Hi
our factory registered under Karnataka factories & boilers as a separate division under the parent company located in other state. Parent company has got multiple businesses and the Profit & Loss account maintained for each business division separately and it has mentioned in parent company's cumulative balance sheet.
Since Karnataka unit is under loss and we have paid minimum statutory bonus of 8.33% on MW applicable to workers.
Bonus computed based on bonus act 1965- ( allocable or available surplus).
my question is - overall, as a group company, if it is profitable- do we need to pay more bonus on available surplus to loss making
unit though the P&L account for the sub division shows it is under loss in overall company balance sheet.
legality of restricting 8.33% bonus is justifiable on account of losses incurred to particular sub division- Looking for your expert advice
regards
Shaju
Bangalore

From India, Bangalore

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.

Please Login To Add Reply →






About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2021 CiteHRô

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server