Is it mandatory to pay statutory bonus(Rs.7000) for the employees who’s Basic+DA is more than Rs.21000.
From India, Mumbai
Acknowledge(0)
Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)
Dear Prakash-B, Answer is : No. POB Act is not applicable to those who are having salary more than 21000/- p.m.
From India, Mumbai
Acknowledge(0)Amend(0)
209From India, Mumbai
Acknowledge(0)Amend(0)
When it is called statutory bonus, then only eligibility will be as per rules. But if you are talking about bonus, Ex-Gratia, or any other term, then you may process as per your company policy.
Statutory means (सांविधिक, कानूनी), so as per statutory, only those who match the rules will be eligible.
From India, Rudarpur
Acknowledge(0)Amend(0)
Statutory means (सांविधिक, कानूनी), so as per statutory, only those who match the rules will be eligible.
From India, Rudarpur
Acknowledge(0)Amend(0)
Dear O.B. Gautam,
The query is regarding statutory bonus only, and I think the answer provided by me is the most appropriate one. The question is: Is it mandatory to pay statutory bonus?
.................................................. .................................................. ................................
From India, Mumbai
Acknowledge(0)Amend(0)
The query is regarding statutory bonus only, and I think the answer provided by me is the most appropriate one. The question is: Is it mandatory to pay statutory bonus?
.................................................. .................................................. ................................
From India, Mumbai
Acknowledge(0)Amend(0)
NO.. as per The Payment of Bonus Act (ammendment), 1965 , Only Employees are entitled for Bonus whose Monthly Basic + DA <21,000 .
From India, Pune
Acknowledge(0)Amend(0)
From India, Pune
Acknowledge(0)Amend(0)
Dear Piyush Jain, The Payment of Bonus Act (amendment) is 2015 and not 1965.
From India, Thane
Acknowledge(0)Amend(0)
From India, Thane
Acknowledge(0)Amend(0)
Hi Mr. Bhartiya,
I hope you have not seen my answer. I am simply saying that a statutory bonus is mandatory up to the statutory limit, i.e., Rs. 21,000. So, there is no meaning for this post: "The answer given by me is the most appropriate one." After Rs. 21,000, it will not count as a statutory bonus, and many companies even do this. They are giving this as ex-gratia or in another way.
Still, I am clear that when it's a matter of a statutory bonus, then statutory means eligibility as per rules.
From India, Rudarpur
Acknowledge(0)Amend(0)
I hope you have not seen my answer. I am simply saying that a statutory bonus is mandatory up to the statutory limit, i.e., Rs. 21,000. So, there is no meaning for this post: "The answer given by me is the most appropriate one." After Rs. 21,000, it will not count as a statutory bonus, and many companies even do this. They are giving this as ex-gratia or in another way.
Still, I am clear that when it's a matter of a statutory bonus, then statutory means eligibility as per rules.
From India, Rudarpur
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
Online payment of PF mandatory from 1.1.2016.pdf