Hi All, Can any of you confirm as to what is the minimum bonus limit irrespective of whatever the designation is? It is most urgent. Thanks & Regds, Mangala
From United States, Cambridge
From United States, Cambridge
Hi Mangala,
According to this gazette notification, (which is appended at the end of this mail) every employee who was earning Basic (+DA) is EQUAL or LESS than 10,000/- p.m., will come under the purview of the act, and the same employee would be entitled to Bonus to the maximum of Rs. 3,500/= (if the % of bonus declared @ 8.33%).
cheers
suneel.
From India, Bangalore
4According to this gazette notification, (which is appended at the end of this mail) every employee who was earning Basic (+DA) is EQUAL or LESS than 10,000/- p.m., will come under the purview of the act, and the same employee would be entitled to Bonus to the maximum of Rs. 3,500/= (if the % of bonus declared @ 8.33%).
cheers
suneel.
From India, Bangalore
According to the latest amendment (PROPOSED)to the Payment of Bonus Act, those drawing Salary not more than Rs10000/ are eligible to get Bonus at the rate agreed. But the bonus of those whose salary ranges between Rs 3500 and Rs 10000 will be calculated as if their salary were Rs 3500 only. The minimum rate of Bonus is 8.33% and the maximum rate id 20%.
Regards,
Madhu.T.K
From India, Kannur
Regards,
Madhu.T.K
From India, Kannur
hi Mangala,
Pls note that bonus is to be paid to those whose basic is upto 10,000/-.
the calculation should be done on 3500/- only. The minimum is 8.33% and maximum is 20% as per the act. Pls also note that in case a person whose basic is 5000/- in that case u have to calculate on 3500/- only.
IF in case a person whose basic is more than 3500 /- and loss of pay is there, then accordingly u have to proportinately reduce on 3500/-. For example employee basic is 6000/- and in the month of march he had LOP for 3 days then you have calculate 3500/- divided by 31 days(March month) Then it will be 3161/- on rs.3161 u have to calculate bonus of 8.33% it will work out as Rs.263/- for that month.
The bonus calculation is on financial year basis ie from 1st april to 31st march.
I hope it will clear your doubts.
Prabhakar Rao.M
From India, Delhi
Pls note that bonus is to be paid to those whose basic is upto 10,000/-.
the calculation should be done on 3500/- only. The minimum is 8.33% and maximum is 20% as per the act. Pls also note that in case a person whose basic is 5000/- in that case u have to calculate on 3500/- only.
IF in case a person whose basic is more than 3500 /- and loss of pay is there, then accordingly u have to proportinately reduce on 3500/-. For example employee basic is 6000/- and in the month of march he had LOP for 3 days then you have calculate 3500/- divided by 31 days(March month) Then it will be 3161/- on rs.3161 u have to calculate bonus of 8.33% it will work out as Rs.263/- for that month.
The bonus calculation is on financial year basis ie from 1st april to 31st march.
I hope it will clear your doubts.
Prabhakar Rao.M
From India, Delhi
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc