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Payment of Bonus Act 1965 Explained
1. Payment of Bonus Act, 1965 OnkarSatam KantilalKamble Anit Nair Labour Legislations Presentation SYMMS
2. Objective “An Act to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or on the basis of production or productivity and for matters connected therewith.” LabourLegislations Presentation SYMMS
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4. Establishments once covered under this act will continue to be covered even if the number of employees fall below 20 subsequently.LabourLegislations Presentation SYMMS
7. Person who has worked for minimum of 30 days in an accounting year
8. Person with a maximum salary of 10,000 per monthLabourLegislations Presentation SYMMS
9. Trivia Can a person drawing wages more than 10000 per month make a claim for Bonus under any special circumstance? LabourLegislations Presentation SYMMS
10. Answer No. It is nor maintainable under the Act LabourLegislations Presentation SYMMS
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12. Maximum of 20% and minimum of 8.33% of salary can be paid as bonus.
13. Maximum amount of payable bonus is limited to Rs. 84000. (3500 x 12 x 20/100)LabourLegislations Presentation SYMMS
16. Bonus to be paid irrespective of the availability of Allocable Surplus
17. Bonus to be paid within maximum of 8 months after the end of the accounting period.LabourLegislations PresentationSYMMS
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19. The excess amount is carried forward as Set On to the next accounting year
20. Amount carried forward to maximum of and including the fourth accounting yearLabourLegislations Presentation SYMMS
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22. The balance amount is carried forward to the next accounting year to be Set Off in the next bonus payments.
23. Set Off amount carried forward for maximum of and including 4th accounting year.
24. The Set Off amount of earliest year is taken into account first. LabourLegislations Presentation SYMMS
25. Trivia Can Bonus be denied to an employee on the condition that he was not in employment on the day of declaration of Bonus? LabourLegislations Presentation SYMMS
26. Answer No. It violates the provisions of Section 8 of the Payment of Bonus Act. LabourLegislations Presentation SYMMS
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28. Bonus to be paid necessarily only in profit making accounting years
29. 6th Year- Set On & Set Off to be considered for the 5th and 6th years
30. 7th Year- Set On & Set Off to be considered for 5th, 6th & 7th years
31. Establishment not deemed to be newly set up merely by reason of a change in its location, management, name or ownership.LabourLegislations Presentation SYMMS
32. Contracting Out A contract signed between an employer and an employee provisioning for non payment of bonus as per the Bonus Act stand void. Every employee eligible under the act has to be paid Bonus. LabourLegislations Presentation SYMMS
33. Trivia Is a person employed on probationary basis eligible for payment of Bonus? LabourLegislations Presentation SYMMS
34. Answer Yes a person on probation is eligible for Bonus, as a probationer has not been excluded from the provisions of the Act pertaining to definition of ‘Employee’. LabourLegislations Presentation SYMMS
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36. Employee or person authorized by him can apply for the recovery of bonus
37. In case of death of employee the legal heir may apply for collection