20 September 2011
DEAR MEMBERS, I HAVE A QUESTION THAT WHETHER THE PAYMENT OF BONUS ACT IS APPLICABLE TO ANY TRUST OR SOCIETY WHICH ARE ESTABLISHED UNDER THE PARTICULAR STATE ACT.
21 September 2011
Every factory wherein 10 or more persons are employed with the aid of power or An establishment In which 20 or more persons are employed without the aid of power on any day during an accounting year. An employee will be entitled only when he has worked for 30 working days in that year. Sec. 8 Payment of Minimum Bonus : 8.33% of the salary or Rs. 100 (on completion of 5 years after 1st Accounting year even if there is no profit). Sec. 10 Eligible Employees: – Employees drawing wages upto Rs. 10000/- per month or less. For calculation purposes Rs. 3500 per month maximum will be taken even if an employee is drawing upto Rs. 3500 per month. (Sec. 12) Time Limit for Payment of Bonus : Within 8 months from the close of accounting year. (Sec. 19)
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