If we pay statutory bonus on monthly basis as advance, will it attract ESIC contribution?
From India, Pune
12From India, Pune
Any remuneration arising out of employment is paid to the employee on monthly basis would attract ESIC contribution. Since statutory bonus is an annual payment based on the performance of the establishment and there is no obligation to pay it before the close of the Accounting Year it may be paid as an advance subject to adjustment later. However, such an arrangement would require an agreement with the employees/ union of employees.
From India, Salem
From India, Salem
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Amendment to Payment of Bonus Act 2015.jpg
Statutory Compliance of a Industrial or Commercial Unit.xls
Bonus act amendment gazette copy.pdf