The Payment of Bonus Act, 1965
The Payment of Bonus Act 1965 imposes a contractual obligation on employers to pay bonuses to the employees as a reward for their contribution towards the company.
The intention behind this act is to give employees a say in the company’s profits and to enable them to earn a slightly more than the minimum wages.
Key Takeaways
- As per the act, any employee drawing a salary or wage not exceeding ten thousand rupees per month is eligible for bonus.
- Hence, the act is a step forward to thank the employees for their contributions towards earning profits through their management and labour.
15 Laws and Regulation that every HR Manager should be aware of
HR Managers are responsible for shaping the overall growth of the company. Right from recruitment, induction, training and development to performance assessment and grievance resolution, they are responsible for the performance, retention, and satisfaction level of employees. From the legal point of view, Law plays a very important role in the duties of an HR Manager though it may not always be evident. For instance, hiring is accompanied by contracts, which are regulated by the Indian Contract Act, 1872. Firing may require one to follow the provisions of different contracts, ensure that any intellectual property created by an employee is protected in favour of the company, and that proper disciplinary actions take place if someone is being fired due to a breach of the code of conduct.
Table of Content
- Laws and Regulations that Every HR Manager should be Aware of
- 1. Sexual Harassment (Prevention, Prohibition and Redressal) Act, 2013
- 2. The Apprentices Act, 1961
- 3. The Maternity Benefit Act, 1961
- 4. The Payment of Gratuity Act, 1972
- 5. The Employees Provident Fund Act, 1947
- 6. The Factories Act, 1948
- 7. The Workmen’s Compensation Act, 1923
- 8. The Payment of Wages Act, 1936
- 9. The Industrial Disputes Act, 1947
- 10. The Payment of Bonus Act, 1965
- 11. The Employees State Insurance Act, 1948
- 12. Child Labour Regulations (CLR)
- 13. The Trade Unions Act, 1926
- 14. The Equal Remuneration Act, 1976
- 15. The Minimum Wages Act, 1948