NAVIGATE THE INTRICACIES OF THE PAYMENT OF BONUS ACT 1965 WITH NMA’S EXPERT LEGAL GUIDANCE
At Nishant Mandawara & Associates, we offer in-depth understanding and guidance on the Payment of Bonus Act 1965. This act is crucial in the Indian legal framework, determining how employee bonuses are distributed.
Payment of Bonus Act, 1965
The central legislation guiding bonus payments in India. This act ensures:
Applicability: It’s relevant to establishments with 20 or more employees.
Calculation Base: Bonuses can be determined by profits, production, or productivity.
Minimum Bonus: Every industry and establishment must pay a minimum bonus of 8.33% as per Section 10.
Maximum Bonus: The combined bonus (including productivity-linked bonus) in any accounting year cannot surpass 20% of an employee’s salary/wage, as outlined in Section 31 A.
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