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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 ...
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:
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.
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.
Nov 4, 2023 · As per Section 8 of the Act, any employee who has worked for a minimum of 30 days in an accounting year is eligible for a bonus. Even retrenched employees, as established in the case of East Asiatic Co. Ltd. vs. Industrial Tribunal, can qualify for a bonus if they meet the criteria.
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.
Applicability. Every factory and every other establishment in India in which 20 or more persons are employed on any day during an accounting year.
The Payment of Bonus Act, 1965 provides for the payment of bonus to persons employed in certain establishments, employing 20 or more persons, on the basis of profits or on the basis of production or productivity and matters connected therewith. The minimum bonus of 8.33% is payable by every industry and establishment under section 10 of the Act.
Jun 27, 2024 · Eligibility for statutory bonus has been broadened to include employees earning up to Rs. 21,000 per month. Only employees who have worked in an establishment for a period of not less than thirty days in that year shall be eligible to receive bonus.
Sep 21, 2020 · An employee under the Act means any person other than apprentice engaged for hire/reward whether the terms of employment be express or implied and includes exceeding Rs. 21,000 per month who has worked for not less than 30 days in an accounting year, shall be eligible for bonus for a minimum of 8.33% of the salary/wages even if there is loss in ...
