hi, This Amendment active from this year or so fare not approved? Regards Vijay Kumar Shetty 9986515380
From India, Bangalore
1From India, Bangalore
Dear Madhu, Thanks for information but you have written 30 days means it working 30 days(Physical working days) or one month (Including weekly off). With regards, Sameer K Ghosh
From India, Daman
From India, Daman
Dear Sameer,
According to sec. 8 of Payment of Bonus Act, 1965 this is thirty working days which may be read as under.
8. Eligibility for bonus.—Every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisions of this Act, provided he has worked in the establishment for not less than thirty working days in that year.
R.N.Khola
From India, Delhi
Hi, What if an employee had joined in between the year and during bonus he/ she had not completed one year service in that case is he/ she eligible for bonus. Regards, Shikha
From India, Delhi
From India, Delhi
Dear Shikha,
As already clarified one is required to work for only thirty days ( thirty working days) in an accounting year for which bonus is payable to the eligible employes. One year service is not required to become eligible for getting bonus. Go through section 8 for eligibility.
R.N.KHOLA
(Labour Law Consultants)
From India, Delhi
As already clarified one is required to work for only thirty days ( thirty working days) in an accounting year for which bonus is payable to the eligible employes. One year service is not required to become eligible for getting bonus. Go through section 8 for eligibility.
R.N.KHOLA
(Labour Law Consultants)
From India, Delhi
Dear Vivek, Any employee who has put in 30days of service in the financial year is eligible for bonus proportionately. Regards Murali
From India, Chennai
From India, Chennai
Dear Friends
Let me explain you about the days
If a person worked upto 30 April then he is not eligible to receive the Bonus because there will only 26 working days. But if a person worked upto 05 May, the he is eligible to receive the Bonus because from 01 Apr to 05 May there will be 30 working days in the financial year.
The Bonus should not be less than 8.33% and should not be more than 20%.
The company cannot pay less than 8.33% Bonus. In case the company is paying in excess to that amount then it is known as exgratia (share on Profit). The exgratia will normally be paid to the worker whose salary is more than Rs.10000/- because they are not eligible for Bonus.
Hope I have cleared the doubt.
In case of any further querry never hesistate to ask. Because knowledge develops when we start asking question.
With warm regards
S. Bhaskar
From India, Kumbakonam
Let me explain you about the days
If a person worked upto 30 April then he is not eligible to receive the Bonus because there will only 26 working days. But if a person worked upto 05 May, the he is eligible to receive the Bonus because from 01 Apr to 05 May there will be 30 working days in the financial year.
The Bonus should not be less than 8.33% and should not be more than 20%.
The company cannot pay less than 8.33% Bonus. In case the company is paying in excess to that amount then it is known as exgratia (share on Profit). The exgratia will normally be paid to the worker whose salary is more than Rs.10000/- because they are not eligible for Bonus.
Hope I have cleared the doubt.
In case of any further querry never hesistate to ask. Because knowledge develops when we start asking question.
With warm regards
S. Bhaskar
From India, Kumbakonam
Dear Sir,
Is it compulsory for us to pay bonus to three employees, of our apartment in Pune, with Salaries more than 4000 Rs ? Does an Apartment fall under the Bonus act ? Its not established for profit, plus we have only 3 employees, so was confused.
Thanks
From India, Pune
Is it compulsory for us to pay bonus to three employees, of our apartment in Pune, with Salaries more than 4000 Rs ? Does an Apartment fall under the Bonus act ? Its not established for profit, plus we have only 3 employees, so was confused.
Thanks
From India, Pune
Dear All,
Kindly shed some light on the grey areas.
1) Is it mandatory for paying exgratia for employee who have crossed the act eligible limit.
2) We are a ITES organisation,we have lot of attrition young people join and quit within a month.Is a there any guide lines or stautory limit in terms of payment of bonus for these employees.Our consultant says that we could pay them limit of Rs.3500/-(salary) even if there bonus as per the appointment order is Rs.5000/-.
Awaiting reply
Regards
Shaji
From India, Madras
Kindly shed some light on the grey areas.
1) Is it mandatory for paying exgratia for employee who have crossed the act eligible limit.
2) We are a ITES organisation,we have lot of attrition young people join and quit within a month.Is a there any guide lines or stautory limit in terms of payment of bonus for these employees.Our consultant says that we could pay them limit of Rs.3500/-(salary) even if there bonus as per the appointment order is Rs.5000/-.
Awaiting reply
Regards
Shaji
From India, Madras
There are different interpretations to salary but the general principle is to take the basic salary and the dearness allowances. As such an employee drawing basic salary and DA of not more than 10000 rupees will become eligible to bonus. However, his bonus will be calculated as if his salary is Rs 3500. This is as per the law but there can be settlements which will enable the employees to get bonus on total salary also.
Madhu.T.K
From India, Kannur
Madhu.T.K
From India, Kannur
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Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc