Hello Seniors,
As per latest amendment bonus ceiling limit
Has been increased from 3500/- to 7000/-
Pls let me know if employee gross salary is
15000/- then 15000*8.33% 1249.50/-
1249.50*12 (month) 14994/- pls tell me
Will 14994/- be paid to employee or only 7000/-
Regard
Mukesh
From India, Basti
18As per latest amendment bonus ceiling limit
Has been increased from 3500/- to 7000/-
Pls let me know if employee gross salary is
15000/- then 15000*8.33% 1249.50/-
1249.50*12 (month) 14994/- pls tell me
Will 14994/- be paid to employee or only 7000/-
Regard
Mukesh
From India, Basti
Dear Mukesh, If his attendance gross earning salary is 15000 every month. then formula will be 7000*12*8.33%
From India, Durgapur
From India, Durgapur
No Mukesh, the workings are a little more complex.
Wages will be considered as actual, minimum wages or ₹7000, whichever higher.
So first you need to check where he stands in minimum wages scales.
Next, the % varies from 8.33% to 20%.
You need to compute allocable surplus as defined in the act to determine what is the bonus % applicable to your company
Then you can apply the % to the wage ceiling and proceed.
Btw, isn't bonus on basic and DA rather than gross wages ?
From India, Mumbai
Wages will be considered as actual, minimum wages or ₹7000, whichever higher.
So first you need to check where he stands in minimum wages scales.
Next, the % varies from 8.33% to 20%.
You need to compute allocable surplus as defined in the act to determine what is the bonus % applicable to your company
Then you can apply the % to the wage ceiling and proceed.
Btw, isn't bonus on basic and DA rather than gross wages ?
From India, Mumbai
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Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc