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.) If the company is eligible to pay the same, what documents are to be sought to understand 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, and education/medical allowance are to be disregarded.
Requesting all help in this urgent matter, thanks.
From India, Bengaluru
31.) 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.) If the company is eligible to pay the same, what documents are to be sought to understand 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, and education/medical allowance are to be disregarded.
Requesting all help in this urgent matter, thanks.
From India, Bengaluru
As the organization is not in infancy period, minimum bonus has to be paid. Now if there is any set on in past ( 4 years ), that can be used for payment of bonus. Otherwise enter bonus amount will be set off.
Only Basic and DA subject to maximum 21,000/- will be eligible for bonus.
S K Bandyopadhyay ( WB, Howrah )
CEO-USD HR Solutions
+91 98310 81531
From India, New Delhi
Only Basic and DA subject to maximum 21,000/- will be eligible for bonus.
S K Bandyopadhyay ( WB, Howrah )
CEO-USD HR Solutions
+91 98310 81531
From India, New Delhi
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