As per the bonus act the employer is supposed to pay the bonus within 9 months of completion of Financial Year. In our organisation, we pay an annual bonus to all employees during Diwali who are currently on rolls during that month.
My questions are:
- When is the bonus payment supposed to be made to employees who have worked in the preceding financial year? What are the general industry practices?
- By definition mentioned in the bonus act, payment of bonus is mandatory for employees whose Basic salaries are less than Rs 7000 per month. But in Maharashtra, minimum wages are much higher than Rs 7000 for many industries. In this light does bonus act become applicable?
- What is the statutory requirement for payment of bonus to “White collared” employees as in the Staff cadre?
Thanks and Regards