Good morning all of you. What are the minimum limit of bonus and maximum limit?
From India, Yamunanagar
1From India, Yamunanagar
Dear Colleague, The Minimum Bonus is 8.33% or INR100/- which ever is higher. The Maximum Bonus is 20 %
From India, Chennai
From India, Chennai
Hey Monudhiman,
A bonus is a sum of money given to a working individual as a reward for his or her good performance.
According to The Payment of Bonus Act, 1965, every organization with a headcount of 20 or above should provide its employees with the payment of bonus.
Now coming to your query, every industry and firm should pay a minimum of 8.33 percent bonus according to the bonus laws. The same law also says that the maximum bonus should not exceed 20 percent of the salary or wage of a working individual.
The payment of bonus wholly depends on one’s performance; however, the minimum and maximum amount remain the same as mentioned above.
Hope this answer helps you!
From India, Noida
A bonus is a sum of money given to a working individual as a reward for his or her good performance.
According to The Payment of Bonus Act, 1965, every organization with a headcount of 20 or above should provide its employees with the payment of bonus.
Now coming to your query, every industry and firm should pay a minimum of 8.33 percent bonus according to the bonus laws. The same law also says that the maximum bonus should not exceed 20 percent of the salary or wage of a working individual.
The payment of bonus wholly depends on one’s performance; however, the minimum and maximum amount remain the same as mentioned above.
Hope this answer helps you!
From India, Noida
Individual employee's performance has nothing to do to pay Bonus as per Payment of Bonus Act. Where individual employee's performance is considered that is performance linked bonus not a legal requirement like Payment of Bonus Act.It is usually organization specific policy.
Bonus as per payment of bonus act depends on available surplus, allocable surplus, set on & set off.
As mentioned above minimum bonus is 8.33% and maximum bonus is 20%.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
Bonus as per payment of bonus act depends on available surplus, allocable surplus, set on & set off.
As mentioned above minimum bonus is 8.33% and maximum bonus is 20%.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
Dear Sir, I have also one question regarding this, Percentage wise Minimum Bonus 8.33% and Maximum Bonus 20% are ok but Rs.21000/- is maximum Bonus limit?
From India, Raikot
From India, Raikot
According to The Payment of Bonus Act, 1965, every organization with a headcount of 20 or above should provide its employees with the payment of bonus.
From India, Lucknow
From India, Lucknow
Bonus as per payment of bonus act depends on available surplus, allocable surplus, set on & set off. https://www.surveyzop.com/wendys-lunch-hours/ https://www.surveyzop.com/
From India, Lucknow
From India, Lucknow
Dear CGM,
Rs.21000-00 is the monthly salary limit for the employee's eligibility to claim statutory bonus. To constitute the salary limit only those components included in the definition of the term 'wage or salary' under the Payment of Bonus Act,1965 are taken into account. Hence minimum bonus and maximum bonus under the Act are calculated as a percentage ranging from 8.33 to 20% on the total salary thus computed and earned in the particular accounting year for which bonus is payable under the Act. Though minimum bonus is fixed in absolute terms of rupees at Rs.100/=, there is no ceiling on the maximum quantum of bonus in terms of rupees.
From India, Salem
Rs.21000-00 is the monthly salary limit for the employee's eligibility to claim statutory bonus. To constitute the salary limit only those components included in the definition of the term 'wage or salary' under the Payment of Bonus Act,1965 are taken into account. Hence minimum bonus and maximum bonus under the Act are calculated as a percentage ranging from 8.33 to 20% on the total salary thus computed and earned in the particular accounting year for which bonus is payable under the Act. Though minimum bonus is fixed in absolute terms of rupees at Rs.100/=, there is no ceiling on the maximum quantum of bonus in terms of rupees.
From India, Salem
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