Dear Dhanu,
Salary ceiling for bonus coverage is Rs. 10,000 and for bonus payment Rs. 3,500. Hence first calculate 12 months salary, subject to a ceiling of Rs. 3,500 each month. Generally the components will be basic+DA.
Bonus percentage will vary from 8.33% to 20%, subject to the allocable surplus.
For finalisation of bonus payment, the maximum time span is 8 months after completion of the financial year. For the financial year 2009-10 the last date will be 30.11.2010. Accordingly those joined in Sept 2010 will not get present bonus payment.
Abbas.P.S
From India, Bangalore
517Salary ceiling for bonus coverage is Rs. 10,000 and for bonus payment Rs. 3,500. Hence first calculate 12 months salary, subject to a ceiling of Rs. 3,500 each month. Generally the components will be basic+DA.
Bonus percentage will vary from 8.33% to 20%, subject to the allocable surplus.
For finalisation of bonus payment, the maximum time span is 8 months after completion of the financial year. For the financial year 2009-10 the last date will be 30.11.2010. Accordingly those joined in Sept 2010 will not get present bonus payment.
Abbas.P.S
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc