Payment of Bonus under an agreement under Industrial Dispute
Act.
1.
The employer has to pay bonus to its employees at
the rate according to profit as per audited balance sheet by adjusting some
expenses/profits as per Payment of Bonus Act, 1965
2.
Minimum bonus is to paid is 8.33% (Section 10)
3.
Maximum Bonus is to be paid is 20% (Section 11)
4.
Bonus is to be paid within 8 months i.e. on or
before 30 Nov Every Year
If employer has paid less than amount arrived as per 1. above
it defaults and if employer had paid more than amount as per 1 and 3 above,
income tax officer may reject the expenditure over and above amount payable.
SOLUTION
Under section 22 of Bonus Act, Employer and Employees can
make an agreement on percentage of Bonus under section 18(1) of the Industrial
Dispute Act without going into quantum of profit and loss of the firm. (Minimum
8.33%)
Agreement
under section 18(1) for Payment of Bonus
This agreement is made on this day the ____Day of
_____20___ between management of M/s
_____ and majority of employees under Section 18(1) of Industrial Dispute Act,
1947.
Where as a dispute has been there with respect of percentage
of bonus to be paid by the management to employees and
Where the management and employees have sorted out the
dispute as under:-
That without going into the quantum of profit and loss of
the firm for the year ending _______ it has been mutually agreed between the
management and employees that the bonus for the year ending 31/3/____ shall be paid at
the rate of _____%.
Date
Place On
behalf of Management
For
.................................
On
behalf of employees the following in person
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