Hi,
Please tell me, what is the minimum eligibility for an employee to receive a bonus? This includes details such as salary (gross or basic), the duration of employment required, the frequency of bonus payments, and the formula used for calculating the bonus. Kindly provide information on all aspects related to bonuses.
Thank you,
Lokesh
From India, Delhi
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9Please tell me, what is the minimum eligibility for an employee to receive a bonus? This includes details such as salary (gross or basic), the duration of employment required, the frequency of bonus payments, and the formula used for calculating the bonus. Kindly provide information on all aspects related to bonuses.
Thank you,
Lokesh
From India, Delhi
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An employee who has worked for more than 30 days in a year is entitled to a bonus. The bonus is paid based on the Basic Salary, with a minimum of 8.33% and a maximum that depends on the company. However, if it is a new company, it can enjoy an infancy period and pay 8.33% for up to five years. If your company is old enough, then you should pay 20% of the basic salary towards the bonus.
For further queries, please refer to the Bonus Act.
Regards,
SIDMAN
From India, Madras
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For further queries, please refer to the Bonus Act.
Regards,
SIDMAN
From India, Madras
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Hi,
I am Om Parkash. Can anybody help me if any employer/company refuses to pay a bonus? What can a person do to get their bonus if they have worked with the organization for 2-3 years and the company has deducted their PF?
Email me at rajluvsharma@gmail.com
From India, Delhi
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I am Om Parkash. Can anybody help me if any employer/company refuses to pay a bonus? What can a person do to get their bonus if they have worked with the organization for 2-3 years and the company has deducted their PF?
Email me at rajluvsharma@gmail.com
From India, Delhi
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1. Is the bonus calculated on Basic only or Basic+DA?
2. In my salary structure, 'Basic' is not mentioned separately; it is shown as Basic+DA. My CTC per month is Rs. 24,916.00, and Basic+DA is Rs. 7,000.00 only. Is this correct?
From India, Mumbai
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2. In my salary structure, 'Basic' is not mentioned separately; it is shown as Basic+DA. My CTC per month is Rs. 24,916.00, and Basic+DA is Rs. 7,000.00 only. Is this correct?
From India, Mumbai
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According to the Payment of Bonus Act, 1965, Section 2(21), "salary or wage" refers to Basic & DA only. However, where an employee is given, in lieu of the whole or part of the salary or wage payable to him, a free food allowance or free food by his employer, such food allowance or the value of such food shall, for the purpose of this clause, be deemed to form part of the salary or wage of such employee. If your Basic & DA is Rs. 7000 per month, then you are eligible to receive a bonus payment from the employer.
Regards,
R.N.Khola
From India, Delhi
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Regards,
R.N.Khola
From India, Delhi
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The bonus is calculated on Basic + DA. Your Basic is ₹7000/-. You are eligible for a bonus of a minimum of 8.33% on the earned Basic + DA and a maximum of 20% on the earned Basic + DA as per your company policy mentioned in the Standing Order.
Thanks and regards,
Ambesh Kumar
Sr. Executive HR
From India, Delhi
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Thanks and regards,
Ambesh Kumar
Sr. Executive HR
From India, Delhi
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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