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PAYMENT OF BONUS ACT, 1965

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

1. Payment of bonus to employees
2. Eligibility criteria for bonus payment
3. Calculation of bonus
4. Time limit for payment of bonus

- Applicability

1. Establishments with 20 or more employees
2. Factories, shops, and other establishments

- Benefits

1. Payment of bonus to employees
2. Improved employee morale and motivation
3. Enhanced employee benefits
4. Compliance with labor laws

- Responsibilities of Employers

1. Pay bonus to eligible employees
2. Calculate bonus correctly
3. Maintain records and registers
4. Comply with inspection and certification requirements

- Penalties for Non-Compliance

1. Fines and imprisonment
2. Other legal consequences

- Key Features

1. Payment of bonus to employees
2. Improved employee benefits
3. Enhanced employee morale and motivation
4. Compliance with labor laws