Hi Friends, Actually i am working as a HR in a US IT Staffing company. Could anyone please let me know do we get a bonus? If so whether it would be based on general bonus act percentage (8% to 20%) or is there any other mode to calculate this?
From India, Tiruchchirappalli
57From India, Tiruchchirappalli
What is your company - Are you working in India - What is strength of your company - What is strength of your company - What is your basic wages - What is your date of joining -
From India, Pune
From India, Pune
Hi Prashant,
Thanks much for your response. Please find below my comments.
What is your company - Its a US IT Staffing Firm
Are you working in India - Yes
What is strength of your company - Main Strength of our company is we have direct Clients and we are not in any layers.
What is your basic wages - I dont have any basic salary instead i am getting a consolidated Salary that too above 15K
What is your date of joining - Aug 2010
From India, Tiruchchirappalli
Thanks much for your response. Please find below my comments.
What is your company - Its a US IT Staffing Firm
Are you working in India - Yes
What is strength of your company - Main Strength of our company is we have direct Clients and we are not in any layers.
What is your basic wages - I dont have any basic salary instead i am getting a consolidated Salary that too above 15K
What is your date of joining - Aug 2010
From India, Tiruchchirappalli
With the promulgations of this Ordinance, the salary ceiling has been increased to Rs.10, 000/- P.M. The entitlement for calculation of Bonus will be Rs. 3,500/-P.M. Effective from 01/04/2006. The current celling of 3500/- for bonus was fixed in April 1995. The bonus celling had been fixed at 1600/- in 1965 which was raised to 2500/- in 1985 and 3500/- in 1995 by ameding section 2 (13) of the payment of bonus act.
Those employed through contractor on building operation have now been covered under the Payment of Bonus Act.
Though the cover is for employees earning basic and DA up to 10,000/-, you should restrict their basic and DA to Rs.3, 500/- p.m. or actual basic and DA for the month whichever is lower, for bonus computation.
An employee should be in service for minimum 30 days during the previous financial year. Payments should be made before the expiry of 8 months from the start of a FY i.e. before end of NOV.
The statutory rate of bonus is: Minimum 8.33% on basic and DA for the year. Maximum basic and DA cannot exceed 42,000/- p.a. (3500 x 12) for bonus computation.
Salary above Rs. 3,500 is not considered for calculation of Bonus. [section 12]. Employee drawing salary/wage exceeding Rs 10,000 is not entitled to any bonus under the Act.
for more details See the thread
https://www.citehr.com/366684-eligiblity-get-bonus.html
<link outdated-removed> ( Search On Cite | Search On Google )
All the best
<link outdated-removed> ( Search On Cite | Search On Google )
From India, Vijayawada
Those employed through contractor on building operation have now been covered under the Payment of Bonus Act.
Though the cover is for employees earning basic and DA up to 10,000/-, you should restrict their basic and DA to Rs.3, 500/- p.m. or actual basic and DA for the month whichever is lower, for bonus computation.
An employee should be in service for minimum 30 days during the previous financial year. Payments should be made before the expiry of 8 months from the start of a FY i.e. before end of NOV.
The statutory rate of bonus is: Minimum 8.33% on basic and DA for the year. Maximum basic and DA cannot exceed 42,000/- p.a. (3500 x 12) for bonus computation.
Salary above Rs. 3,500 is not considered for calculation of Bonus. [section 12]. Employee drawing salary/wage exceeding Rs 10,000 is not entitled to any bonus under the Act.
for more details See the thread
https://www.citehr.com/366684-eligiblity-get-bonus.html
<link outdated-removed> ( Search On Cite | Search On Google )
All the best
<link outdated-removed> ( Search On Cite | Search On Google )
From India, Vijayawada
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