28 January 2009
Kindly tell me, what should be the treatment for bonus which remains unpaid even after expiry of 2 years after the end of relevant financial year? Which Act provides such treatment? I have read that the unpaid bonus has to be transfered in 'Unclaimed bonus A/c' which has to be maintained for 7 years, after which it has to be transfered to 'Government's General Fund'. but which Act provides this treatment?
28 January 2009
As per Karnataka Labour Welfare Fund Act, 1965 and Rules 1968, all industrial and other establishments in Karnataka should remit all fines, wages, bonus etc. remained unpaid for more than 3 years, to the Labour Welfare Commissioner as per http://www.kumbangalore.com/Htmlpages/Entrepreneurs%20guide/page5.html
Trace similar Act and Rules applicable to your State
CAclubindia
