Payment of minimum bonus -
Subject to the other provisions of this Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent of the salary or wage earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year :
Provided that there an employee has not employed fifteen years of age at the beginning of the accounting year, the provision of this section shall have effect in relation to such employee as if for the words "one hundred rupees", the words "sixty rupees" were substituted.
From India, Indore
183Subject to the other provisions of this Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent of the salary or wage earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year :
Provided that there an employee has not employed fifteen years of age at the beginning of the accounting year, the provision of this section shall have effect in relation to such employee as if for the words "one hundred rupees", the words "sixty rupees" were substituted.
From India, Indore
We pay 20% bonus with calculation ceiling of Rs.3500/ that figures around Rs. 8400/- also it is as per the settlement in force.
Now Union raised their demand to withdraw the ceiling and pay 20% bonus on actual wages
Is it legally acceptable their demand for 20% bonus without ceiling?
regards
RR Sawant
From India, Mumbai
Now Union raised their demand to withdraw the ceiling and pay 20% bonus on actual wages
Is it legally acceptable their demand for 20% bonus without ceiling?
regards
RR Sawant
From India, Mumbai
Employee drawing wages up to Rs.3500 per month or less. for calculation purpose Rs,2500 per month maximum will be taken even if an employee is drawing up to RS. 3500 per month sec12 note the proposal enhance the existing ceiling of Rs.3500 is under active consideration by the govt.
From India, Lucknow
From India, Lucknow
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Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc