I am working as an Hr in a Startup company which was started on last year2017 and it completes 1 year and as it is going to be an end of the year, my employees are looking for Diwali Bonus for this festive season. please let me know how much amount we have to pay to the employee as per the Bonus act as well how I have to calculate the bonus amount.
As I got to know that, for the Bonus payment to the employees. The establishment should complete mini to max 5 years then only they can pay the Bonus amount to the employee. is it true ???
And I have to ask my management about the Bonus payment for this year - please provide me Bonus act Document with required details.
I would be very glad about this.
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To clarify the position regarding applicability of the Payment of Bonus Act, there is a provision for payment of bonus even in the first five accounting year (following the accounting year in which the employer sells the goods produced or manufactured by him or renders services), bonus shall be payable only in respect of the accounting year in which the employer derives profit from such establishment.
As regards the details of the Act, enough material is available on the net.
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