What is the ESIC amount that should be deducted on statutory bonus?
From India, Mumbai
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From India, Mumbai
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Statutory Bonus will not considered "Wages" under ESI Act and hence you would not need to deduct ESIC contribution.
From India, Mumbai
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305From India, Mumbai
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Annual Bonus
Bonus paid to employees cannot be treated as wages for the purpose of calculating contributions under Sec. 2(22), provided the payment periodicity is more than 2 months. This issue was also discussed in the meeting of the ESI Corporation held on 19.12.1968, and the Corporation agreed with the recommendations of the Standing Committee that bonus may not be considered as wages. Therefore, no contribution is payable on annual bonuses.
For more information, you can visit [ESIC official website](https://www.esic.nic.in/wages).
From India, Pune
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Bonus paid to employees cannot be treated as wages for the purpose of calculating contributions under Sec. 2(22), provided the payment periodicity is more than 2 months. This issue was also discussed in the meeting of the ESI Corporation held on 19.12.1968, and the Corporation agreed with the recommendations of the Standing Committee that bonus may not be considered as wages. Therefore, no contribution is payable on annual bonuses.
For more information, you can visit [ESIC official website](https://www.esic.nic.in/wages).
From India, Pune
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