Dear Team, Can anyone tell me that if an employee’s salary is more than Rs 21000 then he should get bonus? If yes then how much?
From India
31From India
If the salary is more than Rs 21000, he will not be 'entitled' to bonus as per law. But if the gross amount contains elements like travelling allowances, house rent, incentives, commission etc which are excluded from the scope of salary, then that amounts should be excluded and if the net salary is less than Rs 21000 then he would get bonus. The amount of bonus depends on the percentage fixed by the organisation and depending upon the profits the company had made in the last financial year it shall vary from 8.33% to 20% of the bonus qualifying salary.
Bonus qualifying salary means Rs 7000 or such amount as fixed by the government as minimum wages for the scheduled industry whichever is higher. That means, if in respect of any employment the statutory minimum wages is Rs 12000, the bonus should be calculated as if the wages is Rs 12000 per month. If no minimum wage has been fixed for the industry, obviously, the salary for calculation of bonus will be Rs 7000 per month. Any unpaid days' wages (LOP days) will be proportionately deducted from the above (12000 or 7000, as the case may be) and the total annual salary which would qualify for bonus shall be multiplied by the percentage fixed (ie, any rate between 8.33% and 20%) to get the amount fo bonus payable.
From India, Kannur
Bonus qualifying salary means Rs 7000 or such amount as fixed by the government as minimum wages for the scheduled industry whichever is higher. That means, if in respect of any employment the statutory minimum wages is Rs 12000, the bonus should be calculated as if the wages is Rs 12000 per month. If no minimum wage has been fixed for the industry, obviously, the salary for calculation of bonus will be Rs 7000 per month. Any unpaid days' wages (LOP days) will be proportionately deducted from the above (12000 or 7000, as the case may be) and the total annual salary which would qualify for bonus shall be multiplied by the percentage fixed (ie, any rate between 8.33% and 20%) to get the amount fo bonus payable.
From India, Kannur
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Bonus act amendment gazette copy.pdf