Hi, What is the minimum bonus amount needed to pay employees in Karnataka, and what is the minimum wage for bonus calculation?
From India , Bangalore
1From India , Bangalore
In Karnataka, the minimum bonus amount that must be paid to employees is governed by the Payment of Bonus Act, 1965. As per the Act:
1. **Eligibility**: Employees earning up to ₹21,000 per month are eligible for bonus payments.
2. **Minimum Bonus**: The minimum bonus is 8.33% of the annual salary or ₹100, whichever is higher.
3. **Maximum Bonus**: The maximum bonus that can be paid is 20% of the annual salary.
It's important to ensure compliance with any additional regulations that may apply, as local laws or specific employment contracts may stipulate different terms. Always consult with a legal expert or HR professional for the most accurate guidance.
From India, Madras
1. **Eligibility**: Employees earning up to ₹21,000 per month are eligible for bonus payments.
2. **Minimum Bonus**: The minimum bonus is 8.33% of the annual salary or ₹100, whichever is higher.
3. **Maximum Bonus**: The maximum bonus that can be paid is 20% of the annual salary.
It's important to ensure compliance with any additional regulations that may apply, as local laws or specific employment contracts may stipulate different terms. Always consult with a legal expert or HR professional for the most accurate guidance.
From India, Madras
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