Dear Friends,
The calculation of Bonus under payment of Bonus Act given by Anil anand is not correct.
The act has been amended much earlier.
Now the employee coverable wage limit is Rs. 10,000 and not Rs.3500/ per month which means employees drawing salary up to Rs. 10,000 will be eligible for bonus.
The calculation will be done as if employee is drawing salary of Rs. 3500/ and not Rs.2500. as mentioned in posting.
Regds
anil kaushik
From India, Delhi
181The calculation of Bonus under payment of Bonus Act given by Anil anand is not correct.
The act has been amended much earlier.
Now the employee coverable wage limit is Rs. 10,000 and not Rs.3500/ per month which means employees drawing salary up to Rs. 10,000 will be eligible for bonus.
The calculation will be done as if employee is drawing salary of Rs. 3500/ and not Rs.2500. as mentioned in posting.
Regds
anil kaushik
From India, Delhi
Dear Anil,
Mr. Anil Anand had made his posting regarding this subject on dated 04.10.2005 while the amendment ordinance was made on 27.10.2007 which was made effective from 01.04.2006 & therefore in my opinion his information was correct on the day posting. Your brief is applicable w.e.f. 01.04.2006 & this is still in force.
Submitted only for information.
With Regards,
R.N.Khola
Skylark Associates, Gurgaon (Haryana)
(Labour Law Consultants)
From India, Delhi
Mr. Anil Anand had made his posting regarding this subject on dated 04.10.2005 while the amendment ordinance was made on 27.10.2007 which was made effective from 01.04.2006 & therefore in my opinion his information was correct on the day posting. Your brief is applicable w.e.f. 01.04.2006 & this is still in force.
Submitted only for information.
With Regards,
R.N.Khola
Skylark Associates, Gurgaon (Haryana)
(Labour Law Consultants)
From India, Delhi
Hey guys,
Can anyone guide me as to how Bonus is calculated for employees :-
1. Does the calculation has to be based on financial year (April - Mar)?
2. How do u calculate bonus for the employees who have recently joined the Company?
3. For the employees who have completed one month should one month of the Basic salary be paid?
4. What is the formula for calculation of Bonus?
Please help me guys, coz I want to change the current system that exists in my company.
Thanks & regards,
Nalini
From India, Pune
Can anyone guide me as to how Bonus is calculated for employees :-
1. Does the calculation has to be based on financial year (April - Mar)?
2. How do u calculate bonus for the employees who have recently joined the Company?
3. For the employees who have completed one month should one month of the Basic salary be paid?
4. What is the formula for calculation of Bonus?
Please help me guys, coz I want to change the current system that exists in my company.
Thanks & regards,
Nalini
From India, Pune
Dear Seniors,
in case if an employee receives Rs.7500 in case of max. amount of bonus (20% bonus),
then what would be the effect of Rs.4000 ?(i.e.7500-3500 min. bonus at 8.33%)
will this regarded as Ex - gratia? or simply 7500?- is called bonus?
From India, Ankleshwar
in case if an employee receives Rs.7500 in case of max. amount of bonus (20% bonus),
then what would be the effect of Rs.4000 ?(i.e.7500-3500 min. bonus at 8.33%)
will this regarded as Ex - gratia? or simply 7500?- is called bonus?
From India, Ankleshwar
Kindly note that last year we received maximum amount for bonus is Rs 10,000
This year we get maximum amount for bonus is Rs. 3,500 only.
Our company gives statement as:
This is to inform you all that the Bonus Amount for the year 2011-12 has been credited to all the eligible working employees in their bank account.
The eligibility criteria is as defined below
1) Minimum Worked days from April 11-March 12 should be 30
2) Basic Salary should be less than Rs.10000/-
3) Credit of 8.33% of annual earned basic subject to the ceiling amount of Rs.3500/-
4) Those employees for whom 8.33% of annual earned basic is less than Rs.3500/- would be paid actuals
Please advice whether this is against the bonus act or as per bonus act.
Also what is the maximum bonus amount as per bonus act?
Please clarify in brief
From India, Chennai
This year we get maximum amount for bonus is Rs. 3,500 only.
Our company gives statement as:
This is to inform you all that the Bonus Amount for the year 2011-12 has been credited to all the eligible working employees in their bank account.
The eligibility criteria is as defined below
1) Minimum Worked days from April 11-March 12 should be 30
2) Basic Salary should be less than Rs.10000/-
3) Credit of 8.33% of annual earned basic subject to the ceiling amount of Rs.3500/-
4) Those employees for whom 8.33% of annual earned basic is less than Rs.3500/- would be paid actuals
Please advice whether this is against the bonus act or as per bonus act.
Also what is the maximum bonus amount as per bonus act?
Please clarify in brief
From India, Chennai
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Bonus Calculation.xls
BONUS CALCULATION RULE (1).pdf