Good Morning to All HR Floks, i am new to this cite hr, as per my knowedge the bonus contribution is 8.33%..and coming to maximum how much can pay by employer. KSK
From India, Hyderabad
From India, Hyderabad
Hi
Bonus to be paid under Payment of Bonus Act,1965 is to be calculated as under :
1. It depends upon the percentage on which your company wants to give bonus to its employees. Minimum bonus is 8.33% of basic salary earned during the accounting year and Maximum is 20% under the payment of Bonus Act,1965.
2. Eligibility : Bonus under Payment of Bonus Act,1965 is required to be to employees whose salary ( Basic) is of less than Rs.3500.00 per month during the accounting year for which bonus is to be paid.
3. Payment is to be made on Register prescribed under the act.
4. Return of payment of bonus is to be submitted with ALC or other designated authority under the act , within 30 days of payment of bonus to employees.
From India, New Delhi
115Bonus to be paid under Payment of Bonus Act,1965 is to be calculated as under :
1. It depends upon the percentage on which your company wants to give bonus to its employees. Minimum bonus is 8.33% of basic salary earned during the accounting year and Maximum is 20% under the payment of Bonus Act,1965.
2. Eligibility : Bonus under Payment of Bonus Act,1965 is required to be to employees whose salary ( Basic) is of less than Rs.3500.00 per month during the accounting year for which bonus is to be paid.
3. Payment is to be made on Register prescribed under the act.
4. Return of payment of bonus is to be submitted with ALC or other designated authority under the act , within 30 days of payment of bonus to employees.
From India, New Delhi
Dear friends,
Bonus is eligible for those who draw a salary of Rs.10,000 or below. As per Bonus Act maximum bonus is 20% (in percentage) and Rs. 8,4000 (in amount). As per the will and wish of the employer or based on an agreement with employer and employee; some additional amount can be paid which is called exgratia.
Abbas.P.S
From India, Bangalore
Bonus is eligible for those who draw a salary of Rs.10,000 or below. As per Bonus Act maximum bonus is 20% (in percentage) and Rs. 8,4000 (in amount). As per the will and wish of the employer or based on an agreement with employer and employee; some additional amount can be paid which is called exgratia.
Abbas.P.S
From India, Bangalore
Hi, Bharat,
As all above said, Min 8.33 and Max 20% can be given as per bonus act. above 20% even can be given if employee wish but as per act 20% is max. But not to give <8.33%. If the union based companies or between employees and employer it can be negotiable above 8.33%
thanks
satyaak
From India, Madras
As all above said, Min 8.33 and Max 20% can be given as per bonus act. above 20% even can be given if employee wish but as per act 20% is max. But not to give <8.33%. If the union based companies or between employees and employer it can be negotiable above 8.33%
thanks
satyaak
From India, Madras
Hii Bharat.....
I think you are talking about Statutorty Bonus,be specific while you put any query.See my remarks below:
1. Employees drawing salary (Basic+DA) Rs. 10,000/- per month and below, who has worked for more than 30 days are eligible for bonus.
2. Bonus can be give starting from 8.33% up to max 20%.
3. 3500 is ceiling (It means that if Basic+DA > or = 3500 employees are eligible to get 3500.if Basic+DA <3500 then actual Basic+DA is payable).
4. If Employee is absent during the year (Leave without salary) the bonus is proportionately reduced.
5. Minimum Bonus payable is Rs. 100/-
BR,
Sunita Dhoundiyal
From India, Delhi
I think you are talking about Statutorty Bonus,be specific while you put any query.See my remarks below:
1. Employees drawing salary (Basic+DA) Rs. 10,000/- per month and below, who has worked for more than 30 days are eligible for bonus.
2. Bonus can be give starting from 8.33% up to max 20%.
3. 3500 is ceiling (It means that if Basic+DA > or = 3500 employees are eligible to get 3500.if Basic+DA <3500 then actual Basic+DA is payable).
4. If Employee is absent during the year (Leave without salary) the bonus is proportionately reduced.
5. Minimum Bonus payable is Rs. 100/-
BR,
Sunita Dhoundiyal
From India, Delhi
Dear Sunita Dhoundiyal ji, Leave without salary... is it must that it should be deducted anyway ? If inspite of the loss of pay, the total wages earned during the year are not falling short of Rs.3500 on average, is it not that the total has to be paid ? will you please clarify.- T.KISHTAIAH
From India, Hyderabad
From India, Hyderabad
Dear Bharat
If we are talking about Statutory Bonus then Employer can pay upto 20% of the salary ( Sec 11 of Payment of Bonus Act 1965)
Explanation- Maximum bonus is (3500*12)*20%= Rs. 8400/-.
If Employer wants to pay more than 20 % then it will go into ex-gratia payment (A sum of money paid by employer when there was no obligation or liability to pay it).
From India, Kota
If we are talking about Statutory Bonus then Employer can pay upto 20% of the salary ( Sec 11 of Payment of Bonus Act 1965)
Explanation- Maximum bonus is (3500*12)*20%= Rs. 8400/-.
If Employer wants to pay more than 20 % then it will go into ex-gratia payment (A sum of money paid by employer when there was no obligation or liability to pay it).
From India, Kota
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