Dear All,
Last year, there was a change in the bonus act, and the ceiling limit was raised from 6,500 to 10,000. Can anyone provide me with the full details for the same, or can anyone provide me with the notification that the government has issued?
Regards,
Sunil
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Last year, there was a change in the bonus act, and the ceiling limit was raised from 6,500 to 10,000. Can anyone provide me with the full details for the same, or can anyone provide me with the notification that the government has issued?
Regards,
Sunil
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The Payment of Bonus Act was amended to cover all employees receiving a salary of not more than Rs 10,000. The notification regarding this amendment is currently unavailable. Previously, the salary ceiling was Rs 3,500. During that time, employees earning between Rs 2,500 and Rs 3,500 were entitled to a bonus at a rate determined based on a salary of Rs 2,500. Now, individuals earning salaries between Rs 3,500 and Rs 10,000 will receive a bonus at a fixed rate calculated based on a salary of Rs 3,500 instead of Rs 2,500.
To illustrate, if an employee is earning Rs 3,400 per month (or Rs 40,800 per annum), and the management has announced a bonus of 10% (with a minimum bonus of 8.33% and a maximum of 20%), their bonus would not be Rs 4,080 as computed from their actual salary of Rs 3,400, but would be Rs 3,000 calculated as if their salary were only Rs 2,500. The new threshold is now Rs 3,500, meaning any individual earning more than Rs 3,500 but not exceeding Rs 10,000 will receive a bonus based on a salary of Rs 3,500.
I hope this clarifies the situation.
Regards,
Madhu.T.K
From India, Kannur
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4480To illustrate, if an employee is earning Rs 3,400 per month (or Rs 40,800 per annum), and the management has announced a bonus of 10% (with a minimum bonus of 8.33% and a maximum of 20%), their bonus would not be Rs 4,080 as computed from their actual salary of Rs 3,400, but would be Rs 3,000 calculated as if their salary were only Rs 2,500. The new threshold is now Rs 3,500, meaning any individual earning more than Rs 3,500 but not exceeding Rs 10,000 will receive a bonus based on a salary of Rs 3,500.
I hope this clarifies the situation.
Regards,
Madhu.T.K
From India, Kannur
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In this case, two questions are involved:
1. Eligibility
2. Quantum
Now, anyone receiving a salary up to Rs. 10,000 shall be eligible to receive a bonus. However, for actual payment, if the salary exceeds Rs. 10,000, then for bonus calculation, it shall be deemed to be Rs. 3,500 only.
From India, Pune
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1. Eligibility
2. Quantum
Now, anyone receiving a salary up to Rs. 10,000 shall be eligible to receive a bonus. However, for actual payment, if the salary exceeds Rs. 10,000, then for bonus calculation, it shall be deemed to be Rs. 3,500 only.
From India, Pune
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Dear Jagdish, For any one getting salary Rs 10,000 the bonus will be calculated as if the salary were Rs 3500. Any one getting more than Rs 10000 will not be eligible for Bonus. Regards, Madhu.T.K
From India, Kannur
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From India, Kannur
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