Employer shall maintain a Register showing the set on and set off of the allocable surplus under Section 15 of the Act in the given format.
Set on: For an accounting year, when the allocable surplus exceeds the amount of maximum bonus payable to the employees in the establishment under Section 11 then the excess shall, subject to a limit of 20% of the total salary or wage of the employees employed in the establishment in that accounting year, be carried forward for being set on in the succeeding accounting year and so on up to and inclusive of the fourth accounting year to be utilized for the purpose of payment of bonus.
Set off: For an accounting year, when there is no available surplus or the allocable surplus in respect of that year falls short of the amount of minimum bonus payable to the employees in the establishment under Section 10 and there is no amount of sufficient amount carried forward and set on under Sub-section (1) that could be utilized for the purpose of payment of the minimum bonus then such minimum amount or the deficiency, as the case may be, shall be carried forward for being set off in the succeeding accounting year and so on up to and inclusive of the fourth accounting year.
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