Hello
Please help in calculation of statutory bonus in the following case (salary shown is basic+da):
SrNo Month Basic+DA Days Present
1) Apr 8000 26
2) May 5925 20
3) June 6792 22
4) July 4615 15
What will be the bonus calculation at 8.33%.
Thanks in advance
From India, Aurangabad
14Please help in calculation of statutory bonus in the following case (salary shown is basic+da):
SrNo Month Basic+DA Days Present
1) Apr 8000 26
2) May 5925 20
3) June 6792 22
4) July 4615 15
What will be the bonus calculation at 8.33%.
Thanks in advance
From India, Aurangabad
Cant believe that this has not been answered. Guess everyone’s on leave:) Please reply if anyone knows the answer. regards
From India, Aurangabad
From India, Aurangabad
Dear member
The calculation will be :- uniformly @ 8.33% on the Basic + DA taken as 3500/- for all the months . i.e an amount of Rs. 291.55 or Rs. 292/- per month. so the final amount would be Rs. 1168/-.
For more details please refer to the Payment of Bonus Act.
Regards
Preetam Deshpande
From India, Mumbai
The calculation will be :- uniformly @ 8.33% on the Basic + DA taken as 3500/- for all the months . i.e an amount of Rs. 291.55 or Rs. 292/- per month. so the final amount would be Rs. 1168/-.
For more details please refer to the Payment of Bonus Act.
Regards
Preetam Deshpande
From India, Mumbai
Dear Preetam Thanks for the answer. But in some months the member is not present full days. Do we have to pro-rate Rs 3500 in those months or take full Rs 3500? regards
From India, Aurangabad
From India, Aurangabad
There are two versions about it. You can take proprata of 3500, ie, LOP will be deducted from 3500 at the rate of Rs 117 (3500/30) per day of LOP. Some calculate LOP from the gross of salary (Basic + DA) and deduct it from that gross salary. By doing this the bonus amount may remain the same since the salary after deduction of LOP may again be higher than 3500. In your case also, the salary in the month in which the worker had worked only for 15 days is around 4500 and for that month also he will get full bonus.
I follow the first theory since it is genuine and penalises those who take LOP.
Madhu.T.K
From India, Kannur
I follow the first theory since it is genuine and penalises those who take LOP.
Madhu.T.K
From India, Kannur
Dear Sunnydays,
Bonus should be calculated as 8.33% of Basic + DA for the present days (including Privileged / Paid Leave + weekly / official off days). LOP / LWP days should be excluded in the calculation as Bonus is paid on performance (Bonus is meant for Performance Bonus) which means absent days should not be considered.
Regards,
Prabhat
From India, Mumbai
Bonus should be calculated as 8.33% of Basic + DA for the present days (including Privileged / Paid Leave + weekly / official off days). LOP / LWP days should be excluded in the calculation as Bonus is paid on performance (Bonus is meant for Performance Bonus) which means absent days should not be considered.
Regards,
Prabhat
From India, Mumbai
If there is 3500/26=134 and we are calculating on 11.5/ day and if someone work on 20 days it is 20*11.5 even on other the hand their earning is 4500/month.
From India, Velluru
From India, Velluru
With amendment to Payment of Bonus Act, the relevance of 3500 has been lost and in its place we have to put Rs 7000 or the wages as per the Minimum Wages Act whichever is higher. Therefore, if the statutory minimum wages of a particular trade under a scheduled employment is Rs 9000, you have to work out the bonus based on that. Obviously, the calculation with regard to deduction for loss of pay leave will remain the same and you can continue deducting the days not worked and earned proportionate to 7000 or the minimum wages as the case may be.
Madhu.T.K
From India, Kannur
Madhu.T.K
From India, Kannur
Dear Madhu Sir,
i have a confusion on the new rules of Bonus act as - .{ (i) for the words ‘‘three thousand and five hundred rupees’’ at both the places where they occur, the words ‘‘seven thousand rupees or the minimum wage for the scheduled employment, as fixed by the appropriate Government, whichever is higher’’ shall respectively be substituted;}
So now-
Mr. X ( Unskilled) Basic +VDA = Rs. 6581.00 ( as on 01 April-14)
Mr. Y ( S.Skilled ) Basic +VDA = Rs. 7231.00 ( as on 01 April-14)
Mr. Z ( Skilled) Basic +VDA = Rs. 6581.00 ( as on 01 April-14)
Mr. AB ( Engineer and basic + VDA is more than Minimum wages) Rs. 12000 ( as on 01 April-14)
so now my question is how to calculate the bonus on aforesaid wages.
From India, Rudarpur
i have a confusion on the new rules of Bonus act as - .{ (i) for the words ‘‘three thousand and five hundred rupees’’ at both the places where they occur, the words ‘‘seven thousand rupees or the minimum wage for the scheduled employment, as fixed by the appropriate Government, whichever is higher’’ shall respectively be substituted;}
So now-
Mr. X ( Unskilled) Basic +VDA = Rs. 6581.00 ( as on 01 April-14)
Mr. Y ( S.Skilled ) Basic +VDA = Rs. 7231.00 ( as on 01 April-14)
Mr. Z ( Skilled) Basic +VDA = Rs. 6581.00 ( as on 01 April-14)
Mr. AB ( Engineer and basic + VDA is more than Minimum wages) Rs. 12000 ( as on 01 April-14)
so now my question is how to calculate the bonus on aforesaid wages.
From India, Rudarpur
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Bonus Calculation.xls
BONUS CALCULATION RULE (1).pdf