Dear all, Please tell me if the organisation is not making any profit so are they eligiable to pay the bonus to the employees or no.
From India, Thane
From India, Thane
Dear Melcy ji,
You are requested to view below given link to get the answer to your query.
https://www.citehr.com/454814-about-...igibility.html
From India, Mumbai
2556You are requested to view below given link to get the answer to your query.
https://www.citehr.com/454814-about-...igibility.html
From India, Mumbai
Bonus has to be paid irrespective of the fact,whether the company is making profit or loss.It is a statutory obligation.However,A newly setup company need not to pay statutory bonus for first 5 years. But in case company makes profit in any of the said five years then company should pay statutory bonus to employees.
From India, Delhi
From India, Delhi
Irrespective of loss a company is liable to pay a minimum bonus of 8.33% maximum up to 20% according to Bonus act, 1965.
From India, Bhubaneswar
From India, Bhubaneswar
DEAR MELCY JI below 4 cases may definitely clear ur doubt..
1.If company is earning profits and not completing 5 years then employees have eligibility to get bonus onBASIC+DA (ACCR TO 1965 ACT)
2.If company is earning profits and completed 5 years.. definitely again the same..as above
3.If company is earning losses and not completing 5 years.. no eligibility to get bonus
4.If company is earning losses and completed 5 years.. employees have eligibility to get bonus
This bonus is calculated from 8.33% to 20% on BP+DA and the persons who get < ( less than)10000 only have ability to get bonus
THANKS AND REGARDS:
MADHAVI
From India, Visakhapatnam
1.If company is earning profits and not completing 5 years then employees have eligibility to get bonus onBASIC+DA (ACCR TO 1965 ACT)
2.If company is earning profits and completed 5 years.. definitely again the same..as above
3.If company is earning losses and not completing 5 years.. no eligibility to get bonus
4.If company is earning losses and completed 5 years.. employees have eligibility to get bonus
This bonus is calculated from 8.33% to 20% on BP+DA and the persons who get < ( less than)10000 only have ability to get bonus
THANKS AND REGARDS:
MADHAVI
From India, Visakhapatnam
Dear All,
i had discussed with my seniors to start the bonus, gratuity, leaves, and Epfs which they are refusing because the employee strength asif now is 19 and also only 2 years has became to an industry but they have made some profit. please guide me with the points which i can produce in front and get these things approved. (also the act of from gov.)
thanks....
From India, Thane
i had discussed with my seniors to start the bonus, gratuity, leaves, and Epfs which they are refusing because the employee strength asif now is 19 and also only 2 years has became to an industry but they have made some profit. please guide me with the points which i can produce in front and get these things approved. (also the act of from gov.)
thanks....
From India, Thane
Dear Melcy ji,
Greetings of the day to you as well as all viewers.
You said that your employee strength is 19 and your company is 2 years old.
You are on border line of coverage under EPF, ESI and Bonus Act.
You are already covered under Gratuity Act and MLW Fund. Leave rules are applicable to you.
Border case is always dangerous. Apart from this 19 employees you might have hired part time employees, contract employees etc. Your Directors / Partners are also counted for computing the threshold limit under certain circumstances. Under this circumstances your liability may go back.
It seems you are from Mumbai-Thane. You can contact me and have commercial contract with me so that you can take services / advise from me from time to time on retainership.
From India, Mumbai
Greetings of the day to you as well as all viewers.
You said that your employee strength is 19 and your company is 2 years old.
You are on border line of coverage under EPF, ESI and Bonus Act.
You are already covered under Gratuity Act and MLW Fund. Leave rules are applicable to you.
Border case is always dangerous. Apart from this 19 employees you might have hired part time employees, contract employees etc. Your Directors / Partners are also counted for computing the threshold limit under certain circumstances. Under this circumstances your liability may go back.
It seems you are from Mumbai-Thane. You can contact me and have commercial contract with me so that you can take services / advise from me from time to time on retainership.
From India, Mumbai
As you have mentioned your company is only 2 yrs old.
Now, you are telling that you are making profits.
In this case, According to Bonus Act if the company makes profit in any of the 5 year then there is a need to pay Bonus to the Employees.
According to your profitability you can pay the bonus.
From India, Bhubaneswar
Now, you are telling that you are making profits.
In this case, According to Bonus Act if the company makes profit in any of the 5 year then there is a need to pay Bonus to the Employees.
According to your profitability you can pay the bonus.
From India, Bhubaneswar
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc