Hi Guru,
Please let me know, as per the Bonus Act, if employees drawing more than 10000/- Basic salary in a month (Senior Management level) are eligible to receive a bonus or not. If not, how should we address this query if it arises?
Please assist me with this matter.
Thanks,
Chitrappa
Executive - HR
From India, Bangalore
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2Please let me know, as per the Bonus Act, if employees drawing more than 10000/- Basic salary in a month (Senior Management level) are eligible to receive a bonus or not. If not, how should we address this query if it arises?
Please assist me with this matter.
Thanks,
Chitrappa
Executive - HR
From India, Bangalore
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Dear Friends I am enclosing the Latest amendment Bill passed on Payment of Bonus Act in 2010 for your reference and records.
From India, Kumbakonam
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From India, Kumbakonam
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Whether this bill is passed or not, please explain with gazetted notification. The document attached by our senior, Mr. S. Bhaskar, is the draft pending with both houses of Parliament. Please clarify at the earliest so that the confusion is resolved.
Regards,
Vishal Setia
From India, Faridabad
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Regards,
Vishal Setia
From India, Faridabad
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Dear Mr. Vishal As said by you, it is still in proposal stage only and we can expect soon for its implementation. With warm regards S. Bhaskar
From India, Kumbakonam
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From India, Kumbakonam
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The document attached by Mr. Bhasker is only a notification/bill and it has not been passed so far. I would like to refer to the Press Note dated 29th Oct. 2007, issued by the Honorable President regarding the enhancement of the eligibility limit for the payment of bonus from the salary or wage of Rs. 3500/- per month to Rs. 10,000/- per month. This Press Note is available in some other threads of Cite HR.
In my opinion, when the bill is passed, a similar type of Press Note may also be released.
From India, Lucknow
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In my opinion, when the bill is passed, a similar type of Press Note may also be released.
From India, Lucknow
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Dear Jangir,
In what context do you want the maximum limit of the bonus? If it is for calculation purposes, then it is Rs. 3500 per month. The minimum percentage is 8.33%, and the maximum is 20% as per the bonus act. Regarding the payout to the employee, the maximum limit of the salary is Rs. 10000.
I hope this solves your query.
Regards,
Vishal Setia
From India, Faridabad
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In what context do you want the maximum limit of the bonus? If it is for calculation purposes, then it is Rs. 3500 per month. The minimum percentage is 8.33%, and the maximum is 20% as per the bonus act. Regarding the payout to the employee, the maximum limit of the salary is Rs. 10000.
I hope this solves your query.
Regards,
Vishal Setia
From India, Faridabad
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Dear Prag,
Welcome to CiteHR. Please find attached the supporting document as required by you.
[R.N.KHLOA|Sr. ASSOCIATE|LL&IR|
SKYLARK ASSOCIATES|GURGAON|HARYANA|
Labour Law Consultants|Mobile: 9810405361]
From India, Delhi
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Welcome to CiteHR. Please find attached the supporting document as required by you.
[R.N.KHLOA|Sr. ASSOCIATE|LL&IR|
SKYLARK ASSOCIATES|GURGAON|HARYANA|
Labour Law Consultants|Mobile: 9810405361]
From India, Delhi
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Mr. R N Khola,
Please let me know which basic salary i.e. Rs. 10,000/- or Rs. 3,500/- is taken for the calculation of the Bonus. If the wage limit is Rs. 3,500/-, then the Rs. 10,000/- wage limit is considered for eligibility of the Bonus.
For the Rs. 10,000/- wage limit, suppose the basic salary is Rs. 8,000.
Bonus 8.33% = 8,000 * 8.33% = 666
Ex Gratia on Rs. 8,000/- = 8,000 * 20% - 8,000 * 8.33%
= 1,600 - 666
= Rs. 934/-
Regards,
Parag
From India, Mumbai
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Please let me know which basic salary i.e. Rs. 10,000/- or Rs. 3,500/- is taken for the calculation of the Bonus. If the wage limit is Rs. 3,500/-, then the Rs. 10,000/- wage limit is considered for eligibility of the Bonus.
For the Rs. 10,000/- wage limit, suppose the basic salary is Rs. 8,000.
Bonus 8.33% = 8,000 * 8.33% = 666
Ex Gratia on Rs. 8,000/- = 8,000 * 20% - 8,000 * 8.33%
= 1,600 - 666
= Rs. 934/-
Regards,
Parag
From India, Mumbai
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Wage ceiling for bonus calculation is still $3500. If the basic salary is more than $3500, the bonus should be calculated as mentioned below:
$3500 x (number of months the employee has worked in that particular financial year) x 8.33% or above up to 20% = Actual bonus.
Regards,
Kamal
From India, Pune
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$3500 x (number of months the employee has worked in that particular financial year) x 8.33% or above up to 20% = Actual bonus.
Regards,
Kamal
From India, Pune
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Mr. Sinha,
Thank you for your help.
Suppose the basic salary is $5400. The maximum percentage is 20%.
Bonus = $3500 * 12 * 8.33%
= $3499
Can we also calculate the bonus at the maximum rate of 20%?
Bonus at 20% = $3500 * 12 * 20%
= $8400
Ex-gratia = ($5400 - $3500) = $1900 * 12 * 20%
= $4560
Please confirm if the above calculations are correct. Also, kindly advise where I should file bonus returns (Form D) in Mumbai and what Form C entails.
Regards,
Parag Chawan
From India, Mumbai
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Thank you for your help.
Suppose the basic salary is $5400. The maximum percentage is 20%.
Bonus = $3500 * 12 * 8.33%
= $3499
Can we also calculate the bonus at the maximum rate of 20%?
Bonus at 20% = $3500 * 12 * 20%
= $8400
Ex-gratia = ($5400 - $3500) = $1900 * 12 * 20%
= $4560
Please confirm if the above calculations are correct. Also, kindly advise where I should file bonus returns (Form D) in Mumbai and what Form C entails.
Regards,
Parag Chawan
From India, Mumbai
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