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The concept of payment of bonus was introduced in the early 20th century. The idea started with textile industries in the erstwhile Bombay and Ahmedabad. It continued more as a gratuitous payment. But there was no guarantee of such payment. Later it became a statutory payment governed by the provisions of the Payment of Bonus Act, 1965. This is a profit-sharing by the Capital with the Labour and is considered(??) to be a deferred wage. Similarly, the law relating to payment of Gratuity came in 1971 – Payment of Gratuity Act. It is to recognize the long years of meritorious service put in by an employee. This is a one lump-sum payment which is to be paid at the time when an employee leaves the services. The condition at present is five years of continuous service in the same establishment. The payment is considered as a part of social security. The webinar aims to discuss the provisions relating to these two legislations. Webinar Details Date: July 9, Thrusday Time: 15:00 to 16:00 IST For free participation, Click on the link below to register. https://bit.ly/60minComplianceWebinar6
