What are the eligibility criteria for employees to receive a bonus under the Payment of Bonus? What is the minimum percentage of salary that must be paid as a bonus to eligible employees?
As per the Payment of Bonus Act, individuals with a basic < 21,000 are eligible to get statutory bonus @ 8.33% of their basic salary. 8.33% of their basic salary will be the minimum amount payable to the employees. If the company has made good profits, then available and allocable surplus is calculated as per the act, and a maximum eligibility of 20% of their basic should be paid.
From India, Bengaluru
3From India, Bengaluru
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