I registered for bonus act on 1.11.2023. My consultant is now saying that bonus is applicable for all employees from 01.04.2023 Is it true?
From India, Meerut
From India, Meerut
You registered for Bonus Act means?
There are two basic requirements for an employer to become liable to pay bonus to his employees. First, he should have completed five years from the start of commencement of business. Second, he should have made profit within this period. If he has not made any profits, then he should start paying bonus from the sixth year onwards. at the same time, if he has made a profits before five years, say he made profit during the second year of commencement, then from the year he made profits, ie, second year, he should pay bonus.
If you had made profits in 2023-24, then all employees whose salary does not exceed Rs 21000 and who have worked at least for 30 days in the financial year (2023-24) should be paid bonus this year. Please clarify what did you mean by "registered for Bonus Act on 1-11-2023.
From India, Kannur
4250There are two basic requirements for an employer to become liable to pay bonus to his employees. First, he should have completed five years from the start of commencement of business. Second, he should have made profit within this period. If he has not made any profits, then he should start paying bonus from the sixth year onwards. at the same time, if he has made a profits before five years, say he made profit during the second year of commencement, then from the year he made profits, ie, second year, he should pay bonus.
If you had made profits in 2023-24, then all employees whose salary does not exceed Rs 21000 and who have worked at least for 30 days in the financial year (2023-24) should be paid bonus this year. Please clarify what did you mean by "registered for Bonus Act on 1-11-2023.
From India, Kannur
Since the total of basic and DA exceeds Rs 21000, this employee is not eligible to get bonus.
In respect of an employee whose salary is not above Rs 21000, the bonus shall be calculated on a salary of Rs 7000 or the wages as per minimum wages notified by the government whichever is higher. If for your industry no minimum wages has been notified, then you can pay bonus on the presumption that the wages is Rs 7000 per month. If the minimum wages comes to Rs 13000, for example, you should take Rs 13000 as bonus qualifying salary.
From India, Kannur
In respect of an employee whose salary is not above Rs 21000, the bonus shall be calculated on a salary of Rs 7000 or the wages as per minimum wages notified by the government whichever is higher. If for your industry no minimum wages has been notified, then you can pay bonus on the presumption that the wages is Rs 7000 per month. If the minimum wages comes to Rs 13000, for example, you should take Rs 13000 as bonus qualifying salary.
From India, Kannur
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc