Test your Professional Knowledge of HR with this questionnaire to prepare for IBPS HR Officer Examination. To score in IBPS SO (HR) Professional Knowledge Test candidate must have adequate knowledge of Industrial Relations, Job Evaluation, Human Resource Planning, Labour Laws, Training and Development and more. This quiz covers questions related to Payment of Bonus Act to help you prepare for the exam.
Q1. Payment of Bonus Act was introduced in the year______________________.
1963
1961
1965
1969
1971
Solution:
The payment of bonus Act was introduced in the year 1965.
Q2. Payment of Bonus Act 1965 is applicable to the establishments where _______________ workmen are employed on any day during an accounting year.
20 ≤
50 ≤
20 ≥
30 >
50 ≥
Solution:
Payment of Bonus Act 1965, extends to whole of India and is applicable to every factory and to every establishments where 20 or more workmen are employed on any day during an accounting year.
Q3. Who is not entitled for bonus among the following under the payment of Bonus act, 1965? (I) Temporary employees (II) Apprentice employees (III) Part-time employees (IV) Seasonal employees
Only (I)
Both (II) and (III)
Only (II)
Both (I) and (III)
All are entitled
Solution:
All of the given employees are covered under this act.
Q4. What is the wage ceiling for the eligibility of employees under Sec (8) of Payment of Bonus Act?
≥ 7000
≤ 21000
< 15000
≤ 10000
≤ 24000
Solution:
Earlier this act only covered employees that were earning up to Rs. 10,000 per month and lower. However, the amendment has raised this ceiling to Rs. 21,000.
Q5. The provisions of the Payment of Bonus (Amendment) Act, 2015 shall be deemed to have come into force on the ___________________________.
31st March, 2015
30th April, 2014
1st January, 2015
30th December, 2014
1st April, 2014
Solution:
The Payment of Bonus Act, 1965 (Bonus Act) has been recently amended to bring about certain key changes. The amendment has been brought into effect from 1 April 2014.
Q6. Ram draws a salary of Rs.18000 per month then the bonus for Ram is calculated on the amount:
18000
21000
10000
7000
3000
Solution:
The calculation ceiling of Rs. 3500 is currently doubled to Rs. 7000 per month “or the minimum wage for the scheduled employment, as fixed by the appropriate Government” (whichever is higher). If Basic+DA is above Rs.7000 then the bonus will be calculated on Rs.7000. Thus, an employee drawing a wage between Rs.10000-21000 shall receive a bonus calculated on the amount of Rs. 7000.
Q7. Bonus should be paid within ___________________ of an accounting year.
6 months
8 months
7 months
5 months
12 months
Solution:
The payment of Bonus for a financial year has to be made within 8 months of its completion. Since the financial year in India ends in March, payments have to be made by the end of October of the next financial year.
Q8. What is the minimum bonus (sec.10) that should be payable as bonus to the employees?
3.67%
10%
21%
8.33%
None of these
Solution:
The minimum bonus payment was capped at 8.33% of INR 3500 per month or INR 100, whichever is higher. The calculation ceiling of INR 3500 has now been doubled to INR 7000 per month "or the minimum wage for the scheduled employment, as fixed by the appropriate Government" (whichever is higher).
Q9. What is the minimum number of working days in an accounting year required for an employee to be entitled for bonus?
30 days
90 days
45 days
60 days
75 days
Solution:
Every employee drawing not less than Rs. 21,000/- per month and who has worked for not less than 30 days in an accounting year shall be eligible for the Bonus
Q10. Allocable surplus in banking industry under payment of bonus act is ______________________.
60% of the available surplus of the financial year
67% of the available surplus of the accounting year
67% of the allocable surplus of the accounting year
60% of the available surplus of the accounting year
None of these
Solution:
According to Payment of Wages Act 1965, Allocable Surplus means; In relation to an employer, being a company (other than a banking company) which has not made arrangements prescibed under Income Tax Act for the declaration an payment of dividend in accordance with section 194 of that Act is 67% of such available surplus in an accounting year. In any other case (banking) 60% of such available surplus of the accounting year is considered.
Q11. Which of the following does not constitute as a part of wages under the payment of bonus act, 1965? (I) Basic wage (II) D.A (III) HRA (IV) Travel allowance
Only (II)
Both (II) and (III)
Both (I) and (II)
Both (III) and (IV)
Only (IV)
Solution:
For the purpose payment of bonus Act, wages are defined as the total of the Basic salary + DA (Dearness Allowance).
Q12. If bonus is due by an employer, within how many days an employee can file an application with the appropriate government?
45 days from the due
2 months from the due
15 days from the due
6 months from the due
1 year from the due
Solution:
If bonus is due by an employer, an employee can file an application with the appropriate government within 1 year from such due.
Q13. If a company is running in loss and has insufficient funds to provide bonus to its employees, then central government can provide an extension of maximum how many days to the employer for distributing bonus?
1 year
2 years
30 days
6 months
10 months
Solution:
The appropriate government or such authority as the appropriate government may specify in this behalf may, upon an application made to it by the employer and for sufficient reasons, by order, extend the said period of eight months to such further period or periods as it thinks fit; so, however, that the total period so extended shall not in any case exceed two years.
Q14. What is the maximum bonus (Sec.11) percentage that can be provided to the employees?
12%
15%
30%
20%
25%
Solution:
According to the Bonus Act, a minimum of 8.33% up to 20% of his basic (earned) wages is to be paid to the employee.
Q15. If an employee draws a salary of Rs.6500 per month, then bonus is calculated on which amount?
10000
3500
6500
7000
21000
Solution:
If Basic+DA is below Rs.7000 then bonus is calculated on the actual amount. Therefore, in this case, the bonus will be calculated on Rs.6500.
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