Affidavit That Primary Term of Lease Not Extended by Additional Bonus Payment by Lessor

Objective: The objective of the Payment of Bonus Act is to reward the employee of the organization by sharing the profits earned and is linked to productivity. Applicable to: The Payment of Bonus Act is applicable to any establishment with 20 or more employees or any factory with 10 or more employees.

10,000 per month who has worked for not less than 30 days in an accounting year, shall be eligible for bonus for minimum of 8.33% of the salary/wages even if there is loss in the establishment whereas a maximum of 20% of the employee's salary/wages is payable as bonus in an accounting year.

Definition: A monetary payment made to an employee over and above their standard salary or compensation package. Bonuses are one of the ways employers reward their employees for a job well done. And offering regular, significant bonuses is a way to keep your best people from looking elsewhere for a job.

In accordance with the terms of the Principal Act, every employee who draws a salary of INR 10,000 or below per month and who has worked for not less than 30 days in an accounting year, is eligible for bonus (calculated as per the methodology provided under the Principal Act) with the floor of 8.33% of the salary

It means Bonus is paid for the previous year. It can be paid as part of monthly salary. Bonus has to be paid for the previous financial year. That has been prescribed because profit is declared for previous financial year.

THE PAYMENT OF BONUS ACT, 1965 The minimum bonus of 8.33% is payable by every industry and establishment under section 10 of the Act. The maximum bonus including productivity linked bonus that can be paid in any accounting year shall not exceed 20% of the salary/wage of an employee under the section 31 A of the Act. 1.

In accordance with the terms of the Principal Act, every employee who draws a salary of INR 10,000 or below per month and who has worked for not less than 30 days in an accounting year, is eligible for bonus (calculated as per the methodology provided under the Principal Act) with the floor of 8.33% of the salary

Bonus pay is additional pay given to an employee on top of their regular earnings; it's used by many organizations as a thank-you to employees or a team that achieves significant goals. Bonus pay is also offered to improve employee morale, motivation, and productivity.