Industrial Relations And Labour Laws
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Bonus - Is it mandatory to give bonus if company in loss, what will be statutory requirement for it
Hi, The statutory bonus amount of 8.33 % has to be paid. The law stipulates that even when the company makes a loss, it is obliged to pay a bonus of 8.33 %
For five years of formation, you need not pay bonus if you are at loss. At the same time, during this five years from the year in which you have made profit you have to pay bonus.This will continue even if you suffered loss in the next or subsequent year.
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