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CALCULATION | |||
| 21 | What is the principle of set on and set off of allocable surplus?
The principle of set on and set off of allocable surplus is as follows: Where for any year the allocable surplus exceeds the amount of maximum bonus payable to the employees, then, the excess shall, subject to a limit of twenty percent of the total salary or wages of the employees, be carried forward for being set on in the succeeding year and so on to be utilized for the purpose of payment of bonus. Where for any year there is no available surplus, or the allocable surplus in respect of that year falls short of the amount of minimum bonus payable to the employees, and there is no amount or sufficient amount carried forward and set on which could be utilized for the purpose of payment of the minimum bonus, then, such minimum amount or the deficiency, as the case may be, shall be carried forward for being set off in the succeeding year and so on. |
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| 22 | What is the principle of set on and set off of allocable surplus?
The principle of set on and set off of allocable surplus is as follows: Where for any year the allocable surplus exceeds the amount of maximum bonus payable to the employees, then, the excess shall, subject to a limit of twenty percent of the total salary or wages of the employees, be carried forward for being set on in the succeeding year and so on to be utilized for the purpose of payment of bonus. Where for any year there is no available surplus, or the allocable surplus in respect of that year falls short of the amount of minimum bonus payable to the employees, and there is no amount or sufficient amount carried forward and set on which could be utilized for the purpose of payment of the minimum bonus, then, such minimum amount or the deficiency, as the case may be, shall be carried forward for being set off in the succeeding year and so on. |
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| 23 | Can an employer pay bonus based on production or productivity?:
Bonus linked with production or productivity can be paid instead of bonus based on profits, if there is an agreement to that effect, but subject to the provisions of the Act in respect of payment of minimum and maximum basis. |
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| 24 | Can an employer pay bonus based on production or productivity?:
Bonus linked with production or productivity can be paid instead of bonus based on profits, if there is an agreement to that effect, but subject to the provisions of the Act in respect of payment of minimum and maximum basis. |
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ELIGIBILITTY | |||
| 25 | Which employees are eligible for Bonus under the Act ?
All employees drawing a salary or wages up to Rs. 10,000 per month and who has worked for a minimum period of 30 days in a year is entitled to bonus.Salary is defined as Basic Wage + DA and does not include allowances |
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| 26 | Which employees are eligible for Bonus under the Act ?
All employees drawing a salary or wages up to Rs. 10,000 per month and who has worked for a minimum period of 30 days in a year is entitled to bonus.Salary is defined as Basic Wage + DA and does not include allowances |
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| 27 | Can an employee be held ineligible for payment of Bonus under the Act on the ground that he is a managerial employee?
Any person came within the definition of employee by virtue of drawing salary falling within the limit prescribed would be eligible for payment of bonus under the Act regardless of responsibilities |
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| 28 | Can an employee be held ineligible for payment of Bonus under the Act on the ground that he is a managerial employee?
Any person came within the definition of employee by virtue of drawing salary falling within the limit prescribed would be eligible for payment of bonus under the Act regardless of responsibilities |
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PAYMENT | |||
| 29 | What is the time limit for an employer to pay the bonus?
Bonus must be paid within a period of 8 months from the close of the accounting year. In case there is a dispute regarding bonus, bonus must be paid within 30 days of settlement of the dispute. |
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| 30 | What is the time limit for an employer to pay the bonus?
Bonus must be paid within a period of 8 months from the close of the accounting year. In case there is a dispute regarding bonus, bonus must be paid within 30 days of settlement of the dispute. |
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