Dear Dignitaries, Bonus ceiling limit amended (Basic Wages) from 10,000 Rs to 21,000 Rs . Please refer here with enclosed Gazette notification for the same. With regards, Nanjegowda 9945282846
From India, Bangalore
106From India, Bangalore
HI, i am pursuing mba hr. my interest area is HR & Administration. Therefore which other courses are necessary for improve the importance of my career as HR
From India, undefined
From India, undefined
Is there a second page to the attachment ? There is a reference to a proviso / explanation at the end of the section ....
From India, Mumbai
From India, Mumbai
Dear Leader’s , Attached full version of Bonus notification for your reference.
From India, Bangalore
From India, Bangalore
Dear Sir,
Thank you so much. I have doubt in the notification.
My client company pays the maximum bonus of 20%. on Rs. 3500 per month. Now after the amendment my client is liable to pay 8.33% on Rs. 7000 per month. Now my doubt is whether my client has to make any payment or would it suffice if the bonus amount already paid is minimum of 8.33%.
Mukundh
Advocate, 9840503630
From India, Chennai
Thank you so much. I have doubt in the notification.
My client company pays the maximum bonus of 20%. on Rs. 3500 per month. Now after the amendment my client is liable to pay 8.33% on Rs. 7000 per month. Now my doubt is whether my client has to make any payment or would it suffice if the bonus amount already paid is minimum of 8.33%.
Mukundh
Advocate, 9840503630
From India, Chennai
Mukund,
There is some confusion here.
Two things have changed :
1. Eligibility for bonus was those who had salary up to ₹10,000 per month, now it's for all those with salary of up to ₹21,000 per month.
2. Bonus was computed on salary of up to ₹3,500 per month, now it is computed on ₹7000 per month.
So, if your company was paying 20% of 3500 x 12, now it will have to pay 20% of 7000 x 12. The bonus rate is subject to availability of enough profit (eligible surplus)
From India, Mumbai
There is some confusion here.
Two things have changed :
1. Eligibility for bonus was those who had salary up to ₹10,000 per month, now it's for all those with salary of up to ₹21,000 per month.
2. Bonus was computed on salary of up to ₹3,500 per month, now it is computed on ₹7000 per month.
So, if your company was paying 20% of 3500 x 12, now it will have to pay 20% of 7000 x 12. The bonus rate is subject to availability of enough profit (eligible surplus)
From India, Mumbai
There are two concepts in the bonus act namely 'allocable surplus' and 'available surplus'. There is a method provided by the act to work out these surpluses also. the bonus is to be paid at that rate (% of salary) as is warranted by the allocable surplus and carry forward thereof.
In case of lack of allocable surplus, you will have to pay minimum bonus of 8.33%.
You will have to study the act or take guidance from someone (accountant / auditors etc)
From India, Pune
In case of lack of allocable surplus, you will have to pay minimum bonus of 8.33%.
You will have to study the act or take guidance from someone (accountant / auditors etc)
From India, Pune
Dear Advocatemukundh
There should not be any confusion.
If you have declared that you are going to pay your employees 20% bonus, i.e. maximum bonus admissible; then obviously you have to pay them DOUBLE the amount. (less that paid already).
In case you have not declared anything in percentage terms, but just an amount; in that case, you have already paid more than the New minimum statutory requirement.
It totally depends on HOW the agreement WAS WORDED.
As a lawyer, you must be aware of the importance of the Wordings & terms used in any legal document.
Warm regards.
From India, Delhi
There should not be any confusion.
If you have declared that you are going to pay your employees 20% bonus, i.e. maximum bonus admissible; then obviously you have to pay them DOUBLE the amount. (less that paid already).
In case you have not declared anything in percentage terms, but just an amount; in that case, you have already paid more than the New minimum statutory requirement.
It totally depends on HOW the agreement WAS WORDED.
As a lawyer, you must be aware of the importance of the Wordings & terms used in any legal document.
Warm regards.
From India, Delhi
as per my knowledge to see the notification Bonus is calculated on minimum wage of the sate or 7000 which is higher.
but some people are confusing and I am not convinced with them for that I want to clear some query
1. suppose 2014 haryana minimum wage was 5348 then how bonus calculated either on 5348 or 7000
2. suppose 2014 delhi minimum wage was 8903 then how bonus calculated either on 8903 or 7000
I need expert advise.
From India, Mumbai
but some people are confusing and I am not convinced with them for that I want to clear some query
1. suppose 2014 haryana minimum wage was 5348 then how bonus calculated either on 5348 or 7000
2. suppose 2014 delhi minimum wage was 8903 then how bonus calculated either on 8903 or 7000
I need expert advise.
From India, Mumbai
Dear Mr Mukund, Already your company has paid 20% bonus and if still surplus calculated as per provision under the Payment of Bonus Act, is available, you need to make payment of bonus, the differential amount only. It may be come out 8.33 % then fine, nothing is payable but if as per calculation, if amount is still available for Bonus then actual percentage .I want to emphasize that you paid 20%, the same rate is not mandate.
Regds,
RDS Yadav
Labour Law Adviser
From India, Delhi
Regds,
RDS Yadav
Labour Law Adviser
From India, Delhi
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Payment of Gratuity Amendment Bill 2010.pdf