Bonus Act 1965
Get information about Payment of Bonus Act, Bonus Eligibility, Applicability, Calculation of Bonus etc. Bonus is a reward that is paid to an employee for his good work towards the organisation. The basic objective to give bonus is to share the profit earned by the organisation amongst the employees and staff members. In India there is a principle law relating to this procedure of payment of bonus to the employees and that principle law is named as Payment of Bonus Act, 1965.
THE PAYMENT OF BONUS ACT, 1965
The Payment of Bonus Act, 1965 provides for the payment of bonus to persons employed in certain establishments, employing 20 or more persons, on the basis of profits or on the basis of production or productivity and matters connected there with The minimum bonus of 8.33% is payable by every industry and establishment under section 10 of the Act. The maximum bonus including productivity linked bonus that can be paid in any accounting year shall not exceed 20% of the salary/wage of an employee under the section 31 A of the Act.
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