2006-09-05 08:05:43 · 3 answers · asked by Tulshidas B 1 in Business & Finance ➔ Small Business
In india it's compulsory. if the workers not given bonus they'll go for a strike
2006-09-05 08:13:09 · answer #1 · answered by anks 3 · 0⤊ 1⤋
Factories Act does not talk about the bonus. Bonus provisions are covered under the Payment of Bonus Act and all employees of factories are eligible/required to be paid a bonus.
However, if there is a settlement entered into by the factory, then the terms of the settlement agreement shall govern the payment of bonus.
2006-09-05 15:38:57 · answer #2 · answered by prashant k 2 · 1⤊ 0⤋
Yes, it is mandetory to give a minimum
of 8.33% bonus, even if the company
is making a loss.
Under the shop and establishment act,
if there are 5 persons or more employed,
then the Bonus Act is applicable.
If there are more than 20 persons employed,
then there is Providend Fund and ESI Acts applicable.
But unfortunately, these are rarely implemented
and persons prosecuted in India, due to the corrupt
Government officials, who take bribes from such
companies.
2006-09-05 23:13:25 · answer #3 · answered by pianist 5 · 1⤊ 0⤋