Dear All, What is the latest bonus rules & formula? I would also like to know what is the min/max bonus to be paid and also will be glad if if you could give me some more information regarding this.
From India
1From India
THE PAYMENT OF BONUS (AMENDMENT) ACT, 2015
NO. 6 OF 2016
[31st December, 2015.]
An Act further to amend the Payment of Bonus Act, 1965.
BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:—
1. (1) This Act may be called the Payment of Bonus (Amendment) Act, 2015.
(2) It shall be deemed to have come into force on the 1st day of April, 2014.
2. In section 2 of the Payment of Bonus Act, 1965 (hereinafter referred to as the principal Act), in clause (13), for the words ‘‘ten thousand rupees’’, the words ‘‘twenty-one thousand rupees’’ shall be substituted.
3. In section 12 of the principal Act,—
(i) for the words ‘‘three thousand and five hundred rupees’’ at both the places where they occur, the words ‘‘seven thousand rupees or the minimum wage for the scheduled employment, as fixed by the appropriate Government, whichever is higher’’ shall respectively be substituted;
From India, Rudarpur
NO. 6 OF 2016
[31st December, 2015.]
An Act further to amend the Payment of Bonus Act, 1965.
BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:—
1. (1) This Act may be called the Payment of Bonus (Amendment) Act, 2015.
(2) It shall be deemed to have come into force on the 1st day of April, 2014.
2. In section 2 of the Payment of Bonus Act, 1965 (hereinafter referred to as the principal Act), in clause (13), for the words ‘‘ten thousand rupees’’, the words ‘‘twenty-one thousand rupees’’ shall be substituted.
3. In section 12 of the principal Act,—
(i) for the words ‘‘three thousand and five hundred rupees’’ at both the places where they occur, the words ‘‘seven thousand rupees or the minimum wage for the scheduled employment, as fixed by the appropriate Government, whichever is higher’’ shall respectively be substituted;
From India, Rudarpur
Please go through the Bonus act. the working is very well explained in it.
Basically, you need to compute the allocable surplus to determine how much money you need to keep aside for bonus. The bonus will be computed at between 8.33% and 20% of wages (defined as basic + DA) of workers. The working of what the % will be, again, is given in the act.
The bonus payable is based on annual wages actually paid, but subject to a ceiling specified in the act. The ceiling is Rs. 7,000 or Minimum Wages, which ever higher. So you need to compute bonus on the applicable %, subject to the wage ceiling
anyone earning more than 21,000 per month is not eligible for bonus.
From India, Mumbai
Basically, you need to compute the allocable surplus to determine how much money you need to keep aside for bonus. The bonus will be computed at between 8.33% and 20% of wages (defined as basic + DA) of workers. The working of what the % will be, again, is given in the act.
The bonus payable is based on annual wages actually paid, but subject to a ceiling specified in the act. The ceiling is Rs. 7,000 or Minimum Wages, which ever higher. So you need to compute bonus on the applicable %, subject to the wage ceiling
anyone earning more than 21,000 per month is not eligible for bonus.
From India, Mumbai
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