less (basic + DA, excluding other allowances).
The Payment of Bonus Act,1965. An Act to provide for the payment of bonus to persons employed in certain establishments on the basis of profits, production, or productivity and for matters connected therewith.
The Payment of Bonus Act of 1965 imposes a contractual obligation on employers to pay bonuses to employees in proportion to the resources available for the establishment's smooth functioning.
Mar 21, 2022 · The main object of the Payment of Bonus Act, 1965 is to maintain peace and harmony between labour and capital by allowing the employees to share the prosperity of the establishment, prescribing the minimum and maximum rates of Bonus together with the scheme of ‘Set on’ and ‘Set off’.
Dec 6, 2019 · In this article various sections of The Payment of Bonus Act, 1965 are explained. Introduction. Establishment to include department, undertakings, and branches. Computation of Gross profit. Computation of available surplus. Sum deductible from gross profits. Calculation of direct tax payable by the employer. Eligibility for bonus.
