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Calculation of bonus - Payment Of Bonus Act(1965), Industrial Laws Video Lecture | Industrial Laws - B Com
FAQs on Calculation of bonus - Payment Of Bonus Act(1965), Industrial Laws Video Lecture - Industrial Laws - B Com
| 1. What is the Payment of Bonus Act (1965)? |  |
Ans. The Payment of Bonus Act (1965) is an Indian labor law that regulates the payment of bonuses to employees working in establishments with a certain number of employees. It ensures that employees receive a share of the profits earned by the organization.
| 2. How is the bonus calculated under the Payment of Bonus Act? | |
Ans. The bonus under the Payment of Bonus Act is calculated based on the employee's salary or wage and the profits earned by the organization. The Act specifies that the bonus shall be 8.33% of the employee's salary or wage, subject to a maximum of 20% of such salary or wage.
| 3. Does the Payment of Bonus Act apply to all employees in India? | |
Ans. No, the Payment of Bonus Act applies only to employees working in establishments with 20 or more employees. However, employees who earn a salary or wage exceeding INR 21,000 per month are not eligible for bonus under the Act.
| 4. Can an employer refuse to pay bonus under the Payment of Bonus Act? | |
Ans. An employer cannot refuse to pay bonus if the organization has made a profit and the employee has worked for a minimum of 30 working days in the accounting year. However, if the employee has been dismissed from service due to fraud or other misconduct, the employer may deny the payment of bonus.
| 5. Are there any exemptions or exceptions to the Payment of Bonus Act? | |
Ans. Yes, there are certain exemptions and exceptions to the Payment of Bonus Act. For example, employees of the central or state government, employees in public sector undertakings, and employees in organizations that are not profit-oriented are exempted from the Act. Additionally, employees who have been employed for less than a specified period or have not completed a certain number of working days may also be exempted from receiving bonus.
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