Agreement under section 31A(ii) of the Payment of Bonus Act
This agreement is made on this day the _____________ between
1. M/s ___________________________________________ through its partner/director/Proprietor Sh. ___________________S/o Sh. ______
Hereinafter called the employer and
2. Majority of the Labour in person as mentioned hereinafter
Whereas the majority of the labour/employees approached the management of employer to fix the payment of bonus without considering profit and loss of the employer on the basis of production/productivity of the unit and the management has agreed to their request and signed the terms and condition for fixing percentage of payment of bonus as under:-
1. That the payment of bonus to all the eligible Labour/Employees shall be paid for the year ending _______________ to year ending ________________ as per the formula as under:-
a) ____ % bonus of the salary/wages shall be paid if the production of unit during the relent year increases _______________MT
b) _____% of the bonus of salary/wages shall be if the production of unit during the relevant year remained below and equal to the quantity fixed at 1(a) above.
2. The Employees shall not claim over and above the amount as fixed at serial No. 1 above and shall not file any claim in any court/tribunal
Date: For
Place
Employees in person
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