Hi. i would like to know what is the bonus payable on total annual basic salary of Rs 79,000 for the financial year 2008-09. The employee has been working since July,2007.
From India, Hyderabad
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From India, Hyderabad
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Bonus = 79000/12(months)= 6583.33 Eligible Bonus salary /month = 3500 Minimum statutory Bonus for 2008-2009 ( 8.33% ) = 3500*8.33/100 = 3499
From India, Pune
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47From India, Pune
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hi, can you please explain me the figure of 3,500 b’cos we were under the impression that we need to to calculate 8.33% on 79,000.
From India, Hyderabad
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From India, Hyderabad
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BONUS ELIGIBILITY - WHO’S BASIC SALARY IS LESS THAN Rs.10000/- FOR TO CALICULATION Rs.3500/- per month. You should calculate on earned basic only (monthly)
From India, Bangalore
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From India, Bangalore
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The eligibility has increased to 10,000 now. This means an employee whose Basic and DA are up to 10k per month is eligible to get a bonus irrespective of whether the organization is making a profit or not. This does not apply to organizations that are in their infancy period, specifically the first five years from the date of incorporation, provided that such organizations are not making a profit or having an allocable surplus. The 3,500 amount is only for the calculation of the minimum bonus. Readers can revert for any queries.
From India, Pune
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From India, Pune
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As per Bonus Act the bonus shall be payable on ceilling of Rs 35,00/- the salary may be more than 3500/.
From India, Delhi
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From India, Delhi
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Dear all,
To determine eligibility, we need to consider a salary of Rs. 10,000. If an employee's basic salary exceeds Rs. 10,000, the company is not required to pay a bonus to that employee. However, if the basic salary is less than Rs. 10,000, the company must pay a bonus. When calculating the bonus earned, only the first Rs. 3,500 of the basic salary should be taken into account. In other words, the bonus should be calculated based on Rs. 3,500, not Rs. 10,000. This ensures the minimum bonus payment of 8.33%.
Thank you.
From India, Bangalore
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To determine eligibility, we need to consider a salary of Rs. 10,000. If an employee's basic salary exceeds Rs. 10,000, the company is not required to pay a bonus to that employee. However, if the basic salary is less than Rs. 10,000, the company must pay a bonus. When calculating the bonus earned, only the first Rs. 3,500 of the basic salary should be taken into account. In other words, the bonus should be calculated based on Rs. 3,500, not Rs. 10,000. This ensures the minimum bonus payment of 8.33%.
Thank you.
From India, Bangalore
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Hi all,
For calculation purposes, the following salary slabs are followed:
- Salary < 3500: actual salary taken for calculation
- 3500 <= Salary <= 10k: 3500 is taken for calculation
For example, if the salary (basic + DA) is 2500 pm, then the bonus would be 8.33 * 2500 / 100 pm = 208.25 pm (2499 pa).
If the salary (basic + DA) is 6000 or 3500 pm, then the bonus would be 8.33 * 3500 / 100 pm = 291.55 pm (3499 pa).
Hope it's clear now.
From India, Pune
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For calculation purposes, the following salary slabs are followed:
- Salary < 3500: actual salary taken for calculation
- 3500 <= Salary <= 10k: 3500 is taken for calculation
For example, if the salary (basic + DA) is 2500 pm, then the bonus would be 8.33 * 2500 / 100 pm = 208.25 pm (2499 pa).
If the salary (basic + DA) is 6000 or 3500 pm, then the bonus would be 8.33 * 3500 / 100 pm = 291.55 pm (3499 pa).
Hope it's clear now.
From India, Pune
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Bonus Calculation.xls
BONUS CALCULATION RULE (1).pdf