27 May 2008
can anyone tell me what is the eligibility criterion for applicability of bonus payment act as per latest provisions? Is it applicable to cooperative banking society?
28 May 2008
1.The salary of an employee sholdnotexceedRs.3500 2. Number of employees should be morethan 20 3.Bonus is payable out of the available surplus. 4.In case of loss 8.33% should be paid
27 March 2010
Applicability of Act (Sec 1) 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. Establishment : Establishment includes departments, undertakings and branches, etc.
27 March 2010
Eligibility of Bonus : 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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