Dear Mahesh,
In the event of a settlement or award, if any employee is eligible for a statutory bonus, it is advisable to claim it within a period of one year (as specified in Section 21 of the Act).
It is important to note that under certain circumstances, the time limit may be extended if the appropriate Government is satisfied that the applicant had valid reasons for not submitting the application by the original due date.
However, it is important to be aware that some state Labor Welfare Fund Acts define bonus as unpaid accumulations. If you fail to claim your bonus within three years, your employer is obligated to deposit the amount with the LWF Board.