If we pay statutory bonus on monthly basis as advance, will it attract ESIC contribution?
From India, Pune
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13From India, Pune
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Any remuneration arising out of employment is paid to the employee on a monthly basis would attract ESIC contribution. Since statutory bonus is an annual payment based on the performance of the establishment and there is no obligation to pay it before the close of the Accounting Year, it may be paid as an advance subject to adjustment later. However, such an arrangement would require an agreement with the employees/union of employees.
From India, Salem
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From India, Salem
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SC Judgment-No obligation to excess contribution than Statutory Limit.docx
ESIC-Contributi on-Transfer-For m.pdf