Dear Friends,
I have some confusion about the calculation of bonus. As per the new amendment, the wages limit for eligibility for a bonus is Rs. 21,000, and the maximum limit for the calculation of the bonus is Rs. 7,000.
My query is if an employee's monthly salary is Rs. 14,000.00 and they worked in January 2017 for 6 days, earning a salary of Rs 3,230.00, on which amount do I have to calculate the bonus (Rs. 3,230 or Rs. 1,615 as per Rs. 7,000)?
Please advise.
Thanks.
From India, Pune
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4I have some confusion about the calculation of bonus. As per the new amendment, the wages limit for eligibility for a bonus is Rs. 21,000, and the maximum limit for the calculation of the bonus is Rs. 7,000.
My query is if an employee's monthly salary is Rs. 14,000.00 and they worked in January 2017 for 6 days, earning a salary of Rs 3,230.00, on which amount do I have to calculate the bonus (Rs. 3,230 or Rs. 1,615 as per Rs. 7,000)?
Please advise.
Thanks.
From India, Pune
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As per PBA 1965, bonus is calculated as a % of the salary or wage earned by the employee during the accounting year. So it has to be Rs3230 for Jan’17.
From India, Mumbai
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From India, Mumbai
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The earned salary must be taken into account for calculating Bonus . The wage ceiling limit is only 21k.
From Spain, Burgos
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From Spain, Burgos
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Dear Paraag,
What is this "Calculation of Bonus on prorated salary of employee as per new amendment 2017? Please apply your mind before posting such things. From your post, it will be construed that the Bonus Act has been amended in 2017, which is not correct.
Further, the bonus for FY 2016-17 should have been disbursed on or before 30/11/2017. Please stop posting hypothetical questions. Instead, go through the Bare Act and revert with your queries for knowledge updation. Please note that learning is a continuous process, and there are no shortcuts in learning. Please make use of the knowledge of forum members in the right manner.
From India, New Delhi
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What is this "Calculation of Bonus on prorated salary of employee as per new amendment 2017? Please apply your mind before posting such things. From your post, it will be construed that the Bonus Act has been amended in 2017, which is not correct.
Further, the bonus for FY 2016-17 should have been disbursed on or before 30/11/2017. Please stop posting hypothetical questions. Instead, go through the Bare Act and revert with your queries for knowledge updation. Please note that learning is a continuous process, and there are no shortcuts in learning. Please make use of the knowledge of forum members in the right manner.
From India, New Delhi
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Dear Srinath Sai Ram,
I know that as I mentioned earlier, the month of January 2017 falls under FY 2016-17, and we are required to pay bonuses to the mentioned employees before the expiry of 8 months. I have only provided the example of January 2017, nothing else.
Everyone has the right to post their queries and doubts in these professional forums. Don't panic; if you do not wish to reply, please remain silent.
Thank you.
From India, Pune
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I know that as I mentioned earlier, the month of January 2017 falls under FY 2016-17, and we are required to pay bonuses to the mentioned employees before the expiry of 8 months. I have only provided the example of January 2017, nothing else.
Everyone has the right to post their queries and doubts in these professional forums. Don't panic; if you do not wish to reply, please remain silent.
Thank you.
From India, Pune
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Dear Srinath Sai Ram,
I know that I mentioned the month, i.e., Jan 17, comes under FY 2016-17, and we have to pay bonuses to the mentioned employees before the expiry of 8 months. I have only given an example of Jan 17, nothing else.
Everyone has the right to post our queries and doubts in these professional forums. Don't panic; if you don't want to reply, please keep quiet.
Thank you.
From India, Pune
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I know that I mentioned the month, i.e., Jan 17, comes under FY 2016-17, and we have to pay bonuses to the mentioned employees before the expiry of 8 months. I have only given an example of Jan 17, nothing else.
Everyone has the right to post our queries and doubts in these professional forums. Don't panic; if you don't want to reply, please keep quiet.
Thank you.
From India, Pune
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Dear Srinath Sai Ram,
From what I understand in your statement, you don't have a mind, and you have proven that you are the most foolish and stupid person in this forum. My advice, especially to you, is: don't be oversmart and don't think that you are the only knowledgeable person. If you have no quality to guide or help someone, please refrain from dominating anyone.
Thanks,
From India, Pune
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From what I understand in your statement, you don't have a mind, and you have proven that you are the most foolish and stupid person in this forum. My advice, especially to you, is: don't be oversmart and don't think that you are the only knowledgeable person. If you have no quality to guide or help someone, please refrain from dominating anyone.
Thanks,
From India, Pune
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Bonus is to be calculated on a prorate basis, meaning that regardless of the salary (below Rs 21,000.00), each month's bonus should be calculated based on either the minimum wages or Rs 7,000.00, whichever amount is higher. For instance, if an employee has worked for only 13 days in January, the salary used for bonus calculation for that month would be Rs 3,500.00 only.
From India, Kanpur
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From India, Kanpur
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Dear professionals,
Srinath's post is very blunt and lacks professional sensitivity. He should have used restraint and not allowed his emotions to overpower his professional conduct. Let us keep the dignity of this professional forum intact.
Regards,
Vinayak Nagarkar
HR Consultant
From India, Mumbai
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Srinath's post is very blunt and lacks professional sensitivity. He should have used restraint and not allowed his emotions to overpower his professional conduct. Let us keep the dignity of this professional forum intact.
Regards,
Vinayak Nagarkar
HR Consultant
From India, Mumbai
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Dear Mr. Nagarkar,
Please note, "Express to impress & not to impress" in legal matters, there are no shortcuts. I am sure as an HR Consultant, you are aware of this. I am not here to please you or others. Learning is a continuous process. Nothing personal.
From India, New Delhi
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Please note, "Express to impress & not to impress" in legal matters, there are no shortcuts. I am sure as an HR Consultant, you are aware of this. I am not here to please you or others. Learning is a continuous process. Nothing personal.
From India, New Delhi
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