The objective of the Minimum Wages Act of 1948 is to ensure that a minimum rate of wages is paid to all those

who are engaged in wage employment. The state and union governments are empowered to declare minimum wages (Section 3) for employment categories given in schedule I and II of the act. The act also specifies the structure of minimum wage (Section 4) and the procedure for fixing and revising minimum wages at regular intervals (Section 5).

Difference Between Training and Development

raining and development are closely interrelated terms that aim to help in achieving the objectives of the company while at the tame time increasing the efficiency and productivity of the employees. Though similar in a broader sense, there are many differences between training and development that will be highlighted in this article. while training concentrates on short term needs of the organization, development looks after long term goals of the organization. Training often takes place in groups, and is an event that is variously called as workshops and seminars. development refers to techniques such as stress management, breathing exercises through Yoga and meditation that are not directly related with the production process of a company but play an important part in the development of the employee. t is clear then that it is easy to see the tangible effects of a training program but difficult to quantify the benefits accruing to the company through employee development though it really helps employees to grow on a personal level.

3) ESIC IS APPLICABLE IF BASIC SALARY IS <=15000 w.e.f.01.04.2010. esic is calculated on gross salary. @1.75% for employee contribution and @4.75% for employer contribution.

Bonus is mandatory under Payment of Bonus Act, 1965. It is payable to the employees whose salary is less than Rs. 10000/- p.m. & is payable min. 8.33% and max. 20% depending upon the allocalble and available surplus. The limit of salary for calculation of bonus is Rs. 3500/-. The bonus can be set on and set off as per the act. If there is loss to the company then the amount of bonus is to be set on for the next five years and vise versa. The bonus is payable in 1st five years only for the years in which the company has earned profit.

As per Bonus Act 1965: 1. The payment of bonus is applicable to all establishments employing 20 or more workmen 2. you are right the minimum percentage of bonus is 8.33 but there is a ceiling limit of Rs.3500.00 so calculating bonus on salary at 8.33 if the amount is more than Rs.3500 you can pay only Rs.3500.00 as per the act i.e. the minimum bonus. 3. If the employer is not a miser person, he can pay 8.33% on the salary / Wage even if exceed more than Rs.3500.00 4. If the employer is still a open minded and getting more of profits to his company, he can go for payment of bonus upto 20% of salary, this payment is accepted by Income Tax department. 5. The minimum bonus is Rs.100.00 or more. 6. The employee had to work at least for a period of 30 days in order to be eligible for getting minimum bonus i.e. 100.00 or more calculated on the salary he drawn for 30 days period which ever is more. 7. All the employee have a statutory right to share the profits of the employer as per the said Act. 8. The Company had to complete 5 years from the date of commencing the establishment operations, for making bonus payments to its employees.