Glimpses of Code of Wages Act-2019-Chapter-IV BONUS-When and How Much you will receive?
Key Features of Code of Wages Act are as follows. 1. Eligibility to all Establishments having 20 or more persons are employed or were employed on any day during an accounting year. [Chapter- IV, Section41(2)] 2. Establishments/ Employees excluded from the codes are a. LIC of India b. Seamen as defined in Merchant Shipping Act c. Employees employed by Central or State Government or a Local Authority. d. Employees employed by Universities or Educational Institutions. e. Employees employed by Indian Red Cross Society. f. Employees employed by Hospitals, Chamber of Commerce and social welfare. g. Employees employed by Institution established not for purposes of profit. h. Employees employed by Reserve Bank of India. [Chapter- IV, Section41(1)] 3. Employee should be working at least 30 days to be eligible for Bonus. [Chapter- IV, Section26(1)] 4. Establishment is exclu