Payment of annual bonus
Source: Hueiyen News Service
Imphal, October 24 2013:
The office of the Deputy Labour Commissioner, Government of Manipur has directed all concerned for payment of annual bonus within 8 months from the end of the accounting year, that is, Ist day of April to 31st day of March.
Issuing an office memorandum in this regard, Deputy Labour Commissioner E Tomba Singh said that payment of annual bonus to the employees of the employers of factories (including brick fields), shops and other establishments (including establishment providing health care services, banking, or financial services, private security services, telecommunication services, transport services by motor vehicles, construction or repairing services, etc) in private sector should have made within 8 months from the end of the accounting year as provided by Section 8, 10, 12 and 13 of the Payment of Bonus Act, 1965 .
The rate of minimum annual bonus to be paid is 8.33 percent of the total amount of salaries/wages earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year.
The maximum bonus to be paid is upto 20 percent of the total salaries or wages earned by the employee during the accounting year where the allocable surplus exceeds the amount of minimum bonus payable to the employees.
The payment of the annual bonus for the accounting year, 2012-13 should be expedited before the end of November, 2013 as big festivals like Diwali and Ningol Chakkouba of this year fall on November 3 and 5 respectively, the office memorandum added.