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What is Understanding the Payment of Bonus Act about?

The Payment of Bonus Act provides a legal framework for the payment of bonuses to employees in India, distinguishing bonuses from regular wages. Introduced in 1965, the Act outlines the calculation of bonuses based on gross profits after deducting certain expenses, and mandates that employers pay bonuses based on a prescribed formula. The Act applies to establishments with 20 or more employees and includes provisions for minimum and maximum bonus limits, enforcement mechanisms, and the definition of key ter

Author

nanawaresneha84

Language

EN