hi, This Amendment active from this year or so fare not approved? Regards Vijay Kumar Shetty 9986515380
From India, Bangalore
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1From India, Bangalore
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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
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From India, Daman
Acknowledge(0)Amend(0)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
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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
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From India, Delhi
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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
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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
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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
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From India, Chennai
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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
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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
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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
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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
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Dear All,
Kindly shed some light on the grey areas.
1) Is it mandatory to pay ex gratia to employees who have crossed the eligible limit as per the act?
2) We are an ITES organization, and we experience high attrition rates with young employees joining and quitting within a month. Are there any guidelines or statutory limits regarding bonus payments for these employees? Our consultant suggests that we could limit the salary to Rs. 3500, even if the bonus specified in the appointment order is Rs. 5000.
Awaiting your reply.
Regards,
Shaji
From India, Madras
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Kindly shed some light on the grey areas.
1) Is it mandatory to pay ex gratia to employees who have crossed the eligible limit as per the act?
2) We are an ITES organization, and we experience high attrition rates with young employees joining and quitting within a month. Are there any guidelines or statutory limits regarding bonus payments for these employees? Our consultant suggests that we could limit the salary to Rs. 3500, even if the bonus specified in the appointment order is Rs. 5000.
Awaiting your reply.
Regards,
Shaji
From India, Madras
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There are different interpretations of salary, but the general principle is to consider the basic salary and dearness allowances. An employee with a basic salary and DA not exceeding 10,000 rupees becomes eligible for a bonus. However, the bonus will be calculated based on a salary of Rs 3,500 as per the law. It is possible for settlements to allow employees to receive a bonus based on their total salary as well.
Madhu.T.K
From India, Kannur
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Madhu.T.K
From India, Kannur
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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