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During the initial phase in any company, employers are often worried about how they will manage payroll in each pay period. But once the company gets firmly established, employers not only manage payroll but also want to compensate their employees with additional income as bonus payments.

So if you are a small business owner, This one’s for you!

Bonus payments are additional pay given to employees apart from their salary. It is given by the employers as a remuneration for their dedication towards the company and work, which in turn helped the company achieve its business goals.

The underlying purpose of offering a bonus is to distribute the benefit received by the company to the employees. This added perk helps improve employee morale and productivity. It also encourages them to efficiently work towards their goals, thereby helping the company reach newer heights.

The Payment of Bonus Act 1965 is applicable to all factories and companies who have 20 or more employees employed anytime with them during an accounting year. Also, as per the act, the bonus should be awarded on the basis of profit earned by the company or the productivity of an individual.

If the number of employees in the company registered under this act drops below 20, they are still required to pay a bonus. The act states that a minimum bonus of 8.33% and a maximum bonus of 20% of wages can be awarded as a bonus to employees.

The act applies to all companies throughout India. The provisions of this act are applicable to –

An employee drawing at least a monthly salary of Rs 21,000/- and has served at least 30 days during an accounting year in the company is qualified for the bonus payment.

If an employee is not eligible for the statutory bonus payment, but if the employer wishes to reward him with a bonus, it can be granted as ex-gratia.

According to the Bonus Payment Act, a minimum bonus of 8.33% of wage or salary earned by the employee for an accounting year or Rs 100, whichever is higher shall be paid to the employee. The employer shall also pay a higher bonus to employees if, in a year, the allocable surplus exceeds the amount of minimum bonus payable to the employees.

Note: A ceiling limit of 20% of the wage or salary earned by the employee during an accounting year is fixed.

If an employee’s gross salary or earning is under Rs. 21,000, then they are eligible for a bonus.

The following section of employees is exempted from the applicability of this act.

If an employee has been a part of any misconduct during a financial year and if this has resulted in any financial loss to the employer, the amount of loss suffered can be deducted from the amount of bonus payable by the employer or the company and balance after such deductions shall be paid to the employee.

Under the act, start-ups and new establishments are exempted from bonus payments for the first five years. Employers are eligible to pay statutory bonus only in the year in which they derive profit after the commencement of operations.

Companies incurring losses can be exempted from paying a minimum bonus to their employees for a certain period. Although, the factors of occurrence of losses to the company must be justifiable, and the employer must have no intentions to avoid payment of bonus by creating fake losses.

Employers can disqualify employees from receiving bonus payments on the basis of any misconduct, absenteeism, or fraud. Also, before disqualifying the bonus payment, employers must ensure that the process of domestic inquiry, appropriate documentation, and employee acceptance of misconduct are as per the standing orders.

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