Dear Khushi,
If it is 10k, then the same formula can be used for calculation which I had mentioned in the previous link. If it is more than 10k, then the bonus is not applicable. If your organization prefers to give ex gratia to your employees, then the same formula can be applied.
Regards,
Dinesh
From India, Wardha
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9If it is 10k, then the same formula can be used for calculation which I had mentioned in the previous link. If it is more than 10k, then the bonus is not applicable. If your organization prefers to give ex gratia to your employees, then the same formula can be applied.
Regards,
Dinesh
From India, Wardha
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Dear Bhavik,
In point 2, please consider as "Bonus paid always on bonus wages, which is ceiling limit up to Rs. 3500/- per month. For example, if an employee is getting Rs. 10,000/- per month basis + DA and worked for 30 days, then his bonus wages amount equals Rs. 3500/-. The bonus will be calculated on Rs. 3500/-.
You have mentioned that bonus calculation will be made on Rs. 10,000/-, which is incorrect because that is the ceiling limit of eligibility criteria for the bonus for an employee, but the bonus wages ceiling limit is only Rs. 3500/-. Hopefully, it is cleared now.
Attribution: https://www.citehr.com/474062-about-...#ixzz2ilKY7lHj
From India, Delhi
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In point 2, please consider as "Bonus paid always on bonus wages, which is ceiling limit up to Rs. 3500/- per month. For example, if an employee is getting Rs. 10,000/- per month basis + DA and worked for 30 days, then his bonus wages amount equals Rs. 3500/-. The bonus will be calculated on Rs. 3500/-.
You have mentioned that bonus calculation will be made on Rs. 10,000/-, which is incorrect because that is the ceiling limit of eligibility criteria for the bonus for an employee, but the bonus wages ceiling limit is only Rs. 3500/-. Hopefully, it is cleared now.
Attribution: https://www.citehr.com/474062-about-...#ixzz2ilKY7lHj
From India, Delhi
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Dear All For better understanding , please find attached file....
From India, Delhi
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From India, Delhi
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Is there any rule that states an employee must complete 6 months in the organization to be eligible for a bonus? It was mentioned above that a person should have worked for a minimum of 30 days in the same company.
I would also like to know if a person who has resigned but has worked for more than 3 years is still eligible for a bonus later on.
From India, Mumbai
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I would also like to know if a person who has resigned but has worked for more than 3 years is still eligible for a bonus later on.
From India, Mumbai
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Dear Pooja, Completion of 30 days is mandatory in the accounting year . No need to see how many years/ months, he / she worked. Resigned person also eligible for getting bonus. Regards, Dinesh
From India, Wardha
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From India, Wardha
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Dear Mr. Dinesh, As you said if the employee is getting more than 10K,then he/she will be given exgratia.What will be the base limit to calculate such exgratia?? Regards, K.Kumar
From India, Dehra Dun
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From India, Dehra Dun
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Dear Mr. K. Kumar,
There is no set limit to calculate ex-gratia; it depends on management. It may be given as a lump sum. Generally, most organizations follow bonus rules. If you have a different opinion, please share it with us.
Thanks & Regards,
Dinesh
From India, Wardha
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There is no set limit to calculate ex-gratia; it depends on management. It may be given as a lump sum. Generally, most organizations follow bonus rules. If you have a different opinion, please share it with us.
Thanks & Regards,
Dinesh
From India, Wardha
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Dear All,
Greetings...
I want to know if the manpower of a company exceeds 100 employees, which legal rules are applicable to the factory. For example, if there are more than 150 employees, canteen shelter regulations apply, and if there are more than 500 employees, a welfare officer is required.
Thanks & Regards,
Jagdish
From India
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Greetings...
I want to know if the manpower of a company exceeds 100 employees, which legal rules are applicable to the factory. For example, if there are more than 150 employees, canteen shelter regulations apply, and if there are more than 500 employees, a welfare officer is required.
Thanks & Regards,
Jagdish
From India
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Dear Ravindra,
An employee is eligible for a bonus if their salary or wage does not exceed Rs. 10,000/- as per Section 2(13) of the Act. Wage includes all remuneration (other than overtime) and includes DA and all cash payments but does not include any traveling concessions, retrenchment benefit, contribution by the employer to any gratuity, PF, Pension, etc., and value in kind as per Section 2(21) of the Act.
An employee has to work for not less than 30 days in that accounting year as per Section 8 of the Act. A minimum of 8.33% or Rs. 100, whichever is higher, has to be paid to the eligible employee at any cost whether a profit is made or not by the company as per Section 10 of the Act.
If an employee's salary or wage exceeds Rs. 3,500/- per month, then for the calculation of the bonus, Rs. 3,500/- will be considered as the ceiling amount as per Section 12 of the Act.
From India, Jamshedpur
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An employee is eligible for a bonus if their salary or wage does not exceed Rs. 10,000/- as per Section 2(13) of the Act. Wage includes all remuneration (other than overtime) and includes DA and all cash payments but does not include any traveling concessions, retrenchment benefit, contribution by the employer to any gratuity, PF, Pension, etc., and value in kind as per Section 2(21) of the Act.
An employee has to work for not less than 30 days in that accounting year as per Section 8 of the Act. A minimum of 8.33% or Rs. 100, whichever is higher, has to be paid to the eligible employee at any cost whether a profit is made or not by the company as per Section 10 of the Act.
If an employee's salary or wage exceeds Rs. 3,500/- per month, then for the calculation of the bonus, Rs. 3,500/- will be considered as the ceiling amount as per Section 12 of the Act.
From India, Jamshedpur
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Amendments and latest provisions related under Labour Laws2011.docx
Bonus Amendment latest.pdf