Hello everyone,
As per the payment of bonus act, the condition of set on and set off of allocable surplus is:
* If allocable surplus is less than minimum bonus, "set off" shall be applicable
* If allocable surplus is higher than maximum bonus, "set on" shall be applicable
I want to know what will we do in case our allocable surplus is higher than minimum bonus and less than maximum bonus?
For example if minimum bonus is 1 lac and maximum bonus is 3 lacs and allocable surplus (including any previous available set on) is 2 lacs, what will we do?
and
If minimum bonus is 1 lac and maximum bonus is 3 lacs and allocable surplus (excluding any previous available set on) is 2 lacs, what will we do?
Thanks in anticipation
Rdgs,
Vikas
