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Hi Vijay, There is no such rule related to COMPULSORY BONUS payable at a particular period of time. It depends from Company to Company as and when or which employee they like to give.
Hi Vijay, There is no such rule related to COMPULSORY BONUS payable at a particular period of time. It depends from Company to Company as and when or which employee they like to give.
Dear Member,
Plz go through section 16 of the Payment of Bonus Act, 1965 for your query.
R.N.KHOLA
www.skylarkassociates.com/
From India, Delhi
Plz go through section 16 of the Payment of Bonus Act, 1965 for your query.
R.N.KHOLA
www.skylarkassociates.com/
From India, Delhi
Hi, As per the Act, it is not compulsary to pay Bonus up to five years from the start year of the comany if there is no allocable surplus amount. regards
From India, Bangalore
From India, Bangalore
Employer is liable to pay bonus only after 5 years of its establishment . After the completion of the above period ,even if their is no allocable surplus the employer has to pay the employees the minimum bonus.
Ranjit Kumar
Sr.Officer(HR&Admin)
From India, Ahmadabad
Ranjit Kumar
Sr.Officer(HR&Admin)
From India, Ahmadabad
First of all decide whether the Payment of Bonus Act is applicable to you or not. The Act has wage ceiling and accordingly it need to be paid. Further, as some of collegues suggested, if it is a new company it need not pay bonus till completion of 5 years, unless it earn profit in those years.
S N Sitaram
From India, Hyderabad
S N Sitaram
From India, Hyderabad
Dear Mr. Vijay Kumar,
The employe is under the obligaiton to pay the Bonus after the period of 5 years from the year in which he sets up him establishment/ factory. He has to pay the Bonus @ the rate depending upon the allocable surplus subject to a maximum of 20%. Even in the absence of allocable surplus he has to pay Minimum Bonus which is 8.33% at present. If has to pay the Bonus even before 5 years if he gets profits and he has allocable surplus.
D. Phani Kumar
DGM- HR.
VASAVADATTA CEMENT.
The employe is under the obligaiton to pay the Bonus after the period of 5 years from the year in which he sets up him establishment/ factory. He has to pay the Bonus @ the rate depending upon the allocable surplus subject to a maximum of 20%. Even in the absence of allocable surplus he has to pay Minimum Bonus which is 8.33% at present. If has to pay the Bonus even before 5 years if he gets profits and he has allocable surplus.
D. Phani Kumar
DGM- HR.
VASAVADATTA CEMENT.
Dear All, As per my understanding, the government has revised the minimum bonus payment from 8.33% to 11%. Haris Human Resources
From India, Tiruchchirappalli
From India, Tiruchchirappalli
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc