Uncategorized – Page 2 – ComplianceTrack

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Gratuity (Payment of Gratuity Act)

The Gratuity Act, the Payment of Gratuity Act, 1972, was designed to ensure employees receive a token of appreciation for their continuous service in an organization. The gratuity amount is a one-time payment. Therefore, the workers receive it either after their retirement or after at least five years of consistent service in a specific company

BONUS (The Payment of Bonus Act, 1965)

The Payment of Bonus Act, 1965 is the principal act for the payment of bonus to the employees which was formed with an objective for rewarding employees for their good work for the organization. It is a step forward to share the prosperity of the establishment reflected by the profits earned by the contributions made by capital, management and labour with the employees.

Maternity Benefit

The Maternity Benefit Act, 1961 is a legislation that protects the employment of women at the time of her maternity. It entitles women employees of ‘maternity benefit’ which is fully paid wages during the absence from work and to take care of her child. The Act is applicable to the establishments employing 10 or more employees.

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