Hi friends,
I am working in an Engg concern where bonus is calculated as follows:
CTC - 400000
Bonus - 24000
Food coupon - 7500
PF Cont - 6125
Gross salary per month = 400000-24000-7500-6125=362375/12 = 30198.
Actually bonus is 6% of the CTC but how do u calculate the bonus percentage on the salary.
Kindly help me out...
Thanks
Sowmya
From India, Madras
14I am working in an Engg concern where bonus is calculated as follows:
CTC - 400000
Bonus - 24000
Food coupon - 7500
PF Cont - 6125
Gross salary per month = 400000-24000-7500-6125=362375/12 = 30198.
Actually bonus is 6% of the CTC but how do u calculate the bonus percentage on the salary.
Kindly help me out...
Thanks
Sowmya
From India, Madras
Hi Somwya,
As per the bONUS ACT- the percentage of Bonus is minimum 8.33% and maximun is 20%.If the trade union is operated in your company then the bonus % is calculated as per the % mentioned or agreed in the agreement.
In my company,we pay Bonus 8.33% of the BASIC+SPECIAL ALLOWANCE
and remaiming 11.67% is adjusted in the salary as OTHER ALLOWANCE.
This is as per our agreement with the TRADE UNION.This is only for workers and for Management cadre employees we do not pay bonus,
6% is Bonus as mentioned by you is not as per the law.
BONUS ACT mentions that 8.33% is the minimum BONUS to be paid.
Refer to the BONUS ACT.
Regards,
Nimish Joshi
09969526325
From India, Mumbai
As per the bONUS ACT- the percentage of Bonus is minimum 8.33% and maximun is 20%.If the trade union is operated in your company then the bonus % is calculated as per the % mentioned or agreed in the agreement.
In my company,we pay Bonus 8.33% of the BASIC+SPECIAL ALLOWANCE
and remaiming 11.67% is adjusted in the salary as OTHER ALLOWANCE.
This is as per our agreement with the TRADE UNION.This is only for workers and for Management cadre employees we do not pay bonus,
6% is Bonus as mentioned by you is not as per the law.
BONUS ACT mentions that 8.33% is the minimum BONUS to be paid.
Refer to the BONUS ACT.
Regards,
Nimish Joshi
09969526325
From India, Mumbai
Dear Sowmya,
The bonus is paid to all employees drawing Rs 10000/pm as Wages( pl. ref Minimum Wages act regarding "Wages")as per the latest amendment
The % age of bonus is 8.33% which is mandatory as perthe act.
Over & above this is decided by the Mgmt.
For those drawing >10K the management may give an Ex-gratia, which is absolutely the prerogative of the management & no body can decide.
Normally, as per the Payment of Wages Act- Wage means Basic Salary+ DA.
In many organisations where Consolidated pay is in practice, they will take the Minimum wages act for support & split ur salary as Basic Pay & spl. allowance. Here the point to be noted is that in any case the Basic mentioned should not be less than that mentioned in MWAct for that category.
In ur case, u have mentioned only the Gross salary (36K) which will not help in finding the exact Bonus. Look into ur Salary slip where they would have mentioned on Basic.. etc & calculate
Wish U all a Very Happy Diwali!
The bonus is paid to all employees drawing Rs 10000/pm as Wages( pl. ref Minimum Wages act regarding "Wages")as per the latest amendment
The % age of bonus is 8.33% which is mandatory as perthe act.
Over & above this is decided by the Mgmt.
For those drawing >10K the management may give an Ex-gratia, which is absolutely the prerogative of the management & no body can decide.
Normally, as per the Payment of Wages Act- Wage means Basic Salary+ DA.
In many organisations where Consolidated pay is in practice, they will take the Minimum wages act for support & split ur salary as Basic Pay & spl. allowance. Here the point to be noted is that in any case the Basic mentioned should not be less than that mentioned in MWAct for that category.
In ur case, u have mentioned only the Gross salary (36K) which will not help in finding the exact Bonus. Look into ur Salary slip where they would have mentioned on Basic.. etc & calculate
Wish U all a Very Happy Diwali!
Dear All,
Hope you all doing fine,
I need some information on Salary definitions: As pe the Bonus Act section 2(21) says that it is all remunarations plus DA but does not include time being allowances.
But the general practice is that it is based on Basic Plus DA. Pleas help me to understand more on the salary definition.
Thanks,
Vinay Kumar
From India, Bangalore
Hope you all doing fine,
I need some information on Salary definitions: As pe the Bonus Act section 2(21) says that it is all remunarations plus DA but does not include time being allowances.
But the general practice is that it is based on Basic Plus DA. Pleas help me to understand more on the salary definition.
Thanks,
Vinay Kumar
From India, Bangalore
Dear All [URGENT]
I am working in a company called Greta group.corporate office located at Chennai we have a power plant at Chandrapur dist. Maharastra so currently i want to know some, information what are the criteria is there in maharastra for bonus. whether the 8.33% are aplicable for the Maharastra state.if is aplicable who are all coming under this percentage. is there any salary ceiling following by the companies in Maharastra.
Contact:9677344278
From India, Chennai
I am working in a company called Greta group.corporate office located at Chennai we have a power plant at Chandrapur dist. Maharastra so currently i want to know some, information what are the criteria is there in maharastra for bonus. whether the 8.33% are aplicable for the Maharastra state.if is aplicable who are all coming under this percentage. is there any salary ceiling following by the companies in Maharastra.
Contact:9677344278
From India, Chennai
Hi Any one can give me guidance about the contract labour laws, rules and regulations to fallow and what are the record should fallow in Tamil Nadu
From India, Chennai
From India, Chennai
Hello,
I am working with Manufacturing unit and i wish to know how to work on Diwali Bonus for labour as well as office staff?
Please someone help me with its formula and specifications.
Thanks & Regards!
From India, Mumbai
I am working with Manufacturing unit and i wish to know how to work on Diwali Bonus for labour as well as office staff?
Please someone help me with its formula and specifications.
Thanks & Regards!
From India, Mumbai
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