Payment of Bonus Act, 1965

What is the Payment of Bonus Act?

  • The Payment of Bonus Act, 1965 provides for the payment of bonus to employees in India.

Key Provisions

  • Payment of bonus to employees
  • Eligibility criteria for bonus payment
  • Calculation of bonus
  • Time limit for payment of bonus

Applicability

  • Establishments with 20 or more employees
  • Factories, shops, and other establishments

Benefits

  • Payment of bonus to employees
  • Improved employee morale and motivation
  • Enhanced employee benefits
  • Compliance with labor laws

Responsibilities of Employers

  • Pay bonus to eligible employees
  • Calculate bonus correctly
  • Maintain records and registers
  • Comply with inspection and certification requirements

Penalties for Non-Compliance

  • Fines and imprisonment
  • Other legal consequences

Key Features

  • Payment of bonus to employees
  • Improved employee benefits
  • Enhanced employee morale and motivation
  • Compliance with labor laws
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