Understanding the Payment Bonus Acts of 1965 and 1975
Can you explain to me about the Payment Bonus Acts of 1965 and 1975? Is it mandatory to follow in the manufacturing industry? How do we calculate this bonus payment under the act? When should we provide this bonus to employees?
Regards,
Srinivas
From India, Bangalore
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Can you explain to me about the Payment Bonus Acts of 1965 and 1975? Is it mandatory to follow in the manufacturing industry? How do we calculate this bonus payment under the act? When should we provide this bonus to employees?
Regards,
Srinivas
From India, Bangalore
Acknowledge(0)Amend(0)
It is applicable to a factory covered by the Factories Act 1948. Even though the wages of an employee exceed Rs. 3500/- per month, subject to a maximum of Rs. 10,000/- p.m, the wages (basic + DA) shall be taken as only Rs. 3500/- p.m for the purpose of the calculation of bonus. The bonus shall be provided within 8 months from the date of closing of an accounting year.
Regards,
B. Saikumar
Mumbai
From India, Mumbai
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1931Regards,
B. Saikumar
Mumbai
From India, Mumbai
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