Hi Mahesh,
The Bonus Amendment Act 2010, enhancing coverage limit to Rs. 15,000, payment limit to Rs. 5,000, and minimum to 11%, has not been implemented yet. According to the current norms, the ceiling salary limit for bonus payment is Rs. 3,500. If the employee does not have full attendance, the calculation can be done simply by multiplying 3,500 by basic salary and then by 8.33%. The employee must present at least a minimum of 10 days.
Thank you.
From India, Delhi
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3The Bonus Amendment Act 2010, enhancing coverage limit to Rs. 15,000, payment limit to Rs. 5,000, and minimum to 11%, has not been implemented yet. According to the current norms, the ceiling salary limit for bonus payment is Rs. 3,500. If the employee does not have full attendance, the calculation can be done simply by multiplying 3,500 by basic salary and then by 8.33%. The employee must present at least a minimum of 10 days.
Thank you.
From India, Delhi
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Dear Kannan,
The ceiling monthly salary for bonus coverage is Rs. 10,000, and for bonus payment, it is Rs. 3,500. Monthly salary is meant for one month, i.e., if the salary is between Rs. 3,500 and Rs. 10,000 and the attendance is below one month, the calculation will be on a pro-rata basis based on Rs. 3,500 only (not on the actual salary).
For example, an employee with a salary of Rs. 6,000 has worked for 15 days out of 30 days in a month. His entitled salary for bonus payment for that particular month is calculated as 3,500 x 15/30 = Rs. 1,750.
Abbas.P.S
From India, Bangalore
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The ceiling monthly salary for bonus coverage is Rs. 10,000, and for bonus payment, it is Rs. 3,500. Monthly salary is meant for one month, i.e., if the salary is between Rs. 3,500 and Rs. 10,000 and the attendance is below one month, the calculation will be on a pro-rata basis based on Rs. 3,500 only (not on the actual salary).
For example, an employee with a salary of Rs. 6,000 has worked for 15 days out of 30 days in a month. His entitled salary for bonus payment for that particular month is calculated as 3,500 x 15/30 = Rs. 1,750.
Abbas.P.S
From India, Bangalore
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Dear All, Pls let me know, If i want to pay bonus, from which month to which month I need to consider for payment of bonus and when I should pay the bonus? Regards Venu
From India, Bangalore
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From India, Bangalore
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Dear Venu,
Bonus is to be paid for wages earned by an employee during the accounting year as defined under Section 2(1) of the Payment of Bonus Act, 1965, and this is to be disbursed within eight months from the close of the accounting year.
R.N. Khola
(M) 09810405361
Dear All,
Please let me know, if I want to pay a bonus, from which month to which month I need to consider for the payment of the bonus, and when should I pay the bonus?
Regards,
Venu
From India, Delhi
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Bonus is to be paid for wages earned by an employee during the accounting year as defined under Section 2(1) of the Payment of Bonus Act, 1965, and this is to be disbursed within eight months from the close of the accounting year.
R.N. Khola
(M) 09810405361
Dear All,
Please let me know, if I want to pay a bonus, from which month to which month I need to consider for the payment of the bonus, and when should I pay the bonus?
Regards,
Venu
From India, Delhi
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Dear Seniors,
I have come across some problems, please clarify them. An employee's salary is as follows:
- Gross salary: 12000 /-
- Basic: 5500 /-
He is working in staff. Will he be eligible to receive a bonus? If yes, please confirm what percentage and on which amount we should calculate the bonus.
Thank you.
From India, Dehra Dun
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I have come across some problems, please clarify them. An employee's salary is as follows:
- Gross salary: 12000 /-
- Basic: 5500 /-
He is working in staff. Will he be eligible to receive a bonus? If yes, please confirm what percentage and on which amount we should calculate the bonus.
Thank you.
From India, Dehra Dun
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Hi Self ashok Is it a statutary compliance to put Bonus in CTC if the pay scale is more than 3500/ Please do clarify this point please Regards
From Australia, Gurgaon
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From Australia, Gurgaon
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dear all of you please let me know Tell me know late submit of pf & e sic return which % with regards Pankaj lall
From India, Delhi
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From India, Delhi
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Dear Ashok, In my opinion none of the enactment asks us to put bonus payment in CTC. Moreover bonus percentage is declared by the management after the close of the accounting year. R.N.KHOLA
From India, Delhi
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From India, Delhi
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i am not clear about this bonus act. if the employee whose basic + DA is above Rs.10,000 then what should we do. is he not included in the act?
From India, Vadodara
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From India, Vadodara
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