Dear Abhay, Yes, he is eligible for a bonus of Rs. 292/- per month.(3500*8.33%)
From India, Mumbai
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13From India, Mumbai
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Dear Mr. Ningjems,
For the purpose of the calculation of a bonus for any eligible employees, salary or wage includes basic wage/salary and dearness allowance only. Other allowances such as OT, HRA, Traveling Concessions, Food Allowance, Washing Allowance, Conveyance Allowance, ESI & EPF contributions, retrenchment compensation, incentives, gratuity, or commission will be excluded from the ambit of bonus calculation.
Thank you,
Anil Sharma
From India, Pune
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For the purpose of the calculation of a bonus for any eligible employees, salary or wage includes basic wage/salary and dearness allowance only. Other allowances such as OT, HRA, Traveling Concessions, Food Allowance, Washing Allowance, Conveyance Allowance, ESI & EPF contributions, retrenchment compensation, incentives, gratuity, or commission will be excluded from the ambit of bonus calculation.
Thank you,
Anil Sharma
From India, Pune
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No Dear, employee is not entitle to attain bonus because Basic+DA should not exceed 3500 /-
From India, New Delhi
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From India, New Delhi
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Dear Ms. Anjali,
Please address the question from Mr. Ningjems, who has inquired about the components on which the bonus is calculated. In response to this query, please provide a specific and distinct answer.
Ensure precision when addressing queries raised by individuals.
Thank you,
Anil Sharma
From India, Pune
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Please address the question from Mr. Ningjems, who has inquired about the components on which the bonus is calculated. In response to this query, please provide a specific and distinct answer.
Ensure precision when addressing queries raised by individuals.
Thank you,
Anil Sharma
From India, Pune
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Dear Seniors,
Thank you very much for your prompt reply, especially Mr. Anand, Mr. Jaspal, and Mr. Anil Sharma for your insightful replies.
So, according to my queries and all your discussions and replies, I would like to summarize the following points:
1) According to the Bonus Act, the eligibility for a bonus is for those earning below a salary of Rs. 10,000.
Here, the term "salary below Rs. 10,000" refers to an employee's monthly BASIC salary (or in case of Dearness Allowance where applicable), which is similarly accounted for in EPF. This excludes other allowances such as OT, HRA, Traveling Concessions, Food Allowance, Washing Allowance, Conveyance Allowance, ESI & EPF contributions, retrenchment compensation, incentives, and gratuity.
Concluding remarks: Bonus is calculated based on Basic and DA.
2) For calculation purposes, a maximum of Rs. 3,500 per month will be considered for bonus calculation if an employee's BASIC + DA is below or equal to Rs. 10,000 per month, and the bonus has to be paid at 8.33% of the salary.
Concluding remarks: Rs. 3,500 is the Bonus AMOUNT for any/all Employees annually enjoying a SALARY (BASIC + DA) less than or equal to Rs. 10,000.
NB: Can the practice of paying a bonus on a monthly basis be allowed? Some pay a minimum of 8.33% of Rs. 3,500, i.e., Rs. 292.
3) The questions regarding BONUS exemptions are still UNCLEAR.
Are institutions like HOSPITALS (Apollo, Fortis, etc.) and Medical Diagnostics setups like (SRL Diagnostics, Roche Diagnostics) exempted from the payment of Bonus? I would like to be very specific. If there is any NOTICE/CIRCULAR, please let me know.
Correct Spelling and Grammar: Identify and fix any spelling or grammatical mistakes in the text.
Handle Line Breaks: Ensure there is a single line break between paragraphs. If there are multiple line breaks, reduce them to one.
Preserve the Meaning: While correcting the grammar and spelling, make sure the original meaning and tone of the message remain unchanged.
From India, Bangalore
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Thank you very much for your prompt reply, especially Mr. Anand, Mr. Jaspal, and Mr. Anil Sharma for your insightful replies.
So, according to my queries and all your discussions and replies, I would like to summarize the following points:
1) According to the Bonus Act, the eligibility for a bonus is for those earning below a salary of Rs. 10,000.
Here, the term "salary below Rs. 10,000" refers to an employee's monthly BASIC salary (or in case of Dearness Allowance where applicable), which is similarly accounted for in EPF. This excludes other allowances such as OT, HRA, Traveling Concessions, Food Allowance, Washing Allowance, Conveyance Allowance, ESI & EPF contributions, retrenchment compensation, incentives, and gratuity.
Concluding remarks: Bonus is calculated based on Basic and DA.
2) For calculation purposes, a maximum of Rs. 3,500 per month will be considered for bonus calculation if an employee's BASIC + DA is below or equal to Rs. 10,000 per month, and the bonus has to be paid at 8.33% of the salary.
Concluding remarks: Rs. 3,500 is the Bonus AMOUNT for any/all Employees annually enjoying a SALARY (BASIC + DA) less than or equal to Rs. 10,000.
NB: Can the practice of paying a bonus on a monthly basis be allowed? Some pay a minimum of 8.33% of Rs. 3,500, i.e., Rs. 292.
3) The questions regarding BONUS exemptions are still UNCLEAR.
Are institutions like HOSPITALS (Apollo, Fortis, etc.) and Medical Diagnostics setups like (SRL Diagnostics, Roche Diagnostics) exempted from the payment of Bonus? I would like to be very specific. If there is any NOTICE/CIRCULAR, please let me know.
Correct Spelling and Grammar: Identify and fix any spelling or grammatical mistakes in the text.
Handle Line Breaks: Ensure there is a single line break between paragraphs. If there are multiple line breaks, reduce them to one.
Preserve the Meaning: While correcting the grammar and spelling, make sure the original meaning and tone of the message remain unchanged.
From India, Bangalore
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Dear All,
From all the points mentioned above, it is still not clear about the basis of bonus calculation. Kindly correct me if my understanding is wrong:
1. Bonus is given to employees earning less than 10,000 Gross Salary.
2. Bonus is calculated at 8.33% of the salary.
Does this mean that if we pay 8.33%, it is almost equivalent to one month's salary? Or is the bonus calculation 8.33% of only Basic + DA, excluding the other components of the salary?
Thank you. I am eagerly waiting for an early response on this matter.
From India, Bangalore
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From all the points mentioned above, it is still not clear about the basis of bonus calculation. Kindly correct me if my understanding is wrong:
1. Bonus is given to employees earning less than 10,000 Gross Salary.
2. Bonus is calculated at 8.33% of the salary.
Does this mean that if we pay 8.33%, it is almost equivalent to one month's salary? Or is the bonus calculation 8.33% of only Basic + DA, excluding the other components of the salary?
Thank you. I am eagerly waiting for an early response on this matter.
From India, Bangalore
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