"We want to set new policy’s in our company which will applicable from April 2019. Please elaborate Diwali bonus & privilege leave eligibility for salary below 21000 & above".
21st February 2019 From India, Aurangabad
- Tell us about your Co., No.of employees and what Act applicable to your firm.
21st February 2019 From India, Bangalore
mehul-bhavsar Appreciated This Post
25 skill employee & 10 unskilled employee
22nd February 2019 From India, Aurangabad
If yours is a factory regd.under the Factories Act, you have to adhere to the stipulations of both the Factories Act & the Payment of Bonus act.
As per the Payment of Bonus Act, there is no 'Dewwali' bonus, but the bonus is payable to all eligible employees within 6 months of the closure of accounts i.e. 31st March happens to be coinciding 'Diwali' season and most of the states in the central & northern parts of the country open traditionally a new year's a/c on 'Diwali day' whether in Oct. or Nov., hence generally called as Diwali bonus. Legally it's a 'statutory annual bonus'. It's a minimum of 8.33% of total wages or a maximum of 20%. There is also statutorily other formula provided in the Act as 'allocable surplus' which you have to follow.
Reg.Privilege Leave rules published by the state govt. as may be applicable has to be followed.
If you would need further clarification on this pl. continue this thread.
From India, Bangalore
Statutory Bonus is to be paid within 8 months of closure of accounts as per PB Act /Wage Code.
Leave ( Privilege/Annual) should be either as per Factories Act or S & E Act of the state as per the coverage of the establishment or factory.
S K Bandyopadhyay ( Howrah, WB)
+91 98310 81531
From India, New Delhi
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