Dear All, Please let me guide how to calculate bonus as per new amendment which is applicable to 1st Apr 2014. Please this is very urgent.....
From India, Pune
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17From India, Pune
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Dear All, Please let me know how to calculate Bonus as per Amendment dated 31st Dec 2015 which come into force from 01st Apr 2014
From India, Pune
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From India, Pune
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Dear Friend,
The wage ceiling has been increased from Rs. 10,000/- to Rs. 21,000/-. Accordingly, the bonus ceiling has also been raised from Rs. 3,500/- to Rs. 7,000/-. Previously, those who were drawing a salary exceeding Rs. 10,000/- were not eligible. Now, the ceiling has been raised to Rs. 21,000/-, but it is to be capped at Rs. 7,000/-.
For example, if you have been set in the previous years and have a surplus to pay 20%, then the bonus amount shall be 7,000 x 12 = 84,000 x 20/100 = Rs. 16,800.00. Earlier, we used to pay only a maximum of Rs. 8,400.00.
The amended law is effective from 1st April 2014. If you do not have any surplus (set on), you have to work according to the amended act and pay the bonus with the available set on - i.e., on the revised percentage instead of 20%.
The bonus must be paid before 31st March 2016. Many organizations are approaching the Labour Secretary in New Delhi and also considering filing petitions for the payment of bonuses with retrospective effect.
G.K. Manjunath
Sr. Manager (HR)
From United States, Cambridge
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The wage ceiling has been increased from Rs. 10,000/- to Rs. 21,000/-. Accordingly, the bonus ceiling has also been raised from Rs. 3,500/- to Rs. 7,000/-. Previously, those who were drawing a salary exceeding Rs. 10,000/- were not eligible. Now, the ceiling has been raised to Rs. 21,000/-, but it is to be capped at Rs. 7,000/-.
For example, if you have been set in the previous years and have a surplus to pay 20%, then the bonus amount shall be 7,000 x 12 = 84,000 x 20/100 = Rs. 16,800.00. Earlier, we used to pay only a maximum of Rs. 8,400.00.
The amended law is effective from 1st April 2014. If you do not have any surplus (set on), you have to work according to the amended act and pay the bonus with the available set on - i.e., on the revised percentage instead of 20%.
The bonus must be paid before 31st March 2016. Many organizations are approaching the Labour Secretary in New Delhi and also considering filing petitions for the payment of bonuses with retrospective effect.
G.K. Manjunath
Sr. Manager (HR)
From United States, Cambridge
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We will appreciate if you please read previous post on this topic interpretations/ clarifications already given by our more than dozen experts.
From India, Delhi
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From India, Delhi
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I suggest you carefully study the entire Bonus Act (as amended). In case of any queries thereafter, you should ask the seniors. There are concepts like allocable surplus, available surplus, set on, and set off, etc., which need to be understood in particular.
From India, Pune
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From India, Pune
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The Kerala High Court has granted a stay on the applicability of the recent amendment regarding the retrospective effect. The copy of the same is attached for your reference. However, in my view, this stay will only apply to the parties who are part of this petition.
Ravi
From India, Delhi
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Ravi
From India, Delhi
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Dear SANDEE1983,
There has been more than enough discussion and opinions on this matter. Please visit the old recent posts and ask your question specifically if you have any.
Regards,
RDS Yadav
LABOUR LAW ADVISER
navtaranghrs@gmail.com
From India, Delhi
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There has been more than enough discussion and opinions on this matter. Please visit the old recent posts and ask your question specifically if you have any.
Regards,
RDS Yadav
LABOUR LAW ADVISER
navtaranghrs@gmail.com
From India, Delhi
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The stay order is solely applicable to the petitioners. The affidavit submitted by the parties is not available to review circumstances which are submitted by the party for the stay.
From India, Mumbai
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From India, Mumbai
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