Industry & Economy
-
PSU
Kerala fixes minimum bonus for PSU staff at 8.33 pc
Our Bureau
THIRUVANANTHAPURAM, July 26
THE Kerala Government has notified that all public sector units, including those in which it holds majority equity, shall pay a minimum bonus of 8.33 per cent to their employees during the year 2002.
Elaborating on the criteria fixed by the State Government for payment of the annual bonus, an official spokesman said here that those units which had commenced production anytime during the last five years, inclusive of year 2001-02, would be required to pay up at the rate of 8.33 per cent only.
Those which had recorded a profit during 2001-02 have been allowed to proceed on the basis of the Bonus Act.
In case if the net profit is in excess of 20 per cent and if the PSU plans a pay-out of more than 20 per cent, prior permission would need to be obtained from the Government.
Bonus would be payable to those employees whose monthly wages do not exceed Rs 3,500.
Apprentices have been excluded from the scope of the provisions requiring payment of bonus.
Payments to employees in the coir and cashew sectors should be arrived on the basis of the recommendations made by the concerned industrial relations committees.
Send this article to Friends by
E-Mail
|
