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Bonus Act Revision Notes

Bonus Act Revision Notes

Download one page payment of bonus act revision notes from CAKART .

CAKART  brings you Payment of Bonus Act  Notes  In one page these are quick revision notes so you can revise quickly near your exams.

These notes are for CA/CS/CWA and Law Students

You can download it from here One page Bonus Act notes for CA students .

The term “bonus” has not been defined in any legislative enactment. Chamber’s Twentieth Century dictionary defines “bonus” as “a premium beyond the usual interest for loan: an extra dividend to shareholders: a policyholder’s share of profit, an extra payment to workmen or others : a doceur or bribe”. The purpose of payment of bonus is to bridge the gulf between wages paid and ideal of a living wage.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917, under Rule 81 A of Defence of India Rules, industrial disputes also included in certain cases the demand for payment of bonus. In 1950, the Full Bench of the Labour Appellate Tribunal evolved a formula for determination of bonus. A plea was made to raise that formula in 1959. At the second and third meetings of the Eighteenth Session of standing Labour Committee (G.O.I.) held in New Delhi in March / April 1960, it was agreed that a Commission be appointed to go into the question of bonus and evolve suitable norms. On 6th December, 1960 the Government appointed a Bonus Commission. The Government of India vide Resolution No. W.B. 20 (3) 64, dated September 2, 1964 accepted the recommendations of the Commission subject to certain modifications. To implement these recommendations the payment of Bonus Ordinance, 1965 was promulgated on May, 1965 which was replaced by Payment of Bonus Act, 1965 assented on September 25, 1965.

One page Bonus Act notes for CA students

The Payment of Bonus Act, 1965 was enacted to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or productivity and for the matters connected therewith.

The Act applies to:-

(i) every factory as defined under the Factories Act, 1948; and

(ii) every other establishment in which twenty or more persons are employed on any day during an accounting year.

However, the Government may, after giving two months’ notification in the Official Gazette, make the Act applicable to any factory or establishment employing less than twenty but not less than ten persons.

You can check here One page Bonus Act notes for CA students .

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