Dear Sir , Good Morning I am factory manager in M/S Deepak power storage enterprises , Sansarpur terrace , Distt. Kaangra (H.P ) is mfg. of lead acid batteries . our company commencement of production date is March 2010 , please tell me now bonus act started in our company . Because all labour again & again speak to me for bonus . please confirm me as per start of production date... now will compulsory bonus given to labour / yes --no
From India, Palampur
1From India, Palampur
Hi Mr.Mukesh
Happy morning
According to Bonus Act-1965 there is a provision that Newly set up establishment is exempted from paying bonus for the initial 5 years provided no profit is made during this year. If the establishment derives profit in any of the year they have to pay bonus for that year. And from 6th year you have to pay bonus regardless you making profit or loss.
And usually bonus will be paid for accounting year.
Mr.Mukesh please determine yourself whether to pay bonus or not by above mention provision.
With Regards
Mr.Thumbs Up
From India, Chennai
Happy morning
According to Bonus Act-1965 there is a provision that Newly set up establishment is exempted from paying bonus for the initial 5 years provided no profit is made during this year. If the establishment derives profit in any of the year they have to pay bonus for that year. And from 6th year you have to pay bonus regardless you making profit or loss.
And usually bonus will be paid for accounting year.
Mr.Mukesh please determine yourself whether to pay bonus or not by above mention provision.
With Regards
Mr.Thumbs Up
From India, Chennai
Hi Mukesh & Seniors, In case the company runs no profits than how much bonus amount to pay company roll Employees and Contract workers in the Five years.
From India, Chennai
From India, Chennai
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf