MITR_2008 Started The Discussion:
The ceiling for payment of bonus u/Bonus act has been enhanced from 3500 to 10000. What do you have to say about this ? Mitr_2008
The news has been published today (2nd Oct) in the newspapers. In winter season it would be put before parliament and then it would be further taekn.
Though the eligibility limit for covcergae has been enhanced to INR10,000/- (Basic +DA) but computation limit has been raised merely by INR1,000/- which is not right at all consdiering the fact that limit has been raised after 10 years.
Applicability of Payment of Bonus Act:
Every factory where in 10 or more persons are employed with the aid of power
An establishment in which 20 or more persons are employed without the aid of power on any day during an accounting year
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)
Can u pl. tell me,(1)whether five years are to be counted from the date of incorporation/set up or from the start of activtities. It would be appreciated if u pl. quote ref. for its evidence or name of the site.
(2)If the company run in profit from its beginning then from which year bonus is payable
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