Bonus Act 1965
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What is Bonus Act 1965?
The payment of bonus is dealt by “Payment of Bonus Act, 1965”, read with “payment of Bonus Rules, 1975”, (central rules), the main purpose of the enactment is to impose a legal obligation on the employer to provide for payment of bonus. The Payment of Bonus Act applies to every factory and establishment employing not less than 20 persons on any day during the accounting year.
Deliverables
Any person is eligible to receive a bonus under the act, on fulfilment of the following criteria: The employee must receive a salary/wage up to Rs. 21,000/- per month (By the Amendment of 2015) The employee must have worked in the factory or establishment for not less than 30 days in a year However, on the commission of certain acts, the employee gets disqualified from getting a bonus, such as fraud, violent behavior, riots, theft, misappropriation, or sabotage of any property. (Section 9 of the Act)
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