Hi,
Can anyone let me know if I am eligible for a statutory bonus or not? My basic salary was revised from 11000 to 12000 in the month of Nov '18, and my HRA was revised from 4400 to 4800 in the same month. I do not receive any DA. I am from Hyderabad. Kindly provide me with the calculation.
Thanks
From India, Bengaluru
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Can anyone let me know if I am eligible for a statutory bonus or not? My basic salary was revised from 11000 to 12000 in the month of Nov '18, and my HRA was revised from 4400 to 4800 in the same month. I do not receive any DA. I am from Hyderabad. Kindly provide me with the calculation.
Thanks
From India, Bengaluru
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Dear Hyderabadi,
You are eligible for a bonus amount of Rs. 7,000/- or as per the applicable Minimum Wages, whichever is higher. Please provide your designation for further processing.
Regards,
Suresh
From India, Thane
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253You are eligible for a bonus amount of Rs. 7,000/- or as per the applicable Minimum Wages, whichever is higher. Please provide your designation for further processing.
Regards,
Suresh
From India, Thane
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SIR, I want to know my basic + da is 12000 which is higher from minimum wages of up govt. so now i want to what is the process of calculate my bonus if my factory is giving 20% bonus.
From India, Chandigarh
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From India, Chandigarh
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Hey, I just want to say that the Bonus Act simply states that 8.33% of the minimum wages or 8.33% of 7000, whichever is higher. I just want to confirm that in the Payment of Wages Act, workmen can be considered under the ceiling limit of Rs. 24,000. As per the Bonus Act, every workman is eligible for a bonus, so will the Rs. 21,000 ceiling limit for bonus not be applicable here? If yes, then what is the actual amount that falls under the purview of the Bonus Act? Is special allowance also applicable when considering the ceiling limit?
From India, Gurgaon
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From India, Gurgaon
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1. The minimum payable bonus is 8.33%, and the maximum payable is 20%.
2. Rs. 7000 or minimum wages, whichever is higher, should be considered. For example, if the minimum wage is Rs. 8000, you have to consider Rs. 8000 and not Rs. 7000.
3. For actual wages less than Rs. 8000, and for wages equal to or exceeding Rs. 8000, Rs. 8000 should be used for calculation.
4. The bonus eligibility ceiling limit is Rs. 21000, as per the Payment of Bonus Act, similar to the PF and ESI ceiling limits.
5. The applicability of the Payment of Wages Act is Rs. 24000, and it should not necessarily be linked to the Payment of Bonus Act.
6. My suggestion is if management is willing, you can also pay the bonus as ex gratia to members above Rs. 21000, or it can be given as a VPP to staff members.
7. Wages refer to basic pay + dearness allowance only.
Please correct me if my views are incorrect.
From India, Chennai
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2. Rs. 7000 or minimum wages, whichever is higher, should be considered. For example, if the minimum wage is Rs. 8000, you have to consider Rs. 8000 and not Rs. 7000.
3. For actual wages less than Rs. 8000, and for wages equal to or exceeding Rs. 8000, Rs. 8000 should be used for calculation.
4. The bonus eligibility ceiling limit is Rs. 21000, as per the Payment of Bonus Act, similar to the PF and ESI ceiling limits.
5. The applicability of the Payment of Wages Act is Rs. 24000, and it should not necessarily be linked to the Payment of Bonus Act.
6. My suggestion is if management is willing, you can also pay the bonus as ex gratia to members above Rs. 21000, or it can be given as a VPP to staff members.
7. Wages refer to basic pay + dearness allowance only.
Please correct me if my views are incorrect.
From India, Chennai
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