Hi Bharat,
Your BPO/KPO setup is covered under statutory Bonus if either of the conditions are fulfilled under law :
1. The Company has been operational for 5 years
2. The Company has booked profits at any time during these 5 years.
Check on the fact that your Company has booked profits. If yes, your Company is covered and covered employees are entitled to this benefit under the amendment.
Rahul :o
From India, New Delhi
11Your BPO/KPO setup is covered under statutory Bonus if either of the conditions are fulfilled under law :
1. The Company has been operational for 5 years
2. The Company has booked profits at any time during these 5 years.
Check on the fact that your Company has booked profits. If yes, your Company is covered and covered employees are entitled to this benefit under the amendment.
Rahul :o
From India, New Delhi
Dear Bharat,
Thanks for the information.
As far as your query is concerned. For the first five years of any establishment, Bonus is not payable. So your Company is out of Bonus net at present. But how do you calculate five years. It is five years from the date first commercial transaction took place. That means that you have to pay Bonus for the sixth year of operation. but as Bonus is paid only in the following year so Bonus of sixth year becomes payable in Seventh year of operation.
KKT
From India, Delhi
Thanks for the information.
As far as your query is concerned. For the first five years of any establishment, Bonus is not payable. So your Company is out of Bonus net at present. But how do you calculate five years. It is five years from the date first commercial transaction took place. That means that you have to pay Bonus for the sixth year of operation. but as Bonus is paid only in the following year so Bonus of sixth year becomes payable in Seventh year of operation.
KKT
From India, Delhi
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf