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Introduction - Payment Of Bonus Act(1965), Industrial Laws Video Lecture | Industrial Laws - B Com
FAQs on Introduction - 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 legislation that provides for the payment of bonus to employees working in establishments with 20 or more employees. It aims to ensure a fair share of profits to employees and promote harmonious employer-employee relations.
| 2. Who is eligible to receive bonus under the Payment of Bonus Act? | |
Ans. Any employee, whether permanent, temporary, or contractual, who has worked for at least 30 working days in an accounting year is eligible to receive bonus under the Payment of Bonus Act. However, employees earning a salary above a certain threshold are excluded from the Act's purview.
| 3. How is the bonus amount calculated under the Payment of Bonus Act? | |
Ans. The bonus amount is calculated based on the employee's salary or wage and the profits of the establishment. The Act specifies that the minimum bonus should be 8.33% of the employee's salary or wage, and the maximum bonus should not exceed 20%. If the allocable surplus (available funds for bonus) is less than the maximum bonus payable, the bonus is calculated proportionately.
| 4. Are all establishments required to pay bonus under the Payment of Bonus Act? | |
Ans. No, not all establishments are required to pay bonus under the Payment of Bonus Act. The Act applies to establishments with 20 or more employees and those which are engaged in any industry specified in the Schedule of the Act. Certain categories of establishments, such as charitable institutions and hospitals, are exempted from the Act's provisions.
| 5. What are the consequences of non-compliance with the Payment of Bonus Act? | |
Ans. Non-compliance with the Payment of Bonus Act can result in legal consequences for the employer. If an employer fails to pay the bonus or violates any provisions of the Act, they may be liable to pay a penalty and face legal action. The Act also empowers employees to file complaints with the appropriate authorities for the enforcement of their rights under the Act.
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