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Employer - Payment Of Bonus Act(1965), Industrial Laws Video Lecture | Industrial Laws - B Com
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FAQs on Employer - Payment Of Bonus Act(1965), Industrial Laws Video Lecture - Industrial Laws - B Com
| 1. What is the Payment of Bonus Act (1965) and what does it entail? |  |
The Payment of Bonus Act (1965) is a legislation in India that ensures the payment of bonus to employees based on their performance and productivity. It establishes the eligibility criteria, calculation method, and payment process for bonuses. The act applies to organizations employing a certain number of employees, and it aims to provide financial incentives to employees and promote industrial peace.
| 2. Who is eligible to receive a bonus under the Payment of Bonus Act (1965)? | |
According to the Payment of Bonus Act (1965), all employees earning a salary or wage below a certain threshold are eligible to receive a bonus. The act specifies that employees should have worked for a minimum number of days in an accounting year and have completed a certain period of service to be eligible. However, employees who have been dismissed from service due to misconduct or voluntarily resigned are not eligible for a bonus.
| 3. How is the bonus calculated under the Payment of Bonus Act (1965)? | |
The bonus calculation under the Payment of Bonus Act (1965) depends on two factors: the allocable surplus and the set-on and set-off provisions. The allocable surplus is the amount left after deducting certain expenses and previous year's losses from the gross profits. The set-on and set-off provisions allow employers to carry forward excess or inadequate bonus payments from previous years. The actual bonus amount is calculated as a percentage of the allocable surplus, with a maximum limit set by the act.
| 4. What is the procedure for paying bonuses to employees under the Payment of Bonus Act (1965)? | |
Under the Payment of Bonus Act (1965), employers are required to determine the bonus payable to each eligible employee within a certain time frame. Once the bonus amount is calculated, it should be communicated to the employees in writing. The act also mandates the distribution of at least 8.33% of the bonus amount to the employee's provident fund account. Employers must pay the remaining bonus amount to the employees within a specified period, either in cash or through a bank transfer.
| 5. What are the consequences of non-compliance with the Payment of Bonus Act (1965)? | |
Non-compliance with the Payment of Bonus Act (1965) can lead to legal consequences for employers. If an employer fails to pay the bonus within the prescribed time or violates other provisions of the act, they may face penalties and legal action. The penalties can include fines and imprisonment, depending on the severity of the violation. Additionally, non-compliance can damage the employer's reputation and employee morale, leading to potential industrial disputes and legal disputes with affected employees.
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Nov 22, 2024 Last updated |
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