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PSU
Kerala announces guidelines on bonus for PSUs
Our Bureau
THIRUVANANTHAPURAM: The State Government has notified guidelines for public sector companies to declare employee bonus for the current financial year.
As per these, all public sector undertakings, including those in which the State Government holds majority shares, should declare not less than 8.33 per cent as bonus. This is applicable for all companies that have commenced operations anytime in the past five accounting years, including 2003-04. Those, which posted losses during 2003-04, should not exceed the 8.33 per cent minimum.
Those, which have made a profit during the year under reference, must declare the legally applicable bonus but they should get prior permission from the Government to declare anything in excess of 20 per cent. Only those employees, who receive up to Rs 3500 as a monthly salary, excluding apprentices, are eligible to receive bonus as per the guidelines. Those above the Rs 3500-bracket will be eligible for a festival allowance.
Coir and cashew units should declare their respective bonus payouts subject to approval of the concerned industrial relations committee. Respective Chief Executives Officers will be held responsible for violation of the payout norms and the excess given away will be recovered from their personal accounts. The Registrar, Cooperatives, will separately notify guidelines for payout of bonus in cooperative institutions.
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