Hi,
My company is 05 months old started in apr'12. Now I would like to know whether it is eligible to pay bonus or not as per the act. What is the eligibility criteria for employers to pay Bonus in a start up company.
From India, Hyderabad
11My company is 05 months old started in apr'12. Now I would like to know whether it is eligible to pay bonus or not as per the act. What is the eligibility criteria for employers to pay Bonus in a start up company.
From India, Hyderabad
no. you are not eligible to bonus because bonus is depends up on the profit of the company and your company is just 5 months old you have not even calculated profit and loss. companies eligibility can be extend until its make profit up to 5 years ones the company starts getting profit the bonus can be paid 11% to 20% of allocable surplus (allocable surplus means some part of profit which is taken out by company with the reference of management decision that how much percent bonus company wants to distribute to the employees i:e 11% to 20%) As per the rule employee who has completed 30 days in a previous year.
Hope you got at least a little.
Satish
From India, New Delhi
Hope you got at least a little.
Satish
From India, New Delhi
Hi, As per the Bonus act, company is liable to pay Bonus after completing 5 years in the market. It is paid irrespective of profit or loss.
From India, Mumbai
From India, Mumbai
Those who are worked for previous financial year 2011 - 2012, they are eligible for bonus, in this financial if they worked above then one month they are eligible for bonus. (basic * 8.33% or 20% * 12 = eligible for amount for bonus), as per act they company have to pay with 80 to 120 days of financial year completion.
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Bonus eligibility.xls
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf