Certify and Increase Opportunity. Be Govt. Certified labour law analyst<
Eligibility for Bonus and its payment
Under section 8 of the Act, eligibility for bonus and its payment is discussed. Every employee shall get the entitlement for being paid by his employer in every accounting year with Bonus. In the provisions; accordance of the Act. Providing that he’s worked for minimum thirty working days in that particular year.[W]
Payment of minimum bonus
Under section 10, it states that with the subject to the other provisions of this Act. Every Employer is liable to provide his employees’ with the bonus. In respect of any accounting year, a bonus of 8.33 % of the salary or wage an employee is earning during an accounting year.
Also, providing that where an employee is under the age of fifteen years at the beginning of an accounting year. Therefore, the provisions of this Section shall have effect in relation to such employees.
As per section 10 of the Act, even if the employer suffers losses during the accounting year, he is liable to pay a minimum bonus to his employees as prescribed.
Maximum bonus
Also, referring to Section 10, if, the allocable surplus exceeds the amount of minimum bonus payable to the employees. The employer shall, in lieu of such minimum bonus, provide with the amount in proportion to the salary or wage earned by the employee during the accounting year. Be liable to pay to every employee in respect of that accounting year bonus. Therefore, in the subject to a maximum of 20 % of such salary or wage of the employees”. Thus, they shall receive it.
For certification in Labour Law Analyst visit –
