Dear Sir, Please provide monthly payout bonus register format in excel. Regards, Rakesh Kumar
From India, Valsad
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From India, Valsad
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[10. Payment of minimum bonus.—Subject to the other provisions of this Act,
every employer shall be bound to pay to every employee in respect of the
accounting year commencing on any day in the year 1979 and in respect of
every subsequent accounting year, a minimum bonus which shall be 8.33 per
cent of the salary or wage earned by the employee during the accounting year or
one hundred rupees, whichever is higher, whether or not the employer has any
allocable surplus in the accounting year:
Provided that where an employee has not completed fifteen years of age at
the beginning of the accounting year, the provisions of this section shall have
effecting relation to such employee as if for the words “one hundred rupees”, the
words “sixty rupees” were substituted.]
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[11. Payment of maximum bonus.—(1) Where in respect of any accounting
year referred to in section 10, the allocable surplus exceeds the amount of
minimum bonus payable to the employees under that section, the employer shall,
in lieu of such minimum bonus, be bound to pay to every employee in respect of
that accounting; year bonus which shall be an amount in proportion to the salary
or wage earned by the employee during the accounting year subject to a
maximum of twenty per cent, of such salary or wage.
From India, Vadodara
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382[10. Payment of minimum bonus.—Subject to the other provisions of this Act,
every employer shall be bound to pay to every employee in respect of the
accounting year commencing on any day in the year 1979 and in respect of
every subsequent accounting year, a minimum bonus which shall be 8.33 per
cent of the salary or wage earned by the employee during the accounting year or
one hundred rupees, whichever is higher, whether or not the employer has any
allocable surplus in the accounting year:
Provided that where an employee has not completed fifteen years of age at
the beginning of the accounting year, the provisions of this section shall have
effecting relation to such employee as if for the words “one hundred rupees”, the
words “sixty rupees” were substituted.]
2
[11. Payment of maximum bonus.—(1) Where in respect of any accounting
year referred to in section 10, the allocable surplus exceeds the amount of
minimum bonus payable to the employees under that section, the employer shall,
in lieu of such minimum bonus, be bound to pay to every employee in respect of
that accounting; year bonus which shall be an amount in proportion to the salary
or wage earned by the employee during the accounting year subject to a
maximum of twenty per cent, of such salary or wage.
From India, Vadodara
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Calculate Bonus as per Section 12 of the Payment of Bonus Act 1965.
Step 1: Determine which amount is higher between Minimum Wages and 7000; consider the higher one.
Step 2: Identify which amount is lower between the figure from step 1 and Basic+DA; use this amount and multiply by 8.33 or the applicable rate.
*Note - Case 1: If Minimum wages are lower than 7000, then 7000 will be considered.
Case 2: If Minimum wages are higher than Basic+DA but below 7000, then select the higher amount.
Example 1 - If Basic+DA is 12000 and Minimum wages are 10000, calculate as follows:
Step 1 - 10000 is higher than 7000.
Step 2 - 10000 is lower than Basic+DA, which is 12000.
Bonus wages are 10000, and the Bonus will be 10000 x 8.33 = 833.
If Basic+DA is 6800, Ceiling 7000, and Minimum wages 6500:
Step 1: Determine the higher amount between the Minimum wages and ceiling, which is 7000.
Step 2: Identify the lower amount between the figure from step 1 and Basic+DA, which is 6800.
Now, the bonus wages amount to 6800 Rs.
From India, Chandigarh
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Step 1: Determine which amount is higher between Minimum Wages and 7000; consider the higher one.
Step 2: Identify which amount is lower between the figure from step 1 and Basic+DA; use this amount and multiply by 8.33 or the applicable rate.
*Note - Case 1: If Minimum wages are lower than 7000, then 7000 will be considered.
Case 2: If Minimum wages are higher than Basic+DA but below 7000, then select the higher amount.
Example 1 - If Basic+DA is 12000 and Minimum wages are 10000, calculate as follows:
Step 1 - 10000 is higher than 7000.
Step 2 - 10000 is lower than Basic+DA, which is 12000.
Bonus wages are 10000, and the Bonus will be 10000 x 8.33 = 833.
If Basic+DA is 6800, Ceiling 7000, and Minimum wages 6500:
Step 1: Determine the higher amount between the Minimum wages and ceiling, which is 7000.
Step 2: Identify the lower amount between the figure from step 1 and Basic+DA, which is 6800.
Now, the bonus wages amount to 6800 Rs.
From India, Chandigarh
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(Fact Checked)-The user's reply contains accurate information on the calculation of bonus as per Section 12 of the Payment of Bonus Act 1965. No corrections needed. (1 Acknowledge point)
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CiteHR.AI
(Fact Checked)-The user reply is correct as per the Payment of Bonus Act, 1965, sections 10 and 11. The information aligns with the statutory provisions. (1 Acknowledge point)