Dear All, Please let me guide how to calculate bonus as per new amendment which is applicable to 1st Apr 2014. Please this is very urgent.....
From India, Pune
17From India, Pune
Dear All, Please let me know how to calculate Bonus as per Amendment dated 31st Dec 2015 which come into force from 01st Apr 2014
From India, Pune
From India, Pune
Dear Friend,
The wage ceiling enhanced from Rs. 10000/- to Rs. 21000/-. Accordingly the bonus ceiling enhanced from Rs. 3500/- to Rs. 7000/-. Earlier those who were draing the salary more than Rs. 10000/- were not eligible. Now, the ceiling has enhanced to Rs. 21000/-. But, it is to be restricted to Rs. 7000/-
For example if you have set on in the previous years and you have surplus to pay 20% then the bonus amount shall be
7000X12 = 84000 x20/100 = Rs. 16800.00 Earlier we used to pay only Rs. 8400.00 maximum.
Now, the amended law is effective from 1st April, 2014. If you have donot have any surplus(set on), you have to work according to the amended act and pay the bonus with the available set on - i.e. on revised percentage instead of 20%.
It has to be paid before the 31st March, 2016. Many of the organisation are approaching the Labour Secretary in New Delhi and also thinking of filing petitions for the payment of bonus from restropective effect.
G.K.Manjunath
Sr. Manager(HR)
From United States, Cambridge
The wage ceiling enhanced from Rs. 10000/- to Rs. 21000/-. Accordingly the bonus ceiling enhanced from Rs. 3500/- to Rs. 7000/-. Earlier those who were draing the salary more than Rs. 10000/- were not eligible. Now, the ceiling has enhanced to Rs. 21000/-. But, it is to be restricted to Rs. 7000/-
For example if you have set on in the previous years and you have surplus to pay 20% then the bonus amount shall be
7000X12 = 84000 x20/100 = Rs. 16800.00 Earlier we used to pay only Rs. 8400.00 maximum.
Now, the amended law is effective from 1st April, 2014. If you have donot have any surplus(set on), you have to work according to the amended act and pay the bonus with the available set on - i.e. on revised percentage instead of 20%.
It has to be paid before the 31st March, 2016. Many of the organisation are approaching the Labour Secretary in New Delhi and also thinking of filing petitions for the payment of bonus from restropective effect.
G.K.Manjunath
Sr. Manager(HR)
From United States, Cambridge
We will appreciate if you please read previous post on this topic interpretations/ clarifications already given by our more than dozen experts.
From India, Delhi
From India, Delhi
I suggest you care study the entire bonus act (as amended). In case of any query thereafter you ask the seniors. There are concepts like allocable surplus, available surplus, set on and set off etc. which need to be digested in particular.
From India, Pune
From India, Pune
The Kerala high court has given a stay for the applicability of the recent amemendment regarding the retrospective effect.the copy of the same is attached for your reference. but in my view this stay will be applicable to only the parties who are part of th is petition.
ravi
From India, Delhi
ravi
From India, Delhi
Dear SANDEE1983 , There has been more than enough discussion/ opinions in this regard. Please visit old recent posts and come specifically again in case you have your question if any.
Regds,
RDS Yadav
LABOUR lAW ADVISER
navtaranghrs@gmail.com
From India, Delhi
Regds,
RDS Yadav
LABOUR lAW ADVISER
navtaranghrs@gmail.com
From India, Delhi
The stay order is solely applicable to the petitioners. The affidavit submitted by the parties is not available to review circumstances which are submitted by the party for the stay.
From India, Mumbai
From India, Mumbai
My query is , Suppose: an employee whose salary is 20,000/- (Basic+DA) then shall we calculate his/her bonus as 20000X8.33% =1666 or Rs. 7000/- ?
From India, Pune
From India, Pune
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf