dear seniors,
one of my production employee is demanding 11% bonus of his gross salary for the period 2009-10. his gross salary is rs.14500/-.
but mgt is not agree to pay him on this rate. mgt is saying that pay him only rs.3500/-. employee is saying that there is changes in the criteria of payment of bonus. i also know. but mgt is not agree.
now what i have to do.
waiting for u reply
regards
kscc
From India, New Delhi
one of my production employee is demanding 11% bonus of his gross salary for the period 2009-10. his gross salary is rs.14500/-.
but mgt is not agree to pay him on this rate. mgt is saying that pay him only rs.3500/-. employee is saying that there is changes in the criteria of payment of bonus. i also know. but mgt is not agree.
now what i have to do.
waiting for u reply
regards
kscc
From India, New Delhi
517
Dear KSCC/Abbas, According to the file attached, Salary for bonus coverage continues as Rs. 10,000 but the minimum bonus has been increased to 11% from 8.33%.
From India, Gurgaon
From India, Gurgaon
Dear KSCC & Ashutosh,
It is only a proposal but didn't get enacted. Kindly note the terms used "Be it enacted in Parliament.........", means it is not enacted.
As per the existing Bonus Act the minimum is still 8.33%, salary for coverage is Rs. 10,000 and salary for calculation is Rs. 3,500.
Abbas.P.S
From India, Bangalore
It is only a proposal but didn't get enacted. Kindly note the terms used "Be it enacted in Parliament.........", means it is not enacted.
As per the existing Bonus Act the minimum is still 8.33%, salary for coverage is Rs. 10,000 and salary for calculation is Rs. 3,500.
Abbas.P.S
From India, Bangalore
Dear KSCC & all
1. The Bonus payable is on the basic and not on gross salary
2. If the basic is not separated from the gross salary, then you have to take gross salary for computation of bonus
3. % of bonus payable continues to be 8.33% only and no amendment has taken place yet
4. the maximum salary limit for bonus eligibility is Rs.10,000/-.
5. If you are taking his salary of Rs.14500/- as bonusable salary (i.e. gross salary), he is not eligible for bonus
6. If you have separated his basic and if it is Rs.10,000 and below, you can pay bonus @ 8.33%
7. Nobody can either deny or pay the bonus as this is statutory. So just follow the above guidelines as per the Bonus Act and comply.
Hope the matter is clear.
Regards
K.Ramachandra
Bangalore
1. The Bonus payable is on the basic and not on gross salary
2. If the basic is not separated from the gross salary, then you have to take gross salary for computation of bonus
3. % of bonus payable continues to be 8.33% only and no amendment has taken place yet
4. the maximum salary limit for bonus eligibility is Rs.10,000/-.
5. If you are taking his salary of Rs.14500/- as bonusable salary (i.e. gross salary), he is not eligible for bonus
6. If you have separated his basic and if it is Rs.10,000 and below, you can pay bonus @ 8.33%
7. Nobody can either deny or pay the bonus as this is statutory. So just follow the above guidelines as per the Bonus Act and comply.
Hope the matter is clear.
Regards
K.Ramachandra
Bangalore
The new amendment of Bonus Act like in Mid January 2011 to end of February 2011. Please continue paying bonus at the existing rates. Also the w.e.f. would be 01.04.2010 - 31.03.2011 (most probably).
Hope that this winter session of parliament has place for Bonus amendment as already over burdened with scams!!
Pratik Vaidya
Karma Management Consultants
From India, Mumbai
Hope that this winter session of parliament has place for Bonus amendment as already over burdened with scams!!
Pratik Vaidya
Karma Management Consultants
From India, Mumbai
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Payment of Gratuity Amendment Bill 2010.pdf