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Section 31 - Code on Wages, 2019
The Code on Wages, 2019
31. Payment of bonus out of allocable surplus.-
(1) The bonus shall be paid out of the allocable surplus which shall be an amount equal to sixty per cent. in case of a banking company and sixty-seven per cent. in case of other establishment, of the available surplus and the available surplus shall be the amount calculated in accordance with section 33.
(2) Audited accounts of companies shall not normally be questioned.
(3) Where there is any dispute regarding the quantum of bonus, the authority notified by the appropriate Government having jurisdiction may call upon the employer to produce the balance sheet before it, but the authority shall not disclose any information contained in the balance sheet unless agreed to by the employer.
Related Sections
- Section 53: Power of officers of appropriate Government to impose penalty in certain cases
- Section 38: Deduction of certain amounts from bonus payable
- Section 17: Time limit for payment of wages
- Section 44: Payment of various undisbursed dues in case of death of employee
- Section 52: Cognizance of offences