Can someone tell me if there is any ruling on the amount of Diwali/festival bonus? Does it differ from organisation to organisation?
From India, Gurgaon
From India, Gurgaon
Hi, If you can go through the bonus act it will give you more clear idea. Regards, Hrushikesh
From India, Mumbai
7From India, Mumbai
In my view the act does not talk of diwali or festival bonus. It only says that if some festival bonus is paid, then such amount is allowed to be adjusted against the bonus payable as per the Payment of Bonus Act. Bonus is payable only if the salary is less than Rs 2500 per month. May be this was raised to Rs 3500 per month recently --- i am not sure. In other words, the organisations do not have any legal liability to pay bonus to highly paid employees. If they pay, it is only an ex gratia and not bonus under the payment of bonus act.
From India, Madras
From India, Madras
An employee is entitled for bonus is his basic is <=10000/- , Bonus will be calculated on the base of Rs. 3500/- (Min. 8.33 % to 20% - depend on company profit - Allowacable surplus).
If company is on loss, it may be exempted for first 5 years. After that Its compulsary to pay.
Thanks & Regards
Ranjeet
From India, New Delhi
If company is on loss, it may be exempted for first 5 years. After that Its compulsary to pay.
Thanks & Regards
Ranjeet
From India, New Delhi
No rule on payment of BONUS on the "DIWALI" occassion. Payment of Bonus should be on following two condidtions
1) employee salary/wages should be not greater than Rs.10,000/-
2) The minimun bonus of 8.33% of wages should be paid within 8 months from the closing of a/c. year.
From India, Tiruchchirappalli
1) employee salary/wages should be not greater than Rs.10,000/-
2) The minimun bonus of 8.33% of wages should be paid within 8 months from the closing of a/c. year.
From India, Tiruchchirappalli
yes. if you have already paid customary bonus to your employees then you can deduct that amt of customary bonus from your annual bonus & make the range of bonus between 8.33%-20% of annual earning and not on wages
From India, Mumbai
From India, Mumbai
Hi, Bonus is paid annually within 8 months from the close of accounting year of the company.Minimum 8.33% and maximum 20% of basic salary can be given to the employees , if he has worked for atleast 30 days.It is calculated on no. of working days every month . Ceiling for Bonus is Rs3500 .
Regards
Aditi
From India, Dehra Dun
Regards
Aditi
From India, Dehra Dun
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