Section 31 of COW : Section 31: Payment Of Bonus Out Of Allocable Surplus
COW
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Explanation using Example
Imagine a scenario where XYZ Tech Pvt. Ltd., a software development company, has had a profitable year. According to Section 31 of The Code on Wages, 2019, the company must calculate the bonus for their employees. They determine that 67% of their available surplus, as defined by section 33, can be allocated for the bonus pool. This percentage is different for banking companies, which is set at 60%.
While finalizing the bonus amo...
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