hiii,
i want to know, any establishment liable to pay the bonus after completing 5 yrs, whether it is suffering from loss, but any establishment have to pay bonus if it is in profit, whether it is in 1st year opening of establishment (calculation of bonus after financial year), my que is what is the minimum profit on which an establishment has to pay bonus, suppose an industry has 120 employees and profit is just 1 lakh Rs.
From India, Delhi
2i want to know, any establishment liable to pay the bonus after completing 5 yrs, whether it is suffering from loss, but any establishment have to pay bonus if it is in profit, whether it is in 1st year opening of establishment (calculation of bonus after financial year), my que is what is the minimum profit on which an establishment has to pay bonus, suppose an industry has 120 employees and profit is just 1 lakh Rs.
From India, Delhi
After the infancy period of five years it is mandatory that the company should pay at least the statutory minimum bonus of 8.33% irrespective of profitability. Regards, Madhu.T.K
From India, Kannur
From India, Kannur
hii madhu,
i know about that & i know also that any establishment have to pay bonus if it is in profit, whether it is completed its 1st year, my que is what is the minimum profit on which an establishment has to pay bonus, i am not asking about the percentage, i know that it is 8.33% to 20 %, suppose an industry has 120 employees and profit is just 1 lakh Rs, is establishment liable to pay on 1 lakh Rs profit, and if not than what is the minimum profit in Rs. or whatever the same.
From India, Delhi
i know about that & i know also that any establishment have to pay bonus if it is in profit, whether it is completed its 1st year, my que is what is the minimum profit on which an establishment has to pay bonus, i am not asking about the percentage, i know that it is 8.33% to 20 %, suppose an industry has 120 employees and profit is just 1 lakh Rs, is establishment liable to pay on 1 lakh Rs profit, and if not than what is the minimum profit in Rs. or whatever the same.
From India, Delhi
After five years of starting of operation it is not the amount of profit which is guiding the rate of bonus but even if the company is in loss bonus has to be paid. Therefore, if the amount of bonus worked out at 8.33% of wages paid to all the employees exceed Rs 1 lakh, company has to pay it out as bonus.
Regards,
Madhu.T.K
From India, Kannur
Regards,
Madhu.T.K
From India, Kannur
Madhu,
it is for your kind information that if any establishment earn profit in its first year immediate after its opening, that particular establishment falls under payment of bonus act. but every Establishment has to pay bonus whether it is in loss continuously after completing of 5 yrs.
From India, Delhi
it is for your kind information that if any establishment earn profit in its first year immediate after its opening, that particular establishment falls under payment of bonus act. but every Establishment has to pay bonus whether it is in loss continuously after completing of 5 yrs.
From India, Delhi
ok i understood that after 5 yrs it is the percentage which matters not the amount of profit but in case before completing of 5 yrs if there is any profit, is it the amount of profit which matters for guiding the rate of bonus and if yes that what is the minimum profit?
From India, Delhi
From India, Delhi
The company is liable to pay compensation if it makes profit even in the first year of its operation. But profit should be sufficient to pay at least the minimum bonus @ 8.33%. If it falls short then the amount of profit shall be carried forward to the next year. In the next year if the company makes profit then it shall be clubbed together with the amount carried forward from the previous year and make it available for payment of bonus.
Regards,
Madhu.T.K
From India, Kannur
Regards,
Madhu.T.K
From India, Kannur
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc