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Surplus - Payment Of Bonus Act(1965), Industrial Laws Video Lecture | Industrial Laws - B Com

	Industrial Laws 54 videos\|46 docs\|18 tests

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FAQs on Surplus - Payment Of Bonus Act(1965), Industrial Laws Video Lecture - Industrial Laws - B Com

1. What is the Surplus - Payment of Bonus Act (1965)?

Ans. The Surplus - Payment of Bonus Act (1965) is an industrial law in India that regulates the payment of bonuses to employees. It ensures that employees receive a share of the profits made by their employer, depending on certain eligibility criteria and calculations.

2. Who is covered under the Surplus - Payment of Bonus Act (1965)?

Ans. The Surplus - Payment of Bonus Act (1965) covers employees working in establishments that have 20 or more employees and are engaged in any industry, trade, business, or manufacturing process. It applies to both private and public sector organizations.

3. How is the bonus calculated under the Surplus - Payment of Bonus Act (1965)?

Ans. The bonus under the Surplus - Payment of Bonus Act (1965) is calculated based on the employee's salary or wage and the profits of the establishment. The Act specifies a minimum bonus of 8.33% of the employee's salary or wage, and a maximum bonus of 20% of the salary or wage.

4. Are all employees eligible for the bonus under the Surplus - Payment of Bonus Act (1965)?

Ans. No, not all employees are eligible for the bonus under the Surplus - Payment of Bonus Act (1965). The Act defines certain eligibility criteria, such as minimum working days and minimum salary or wage, for an employee to be eligible for the bonus. Employees who have worked for a minimum of 30 working days in an accounting year and have a salary or wage of up to Rs. 21,000 per month are eligible.

5. Is the payment of bonus mandatory under the Surplus - Payment of Bonus Act (1965)?

Ans. Yes, the payment of bonus is mandatory under the Surplus - Payment of Bonus Act (1965) for eligible employees. Employers are legally obligated to pay the bonus to eligible employees within a specified time frame, usually within 8 months from the end of the accounting year. Failure to comply with the Act's provisions can result in penalties and legal consequences for the employer.

Text Transcript from Video

surplus today's were the surplus surplus
is a noun that means extra supply for
example our family has a surplus of
fruit because we have an abundance of
fruit trees in our yard another example
is our class had a surplus of tissue
boxes so we gave them to other teachers
created by Diana thank you for watching
bye

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	Dec 23, 2024 Last updated

Video Description: Surplus - Payment Of Bonus Act(1965), Industrial Laws for B Com 2024 is part of Industrial Laws preparation. The notes and questions for Surplus - Payment Of Bonus Act(1965), Industrial Laws have been prepared according to the B Com exam syllabus. Information about Surplus - Payment Of Bonus Act(1965), Industrial Laws covers all important topics for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Surplus - Payment Of Bonus Act(1965), Industrial Laws.

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54 videos|46 docs|18 tests

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