Calculate the bonus as if salary is Rs 7000 per month. In case the minimum wages as applicable to him is more than Rs 7000, then take that minimum wages as the basis for calculation of bonus.
I think the answers given above (ie, 20 posts) clarifies everything including the query in post No 21. It is advisable that you should go through the posts and post queries only if the posts do not satisfy you.
Madhu.T.K
From India, Kannur
4239I think the answers given above (ie, 20 posts) clarifies everything including the query in post No 21. It is advisable that you should go through the posts and post queries only if the posts do not satisfy you.
Madhu.T.K
From India, Kannur
Dear Madhu TK & All
The confusion is about 7000 ceiling limit according to some members it is minimum wages limit and according to some members it is the minimum bonus limit. Actually this kind of different replies given by seniors let the querist to be confused that if basic Plus DA is less then 7000 say 5600 then we need to take actual basic plus DA i.e. 5600 for bonus calculation or should take 7000 for bonus calculation,
Pls clarify this issue of 7000 ceiling limit.
From India, Jaipur
The confusion is about 7000 ceiling limit according to some members it is minimum wages limit and according to some members it is the minimum bonus limit. Actually this kind of different replies given by seniors let the querist to be confused that if basic Plus DA is less then 7000 say 5600 then we need to take actual basic plus DA i.e. 5600 for bonus calculation or should take 7000 for bonus calculation,
Pls clarify this issue of 7000 ceiling limit.
From India, Jaipur
Please read my post (link 12) which clarifies your doubts. If the wages is below Rs 7000, take the actual salary and if it is more than 7000, then take 7000. In case the minimum wages is more than 7000, then take that minimum wages for calculation of bonus. The most important thing to be noted with regard to the amended section is that minimum wages will come in to picture only if your bonus qualifying salary is more than Rs 7000. That means, if you are paying less than 7000, say, Rs 6000 and whereas the minimum wages is more than 7000, say, Rs 8000, then you need not calculate and pay bonus on minimum wages but just pay it based on the actual wages paid, ie, 6000. At the same time if your salary is more than 7000, say, 10000, then you have to pay bonus on 7000 or minimum wages whichever is higher, ie, Rs 8000.
Madhu.T.K
From India, Kannur
Madhu.T.K
From India, Kannur
Dear Madhu TK sir.
I have study your post No 12 also in this thread wherein you have mentioned if Basic plus DA is less then 7000 say 6000 then bonus will be calculate on 6000 and if basic plus DA is exceed 7000 say 12000 then bonus will be calculate either or 7000 or on state minimum wages for scheduled employment whichever is higher,
I want to know in which sec of bonus act. It written that if basic plus DA is less then 7000 then actual basic plus DA will be taken for bonus calculation ,
From India, Jaipur
I have study your post No 12 also in this thread wherein you have mentioned if Basic plus DA is less then 7000 say 6000 then bonus will be calculate on 6000 and if basic plus DA is exceed 7000 say 12000 then bonus will be calculate either or 7000 or on state minimum wages for scheduled employment whichever is higher,
I want to know in which sec of bonus act. It written that if basic plus DA is less then 7000 then actual basic plus DA will be taken for bonus calculation ,
From India, Jaipur
Hello sir
Iam employee of a private company of salary 13000/p.m in financial year 2015-16. The company started on 1sep 2015 and i have joined on 1 oct 2015. If i am eligible ro bonus or not??. If am eligible to bonus how to calculate the bonus either it has to taken fully financial year or not??
Calculation of minimum bonus
1. 13000x8.33%x12 or
2. 13000x8.33%x6 or
Maximu bonus
1.13000x20%x12
2.13000x20%x6
The company has fixed the bonus amount to 10000/-
Plese suggest me how much amount i can be received
From India, undefined
Iam employee of a private company of salary 13000/p.m in financial year 2015-16. The company started on 1sep 2015 and i have joined on 1 oct 2015. If i am eligible ro bonus or not??. If am eligible to bonus how to calculate the bonus either it has to taken fully financial year or not??
Calculation of minimum bonus
1. 13000x8.33%x12 or
2. 13000x8.33%x6 or
Maximu bonus
1.13000x20%x12
2.13000x20%x6
The company has fixed the bonus amount to 10000/-
Plese suggest me how much amount i can be received
From India, undefined
A company is exempt from paying bonus for the first 5 years unless it has actually made profits.
So if the company has made loss, you don't get any bonus.
If the company made profit, then compute allocable surplus as described in the act, compare that will the salary paid for the year (again explained in the act). Based on that, you need to decide the % of bonus. It should be the % that will absorb the allocable surplus, subject to a maximum 20%
Ofcourse, the company is not required to pay bonus for 12 months if it only worked for 6 months, and you will get only for 5 months if you joined only in October.
From India, Mumbai
So if the company has made loss, you don't get any bonus.
If the company made profit, then compute allocable surplus as described in the act, compare that will the salary paid for the year (again explained in the act). Based on that, you need to decide the % of bonus. It should be the % that will absorb the allocable surplus, subject to a maximum 20%
Ofcourse, the company is not required to pay bonus for 12 months if it only worked for 6 months, and you will get only for 5 months if you joined only in October.
From India, Mumbai
Dear AMTGUP, Please see section 9 and sec 10, which says that bonus is payable on actual salary And section 12, which says those getting above the ceiling, get based on ceiling rate
From India, Mumbai
From India, Mumbai
Hello sir thanks for your information and i have a another doubt the company is already started more than 5 years but they have opened a newly branch which i have worked and for that financial year the branch have gained profits
From India, undefined
From India, undefined
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Bonus Calculation.xls
BONUS CALCULATION RULE (1).pdf