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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 ...
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.
Mar 13, 2012 · Eligibility of Bonus : An employee will be entitled only when he has worked for 30 working days in that year. Sec. 8. Payment of Minimum Bonus : 8.33% of the salary or Rs.100 (on completion of 5 years after 1st Accounting year even if there is no profit). Sec. 10. Eligible Employees: – Employees drawing wages upto Rs.10000/- per month or less.
Sep 21, 2020 · Q.3 Ex- gratia cannot be adjusted against bonus (as per the act): Ans. As per several court rulings, payment of ex-gratia cannot be adjusted against the statutory bonus as required under the Act. Q.4 Bonus as a part of CTC (if paid on monthly basis): Ans. Section 17 of the Bonus Act only enables the employer to recover the payment, if any, made ...
As per statutory laws, the Government on India mandates organisations to pay yearly bonuses to their employees. But - which organizations is it applicable to? When and how much bonus do you actually need to pay? And what if you don't? The Payment of Bonus Act, 1965, in summary:
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.
impose a statutory obligation on an employer of every establishment covered by the Act to pay bonus to employees in the establishment; lay down principle and formula for calculation of bonus; provide for payment of minimum and maximum bonus and linking the payment of bonus with the scheme of set-on and set-off; and.
