Hi,
please tell me with that what is the minimum eligibility to employee for getting
Bonus, like salary(gross or basic),working period,when we have to pay employees,what is the formula for calculating bonus.
please reply all about bonus.
Lokesh
From India, Delhi
9please tell me with that what is the minimum eligibility to employee for getting
Bonus, like salary(gross or basic),working period,when we have to pay employees,what is the formula for calculating bonus.
please reply all about bonus.
Lokesh
From India, Delhi
Lokesh ,
A employee who has worked for more than 30 days in a year is entitled for Bonus.
Bonus is paid from the Basic Salary. it should be minimum 8.33% Maximum depends on Company. however it it is new companyit can enjoy the infancy period and can pay 8.33% upto five years, if your company is old enought than you should pay 20% of basic towards the Bonus.
For further queries please refer the Bonus ACT.
Regards,
SIDMAN
From India, Madras
A employee who has worked for more than 30 days in a year is entitled for Bonus.
Bonus is paid from the Basic Salary. it should be minimum 8.33% Maximum depends on Company. however it it is new companyit can enjoy the infancy period and can pay 8.33% upto five years, if your company is old enought than you should pay 20% of basic towards the Bonus.
For further queries please refer the Bonus ACT.
Regards,
SIDMAN
From India, Madras
1. Is bonus calculated on Basic only or Basic+DA?
2. In my salary structure 'Basic' is not mentioned separately, It is shown as a Basic+DA. My CTC / month is Rs.24,916.00 and Basic+DA is Rs.7,000.00 only. Is it correct?
From India, Mumbai
2. In my salary structure 'Basic' is not mentioned separately, It is shown as a Basic+DA. My CTC / month is Rs.24,916.00 and Basic+DA is Rs.7,000.00 only. Is it correct?
From India, Mumbai
Dear Radha,
According to the Payment of bonus Act, 1965 section 2(21) “salary or wage” we are to consider Basic & DA only but where an employee is given in lieu of the whole or part of the salary or wage payable to him, free food allowance or free food by his employer, such food allowance or the value of such food shall, for the purpose of this clause, be deemed to form part of the salary or wage of such employee. If your basic & D A is Rs. 7000/ pm then you are eligible to receive bonus payment from the employer.
Regards,
R.N.Khola
From India, Delhi
According to the Payment of bonus Act, 1965 section 2(21) “salary or wage” we are to consider Basic & DA only but where an employee is given in lieu of the whole or part of the salary or wage payable to him, free food allowance or free food by his employer, such food allowance or the value of such food shall, for the purpose of this clause, be deemed to form part of the salary or wage of such employee. If your basic & D A is Rs. 7000/ pm then you are eligible to receive bonus payment from the employer.
Regards,
R.N.Khola
From India, Delhi
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc