(1) Where for any
accounting year, 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 twenty per cent. 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 in the manner illustrated in the Fourth Schedule.
(2) Where for any accounting year, 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) which 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 in
the manner illustrated in the Fourth Schedule.
(3) The principle of set on and set off as
illustrated in the Fourth Schedule shall apply to all other cases not covered
by sub-section (1) or sub-section (2) for the purpose of payment of bonus under
this Act.
(4) Where in any accounting year any amount has
been carried forward and set on or set off under this section, then, in
calculating bonus for the succeeding accounting year, the amount of set on or
set off carried forward from the earliest accounting year shall first be taken
into account.
