The Payment of Bonus Act applies to every factory and establishment employing not less than 20 persons on any day during the accounting year. The establishments covered under the Act shall continue to pay bonus even if the number of employees fall below 20 subsequently.
Eligibility: Every employee not drawing salary/wages beyond Rs. 21,000 per month who has worked for not less than 30 days in an accounting year, shall be eligible for bonus for minimum of 8.33% of the salary/wages even if there is loss in the establishment whereas a maximum of 20% of the employee’s salary/wages is payable as bonus in an accounting year
From India, Pune
3124Eligibility: Every employee not drawing salary/wages beyond Rs. 21,000 per month who has worked for not less than 30 days in an accounting year, shall be eligible for bonus for minimum of 8.33% of the salary/wages even if there is loss in the establishment whereas a maximum of 20% of the employee’s salary/wages is payable as bonus in an accounting year
From India, Pune
For new organizations, for the first 5 years, bonus is payable only in the accounting year in which the organization derives profit from the business.
From India, Delhi
From India, Delhi
Yes very true and from the sixth accounting year the formula of set off and set on will be applicable. R R Kapoor Vadodara
From India, Vadodara
From India, Vadodara
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