Dear All, Please give me inputs on Payment of Bonus Act,1965. When is it supposed to given and how much (Computation). Who all are eligible to get the bonus. Regards, Jyotsna
From India, Delhi
1From India, Delhi
payment of bonus act, 1965
applicability
i) (a) every factory (b) every other establishment in which 20 or more persons (less than 20 but 10 or more if appropriate govt. notifies) are employed on any day subj to certain exemptions.
ii)employees' drawing remuneration of Rs 3500/- or more and those who have worked for less than 30 days are not eligible for bonus under the Act
iii) bonus to be paid within 8 months from expiry of the accounting year
eligibility
i) every person (other than apprentice) drawing salary upto Rs 3500/- p.m.
ii) every person drawing salary between 2501/- and Rs 3500/- p.m. the bonus payable to him is to be calculated as if hes salary were Rs 2500/- p.m.
- bhavik h chheda
www.chhedaconsultancyservices.com
applicability
i) (a) every factory (b) every other establishment in which 20 or more persons (less than 20 but 10 or more if appropriate govt. notifies) are employed on any day subj to certain exemptions.
ii)employees' drawing remuneration of Rs 3500/- or more and those who have worked for less than 30 days are not eligible for bonus under the Act
iii) bonus to be paid within 8 months from expiry of the accounting year
eligibility
i) every person (other than apprentice) drawing salary upto Rs 3500/- p.m.
ii) every person drawing salary between 2501/- and Rs 3500/- p.m. the bonus payable to him is to be calculated as if hes salary were Rs 2500/- p.m.
- bhavik h chheda
www.chhedaconsultancyservices.com
Dear Jyotasana,
First Refer Payment of Bonus Act to understand the concept.
The bonus should be paid to employees within 8 months from date of completion of financial year. for e.g. march is ending year, then it should be paid by November end.
As per act, bonus can be paid min. 8.33% 7 max. 20% of total annual basic wages earned in financial year. The employee who draws salary upto rs. 3500/- is eligible for bonus.
Now, we heard about recent amendments about the bonus. but we are not received any circular from Govt.
regs
Bhushan Dahanukar
From India, Mumbai
First Refer Payment of Bonus Act to understand the concept.
The bonus should be paid to employees within 8 months from date of completion of financial year. for e.g. march is ending year, then it should be paid by November end.
As per act, bonus can be paid min. 8.33% 7 max. 20% of total annual basic wages earned in financial year. The employee who draws salary upto rs. 3500/- is eligible for bonus.
Now, we heard about recent amendments about the bonus. but we are not received any circular from Govt.
regs
Bhushan Dahanukar
From India, Mumbai
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