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1.
2. EMPLOYEEâS PROVIDENT FUND, 1952
ïIt is the compulsory contribution fund for the
future of the employee after his retirement or for
his dependents in case of his early death.
ïIn this scheme, both employer & the employees
would contribute, and the funds so raised could be
depended upon to help worker at older age.
ïAt first it was implemented in coal mines, to
stabilise the labour force in the coal mining
industry. Later it was implemented in other
industries also.
3. OBJECT OF THE ACT
ïTo provide for the institution of provident funds
& pension & deposit linked insurance schemes
for employees in factories and other
establishments.
ïEnsure better future of the employee or industrial
worker after his retirement.
ïProvides financial security for workers.
ïIt is a compulsory contribution by both employer
& employee, therefore establishing a cordial
relationship among each other
4. EXTENT AND APPLICATION
ïThe Act extends to the whole of India except
for the State of Jammu & Kashmir.
ïSubject to the provisions of Section 16, the Act
applies when following conditions are fulfilled:
When a manufacturing process is carried on in
a unit.
ii. At least 20 persons must have been employed in
it.
iii. When an industry is engaged in manufacture of
any products as noted in the Schedule.
i.
5. Conditions in which the Act is not
applicable
ïAny establishment registered under the Cooperatives Societies Act, 1912, employing less
than 50 persons working without using power.
ïTo any other establishments newly setup, until the
expiry of a period of 3 years from the date of
establishment.
ïTo any other establishments belonging to
Central/State Government & whose employees
are entitled to any other contributory provident
fund or old age pension according to the rules
framed by them.
6. THE PAYMENT OF BONUS ACT, 1965
ïBonus is regarded as an ex-gratia payment made
by the employer to his workers to provide a
stimulus for his extra effort in the production
process.
ïIn concise, it is sharing by the workers in the
prosperity of the concerns in which they are
employed.
ïBased on the recommendation made by Bonus
Commission set up by the Government of India in
1961, this Act came into force in 1965 creating a
statutory liability on employers for payment of
bonus.
7. OBJECT OF THE ACT
ïIt augments their earnings and helps to bridge gap
between the actual wage & need-based wage.
ïIt provides for payment of minimum & maximum
bonus with the schemes of âset offâ & âset onâ.
ïProvides principle of payment according to the
prescribed formula.
ïEndeavors the effort of workers who have
contributed profits to the Organisation.
8. EXTENT AND APPLICATION
ïThe Payment of Bonus Act, 1965, extends to
the whole of India including the State of
Jammu & Kashmir which came into force on
29th May 1965 through an ordinance.
ïThis Act is applicable to every factory and every
other establishment in which 20 or more persons
are employed. The employment of 20 or more
persons even for one day in a year is sufficient to
attract the provisions of the Act.
9. ELIGIBILITY & DISQUALIFICATION FOR
BONUS
ELIGIBILITY
ïAn employee should
have at least worked
( ready & willing to
work) for 30 working
days in that year.
However, it is not
necessary that these 30
days of work should
be a continuous period.
DISQUALIFICATION
ïAny employee is
disqualified if he is
dismissed from service
on account of fraud,
violent behaviour while
on the premises of
establishment or due to
the mis-appropriation
of any property of the
establishment.
10. Exemptions under the Act
ïSmall factories and establishments having less
than 20 workers.
ïEstablishments excluded under the section 32 like
Life Insurance Corporation (LIC), hospitals,
Chamber of Commerce etc..,
ïNew establishments (Section 15).
ïEstablishments where the employees have entered
into an agreement with the employer (Section 31
A).
ïEstablishments specifically exempted by the
appropriate Government (Section 36).