I want to know that, a Pvt Ltd company is bound to give Festival Bonus to his Employee or not ???
Let me know what is the labour Law is working regarding in this issue ???
From India, Calcutta
2Let me know what is the labour Law is working regarding in this issue ???
From India, Calcutta
Dear Pratap,
Payment of minimum bonus.—Subject to the other provisions of this Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent of the salary or wage earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year:
Provided that where an employee has not completed fifteen years of age at the beginning of the accounting year, the provisions of this section shall have effecting relation to such employee as if for the words “one hundred rupees”, the words “sixty rupees” were substituted
Payment of maximum bonus.—(1) Where in respect of any accounting year referred to in section 10, the allocable surplus exceeds the amount of minimum bonus payable to the employees under that section, the employer shall, in lieu of such minimum bonus, be bound to pay to every employee in respect of that accounting; year bonus which shall be an amount in proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage
From India, Mumbai
Payment of minimum bonus.—Subject to the other provisions of this Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent of the salary or wage earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year:
Provided that where an employee has not completed fifteen years of age at the beginning of the accounting year, the provisions of this section shall have effecting relation to such employee as if for the words “one hundred rupees”, the words “sixty rupees” were substituted
Payment of maximum bonus.—(1) Where in respect of any accounting year referred to in section 10, the allocable surplus exceeds the amount of minimum bonus payable to the employees under that section, the employer shall, in lieu of such minimum bonus, be bound to pay to every employee in respect of that accounting; year bonus which shall be an amount in proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage
From India, Mumbai
Dear Expert,
Thanks for your reply.
Also beside this, please let me know that, as per law a "Pvt. Ltd." organization can bound to give Bonus to his every employee ???
I was herd from someone that, "as per laws, a Private Limited organization not to bound to give any type of Bonus to his employee".
It is right or wrong ???
Regards,
Pratap Kar
Kokata
From India, Calcutta
Thanks for your reply.
Also beside this, please let me know that, as per law a "Pvt. Ltd." organization can bound to give Bonus to his every employee ???
I was herd from someone that, "as per laws, a Private Limited organization not to bound to give any type of Bonus to his employee".
It is right or wrong ???
Regards,
Pratap Kar
Kokata
From India, Calcutta
Dear Pratap
All the companies and private organisations also must pay the Bonus to all its employees (if their salary is less than Rs.10000/-). If a person worked during the previous financial year then he will be paid with Minimum Bonus Rs.3499/- and maximum bonus Rs.8400/-. If the Allocable surplus is more then you can pay more than 8.33% but not exceeding 20% and if your company is incurring loss then you must pay at least 8.33%. For calculation you must consider the monthly salary as Rs.3500/- only and for 12 months it will be Rs.42000/-. If you calculate (Minimum) 8.33% then it will be Rs.3499/- and (Maximum) 20% then it will be Rs.8400/-.
Hope your doubt is cleared.
From India, Kumbakonam
All the companies and private organisations also must pay the Bonus to all its employees (if their salary is less than Rs.10000/-). If a person worked during the previous financial year then he will be paid with Minimum Bonus Rs.3499/- and maximum bonus Rs.8400/-. If the Allocable surplus is more then you can pay more than 8.33% but not exceeding 20% and if your company is incurring loss then you must pay at least 8.33%. For calculation you must consider the monthly salary as Rs.3500/- only and for 12 months it will be Rs.42000/-. If you calculate (Minimum) 8.33% then it will be Rs.3499/- and (Maximum) 20% then it will be Rs.8400/-.
Hope your doubt is cleared.
From India, Kumbakonam
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Procedure-of-Re gistration-of-N ew-Pvt-Ltd-Comp any[1].pdf
Company Profile.ppt