Dear Team,
If we are covered under section 31A of the Payment of Bonus Act, where the payment of annual bonus is linked to production or productivity and not linked to allocable surplus, are we required to calculate allocable surplus and maintain set on and set off registers?
Regards,
Tarsem Singh
From India, New Delhi
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14If we are covered under section 31A of the Payment of Bonus Act, where the payment of annual bonus is linked to production or productivity and not linked to allocable surplus, are we required to calculate allocable surplus and maintain set on and set off registers?
Regards,
Tarsem Singh
From India, New Delhi
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Please read this section carefully. It clearly states that nothing in this Act will affect situations where the employer and employee have entered into a settlement or agreement to pay a bonus linked with productivity. In that case, they will continue to be governed by that settlement.
In this scenario, the bonus will not be calculated as allocable surplus; it shall be according to that settlement but subject to a 20% limit.
Regards,
Sanjay Kumar
From India, Delhi
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In this scenario, the bonus will not be calculated as allocable surplus; it shall be according to that settlement but subject to a 20% limit.
Regards,
Sanjay Kumar
From India, Delhi
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I do not find any exemption from Register A & B. I can understand in such a situation when the employer is providing a bonus linked with production according to the settlement or agreement, there is no relevance to these registers. But in the absence of any exemption, they shall be maintained.
Regards
From India, Delhi
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Regards
From India, Delhi
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It's applicable to an establishment or factories wherein 20 or more employees are working. If an IT/software company has more than 20 employees, then it will be applicable. However, the employees eligible for receiving a bonus shall be those whose salary is up to Rs 10,000 or less (basic + DA). Employees having a salary higher than Rs 10,000 (basic + DA) will be out of the purview of the Bonus Act.
From India, Delhi
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From India, Delhi
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hi everyone there is any provision in that section that employer will pay only one in performance linked incentive or bonus? kindly clarify
From Ireland, Dublin
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From Ireland, Dublin
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Amendment to Payment of Bonus Act 2015.jpg
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THE PAYMENT OF BONUS ACT.doc