dear sir, can anybody tell me the clear calculation for bonus after the ceiling revision from 3500/ to 10000/-
From India, Madras
Acknowledge(0)
Amend(0)
From India, Madras
Acknowledge(0)Amend(0)
Bonus Calculation After Ceiling Revision
Now, the ceiling of the minimum bonus (8.33%) is Rs. 3500, and the maximum bonus (20%) is Rs. 8400. The amount in between can be calculated as 3500 x 12 x eligible percentage. For example, if the percentage is 10, the bonus would be 3500 x 12 x 10% = Rs. 4200.
Regards,
Abbas.P.S
From India, Bangalore
Acknowledge(0)Amend(0)
530Now, the ceiling of the minimum bonus (8.33%) is Rs. 3500, and the maximum bonus (20%) is Rs. 8400. The amount in between can be calculated as 3500 x 12 x eligible percentage. For example, if the percentage is 10, the bonus would be 3500 x 12 x 10% = Rs. 4200.
Regards,
Abbas.P.S
From India, Bangalore
Acknowledge(0)Amend(0)
As per the Payment of Bonus Act, employees who are drawing a salary up to ₹10,000 are eligible, whereas the bonus amount shall be calculated on a ₹3,500 salary per month for those whose salary is in excess of ₹3,500 and up to ₹10,000. For salaries below this range, the bonus has to be calculated accordingly. In other words, to cover the employees under the Bonus Act, the ceiling limit has been increased up to ₹10,000 per month from ₹3,500. I hope I have clarified this for you.
Regards,
Chandrshekar
Bangalore
From India, Bangalore
Acknowledge(0)Amend(0)
Regards,
Chandrshekar
Bangalore
From India, Bangalore
Acknowledge(0)Amend(0)
Bonus Eligibility and Calculation
Every employee not drawing a salary/wage beyond Rs. 10,000 per month, who has worked for not less than 30 days in an accounting year, shall be eligible for a bonus of a minimum of 8.33% of the salary/wages, even if there is a loss in the establishment. The maximum bonus payable in the accounting year is 20% of the employee's salary.
However, in the case where the employee's salary range is between Rs. 3,500 to Rs. 10,000 per month, for bonus calculation purposes, their salary would be deemed to be Rs. 3,500 per month.
From India, Mumbai
Acknowledge(0)Amend(0)
Every employee not drawing a salary/wage beyond Rs. 10,000 per month, who has worked for not less than 30 days in an accounting year, shall be eligible for a bonus of a minimum of 8.33% of the salary/wages, even if there is a loss in the establishment. The maximum bonus payable in the accounting year is 20% of the employee's salary.
However, in the case where the employee's salary range is between Rs. 3,500 to Rs. 10,000 per month, for bonus calculation purposes, their salary would be deemed to be Rs. 3,500 per month.
From India, Mumbai
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc