Pls. help me urgent.
If salary of any bonus eligible employee is Rs.3510/ in any month after deducting 10 days absence in that respective month.
Whether bonus will be calculated on Rs.3500/= or after deduction of 10 days absence proportionately from Rs.3500 / in that respective month.
YOGENDRA
From India, Kanpur
3If salary of any bonus eligible employee is Rs.3510/ in any month after deducting 10 days absence in that respective month.
Whether bonus will be calculated on Rs.3500/= or after deduction of 10 days absence proportionately from Rs.3500 / in that respective month.
YOGENDRA
From India, Kanpur
Dear Yogendra,
Pls let me know clearly if your organization is going to calculate for month wise or they are taking last financial year salary ie last drawn salary for March 2007,pls let me know to guide you.
From India, Madras
Pls let me know clearly if your organization is going to calculate for month wise or they are taking last financial year salary ie last drawn salary for March 2007,pls let me know to guide you.
From India, Madras
Dear Umaselva
Bonus is paid for last financial year and so if employee (basic+d.a.) is below Rs.10000/during that year , he is eligible for bonus.
I only want to know that as per Bonus Act whether deduction for absence should be made on Qualifyiny earning i.e.Rs.3500/- proportionately or not.
YOGENDRA
From India, Kanpur
Bonus is paid for last financial year and so if employee (basic+d.a.) is below Rs.10000/during that year , he is eligible for bonus.
I only want to know that as per Bonus Act whether deduction for absence should be made on Qualifyiny earning i.e.Rs.3500/- proportionately or not.
YOGENDRA
From India, Kanpur
No yogendar, Bonus is not calculated on any particular month basis. It is for the whole financial year. so u have to give him the bonus for Rs.3500/-. No deductions will be applicable.
From India, New Delhi
From India, New Delhi
Dear Prathima
I think Bonus is paid on earning ( Basic+VDA ) of Employee.
If he has earned Rs.3400/- in two months due to absence and Rs.3700/- in remaining 10 month during April,2007 to March, 2008, the calculation will be as under :-
1) 3400 X 2 = 6800
2) 3500 x 10 = 35000
TOTAL = 41800
BONUS = 41800 X BONUS RATE
MY QUESTION WAS THAT DUE TO ABSENCE HIS EARNING IS REDUCED FROM Rs.3700/- TO RS.3600/=.DUE TO ABSENCE OF TWO DAYS,THEN WHETHER BONUS WILL BE CALCULATED ON RS.3500/= OR AFTER DEDUCTION OF TWO DAYS PROPORTIONATELY FROM RS.3500/=.
YOGENDRA
From India, Kanpur
I think Bonus is paid on earning ( Basic+VDA ) of Employee.
If he has earned Rs.3400/- in two months due to absence and Rs.3700/- in remaining 10 month during April,2007 to March, 2008, the calculation will be as under :-
1) 3400 X 2 = 6800
2) 3500 x 10 = 35000
TOTAL = 41800
BONUS = 41800 X BONUS RATE
MY QUESTION WAS THAT DUE TO ABSENCE HIS EARNING IS REDUCED FROM Rs.3700/- TO RS.3600/=.DUE TO ABSENCE OF TWO DAYS,THEN WHETHER BONUS WILL BE CALCULATED ON RS.3500/= OR AFTER DEDUCTION OF TWO DAYS PROPORTIONATELY FROM RS.3500/=.
YOGENDRA
From India, Kanpur
Well as far as i think since even after deduction (Basic + DA) comes above Rs.3500/-. So bonus calculation should be done on 3500/- only. Incase after deductions (Basic+DA) goes down 3500/- then u have to go for the amount derived after LOP.
I would like somebody to comment on this incase i am wrong
From India, New Delhi
I would like somebody to comment on this incase i am wrong
From India, New Delhi
HI,
Can anybody guide me about bonus payment for new establishment.
There is a clause in bonus act (section 16) whereby new establishments are exempted to pay any bonus till 5 yrs if they do not show/earn any profit. Is this correct?
If yes, then do the company has to inform the Labour office about non-payment of bonus.
And if No, then is it mandatory to give bonus, evenif the company has not recorded any profit for the financial year.
Hope to get good responses.
Regards,
Kavita Sharma
From India, Ahmadabad
Can anybody guide me about bonus payment for new establishment.
There is a clause in bonus act (section 16) whereby new establishments are exempted to pay any bonus till 5 yrs if they do not show/earn any profit. Is this correct?
If yes, then do the company has to inform the Labour office about non-payment of bonus.
And if No, then is it mandatory to give bonus, evenif the company has not recorded any profit for the financial year.
Hope to get good responses.
Regards,
Kavita Sharma
From India, Ahmadabad
Dear Kavita
As per Section 16 of Bonus Act, in first five years Bonus shall be payable only in r/o the accounting year in which profit is derived.Information not required to be given to Labour office.If there is profit in first five years , bonus shall be payable but no set on shall be carried forward.
YOGENDRA
From India, Kanpur
As per Section 16 of Bonus Act, in first five years Bonus shall be payable only in r/o the accounting year in which profit is derived.Information not required to be given to Labour office.If there is profit in first five years , bonus shall be payable but no set on shall be carried forward.
YOGENDRA
From India, Kanpur
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Bonus Calculation.xls
BONUS CALCULATION RULE (1).pdf