What are the eligibility criteria for employees to receive a bonus under the Payment of Bonus? What is the minimum percentage of salary that must be paid as a bonus to eligible employees?
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As per the Payment of Bonus Act, individuals with a basic salary below Rs. 21,000 are eligible to receive a statutory bonus at the rate of 8.33% of their basic salary. The minimum amount payable to the employees is 8.33% of their basic salary. If the company has generated good profits, the available and allocable surplus is calculated as per the act, and a maximum eligibility of 20% of their basic salary should be paid.
From India, Bengaluru
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4From India, Bengaluru
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