Greetings,
My query is regarding the Payment of Bonus Act, in relation to the Statutory bonus applicable to employees.
1.) If the company has made loss for the past accounting year, is it still eligible to pay bonus for employees earning below 21,000? (The establishment of the company was in late 1990's, therefore it is well out of the infancy period)
2.) In case the company is eligible to pay the same, what documents are to be sought in regards to understanding the set on and set off from the past years?
3.) While calculating the payment of bonus for employees, should only their basic+DA be considered? In this case, conveyance, special allowance, education/medical allowance are to be disregarded?
Requesting all help in this urgent matter, thanks.
From India, Bengaluru
3My query is regarding the Payment of Bonus Act, in relation to the Statutory bonus applicable to employees.
1.) If the company has made loss for the past accounting year, is it still eligible to pay bonus for employees earning below 21,000? (The establishment of the company was in late 1990's, therefore it is well out of the infancy period)
2.) In case the company is eligible to pay the same, what documents are to be sought in regards to understanding the set on and set off from the past years?
3.) While calculating the payment of bonus for employees, should only their basic+DA be considered? In this case, conveyance, special allowance, education/medical allowance are to be disregarded?
Requesting all help in this urgent matter, thanks.
From India, Bengaluru
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Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc