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Our Bureau

Thiruvananthapuram, Aug. 1

The State Government has notified guidelines for the payment of bonus by public sector undertakings (PSUs) for the year 2007.

A minimum bonus of 8.33 per cent shall be paid by those in which the State Government holds majority shares. Minimum bonus will be paid in the case of those PSUs in which production had started in any of the last five accounting years, including the accounting year 2006-07.

Those which made a profit in 2006-07 shall pay a bonus as per the provisions of the Payment of Bonus Act. In case the surplus exceeds over 20 per cent, payment of any amount above 20 per cent shall be made only with the prior approval of the Government.

Those which have sustained loss in 2006-07 shall not pay a bonus in excess of 8.33 per cent admissible under the Payment of Bonus Act, the notification said.

Bonus will be paid in all PSUs in accordance with the Act as amended up to date. Employees drawing a salary of up to Rs 3,500 a month only are eligible for bonus (but not including an apprentice).

Labourers of coir and cashew establishments shall be paid bonus according to the decisions of the respective industrial relation committees.

For employees drawing a salary of above Rs 3,500, no payment of bonus or ex-gratia or incentive allowance in any other name will be made except special festival allowance.

No payment deviating from these guidelines shall be made without a specific Government order to this effect.

No order deviating from the guidelines shall be issued by the Administrative Department in the Government unless it has the approval of the Council of Ministers.

These guidelines shall apply to all State Government PSUs, the notification said. The order shall also apply to production-oriented cooperative institutions.

The cooperative institutions other than production-oriented will be covered by separate instructions from the Registrar of Cooperatives.

More Stories on : PSU | Policy | Bonus Announcements | Kerala

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