Good morning everyone. Please help me to answer the following 2 questions. 1. What is the current salary limit of ESIC? Is it increased from 15000/- to 25000/- 2.When does company start to give bonus to employees? Means how many old employees in the company? What are the % of getting a bonus? 3.What is the current salary/Basic limit of PF? Does it increase from 6500/- to 15000/-
From India, Mumbai
From India, Mumbai
Hi,
Solution for
Q1. The wage ceiling for ESI is Rs.15,000 (Gross salary). Rs. 25,000 is for people who are differently abled.
Q2. According to Bonus act, a newly established company is exempted from giving bonus for 5 years, however if the company incurs any profit within these 5 years, they have to provide bonus to their employees.
* Bonus percentage is minimum of 8.33% and maximum bonus percent is 20%, if a employer wishes he can give more than 20%.
* Ceiling for bonus is Rs. 10,000(Basic + DA), of which Rs 3500 is fixed for calculating the bonus.
Q3. As far as PF is concerned the ceiling have been raised to Rs. 15,000(Basic+DA) from Rs.6500
From India, Bangalore
21Solution for
Q1. The wage ceiling for ESI is Rs.15,000 (Gross salary). Rs. 25,000 is for people who are differently abled.
Q2. According to Bonus act, a newly established company is exempted from giving bonus for 5 years, however if the company incurs any profit within these 5 years, they have to provide bonus to their employees.
* Bonus percentage is minimum of 8.33% and maximum bonus percent is 20%, if a employer wishes he can give more than 20%.
* Ceiling for bonus is Rs. 10,000(Basic + DA), of which Rs 3500 is fixed for calculating the bonus.
Q3. As far as PF is concerned the ceiling have been raised to Rs. 15,000(Basic+DA) from Rs.6500
From India, Bangalore
1. Current salary limit for ESIC is upto 15000/- only. It is still not increased to 21000/-. It is under consideration only. Not yet amended.
2. If the employee strength in an organization is more than 10 and an employee will be eligible if his salary is less than 10,000/-. you should total the wages for the last financial year and need to pay the minimum of 8.33% to maximum of 20% of the sum with the maximum of 3500/- within completion of 8 months of the financial year Approximately at diwali. For example. FY 2014-15 bonus has to be paid before 30th of November 2015.
From India, Chennai
2. If the employee strength in an organization is more than 10 and an employee will be eligible if his salary is less than 10,000/-. you should total the wages for the last financial year and need to pay the minimum of 8.33% to maximum of 20% of the sum with the maximum of 3500/- within completion of 8 months of the financial year Approximately at diwali. For example. FY 2014-15 bonus has to be paid before 30th of November 2015.
From India, Chennai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
12 simple tips to enjoy your current job.doc
CTC Comparison 5 Lacs (Current & Proposed).xls