Dear Sir, IS ESI AND PF DEDUCTED ON BONUS AMOUNT & IS THERE ANY EXEMPTION FOR NEW COMPANY FOR PAYMENT OF BONUS OR WHEN THE EMPLOYEE GET BONUS FIRST TIME IN NEW COMPANY. HEMANT
From India, Udaipur
Acknowledge(0)
Amend(0)
From India, Udaipur
Acknowledge(0)Amend(0)
ESI and EPF should not be deducted from the bonus amount paid to employees. According to the Payment of Bonus Act, 1965, a new company needs to pay bonus only in the year in which the company makes profits. However, this provision is applicable only for five years from the date of first production.
Regards,
Madhu.T.K
From India, Kannur
Acknowledge(0)Amend(0)
4526Regards,
Madhu.T.K
From India, Kannur
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc