Bonus Act, 1965• Applicability (a) Every factory (as def. in Factories Act), & (b) Every other establishment in which 20 or more persons (less than 20 but 10 or more if appropriate Govt. notifies) are employed on any day subject to certain exemptions. ii) Employees drawing remuneration of Rs. 3,500/- or more and those who have worked for less than 30 days are not eligible to receive bonus under the Act. iii) Bonus to be paid within eight months from the expiry of the accounting year.
Eligibility• i) Every person (other than an apprentice) drawing salary up to RS 3,500 per month. Ii) Every person drawing salary between RS 2,501/- and RS 3,500/- per month. The bonus payable to him is to be calculated as if his salary were RS 2,500/- p.m. – salary means basic pay + DA only
Benefits i) Subject to other provisions :— Minimum bonus shall be 8.33% of salary/wages earned or RS 100 whichever is higher. Ii) If allocable surplus exceeds the amount of minimum bonus, then bonus shall be payable at higher rate subject to a maximum 20% of salary/wages. Iii) Computation of bonus is to be worked out as per Schedule I to IV of the Act.
Payment of Wages Act, 1936• Objectives To ensure regular and prompt payment of wages and to prevent the exploitation of a wage earner by prohibiting arbitrary fines and deductions from his wages.
Scope and coverage - Application for payment of wages to persons employed in any factory. - Not applicable to wages which average Rs 1600/- per month or more. - Wages include all remuneration, bonus, or sums payable for termination of service, but do not include house rent reimbursement, light vehicle charges, medical expenses, TA, etc.
Minimum wages Act, 1948• A tripartite Committee Viz.,"The Committee on Fair Wage" was set up in 1948 to provide guidelines for wage structures in the country. The report of this Committee was a major landmark in the history of formulation of wage policy in India. Its recommendations set out the key concepts of the `living wage, "minimum wages" and "fair wage" besides setting out guidelines for wage fixation. • Article 39|- The State shall, in particular, direct its policy towards securing (a) that the citizen, men and women equally shall have the right to an adequate livelihood and (b) that there is equal pay for equal work for both men and women.
• Article 43 |- The State shall endeavor, by suitable legislation or economic organization or in any other way, to give all workers, agricultural, industrial or otherwise, work, a living wage, conditions of work ensuring a decent standard of life and full enjoyment of leisure, and social and cultural opportunities.