At SGCMS, we understand the importance of fair compensation and recognizing the dedication of your workforce. Our comprehensive services are designed to guide you through the intricacies of The Payment of Bonus Act, 1965, ensuring that your business adheres to the law and effectively implements bonus policies.
Elevate your organization's compensation practices and legal compliance with SGC Management Service's Payment of Bonus Act, 1965 services. Reach out to us today to learn more about how we can assist you in ensuring fair and compliant bonus distributions for your valued employees.
The Payment of Bonus act, 1965 was enacted to regulate the process of paying bonus to employees working in a specified sector of work. The bonus needs to be paid on the basis of the earned profit or as per the productivity of the business, as the case may be. The Act basically provides a statutory right to employees of an establishment to share the profits of his/her employer.
We at SGC Management Services Pvt. Ltd. have a team of over 45 experienced and expert staff who dedicatedly provides the required services and assistance to the business. With experience of over 3 decades in the field and the most advanced system of operation, we provide the best and tailor-made services to our clients for their satisfaction.
The Payment of Bonus Act Related FAQs
The Payment of Bonus Act mandates that employees receive a share of profits in the form of a bonus. Compliance is vital to ensure equitable compensation and maintain harmonious employee relations while avoiding legal penalties.
SGCMS provides expert consultation, accurate bonus calculation, documentation support, and employee communication services to ensure accurate and fair bonus distributions.
Bonus calculation involves using a specific formula that takes into account an employee's salary, allocable surplus, and other relevant factors. Our services assist in accurate bonus calculation based on the statutory formula.
Eligibility criteria for the bonus can vary. Employees who meet certain earning thresholds and have worked for a minimum period within the financial year are typically eligible. We help identify eligible employees and calculate their bonuses accordingly.