:confused:Dear All,
Pls brief me on Bonus Calculation.. as don't hv very clear knowledge of calculation of bonus.. Pls tel me what the minimum amount to be taken for this calculation and maximum to be exempted...Kindly reply on my id
..
Thnx & regds,
khursheed
From India, Mumbai
Pls brief me on Bonus Calculation.. as don't hv very clear knowledge of calculation of bonus.. Pls tel me what the minimum amount to be taken for this calculation and maximum to be exempted...Kindly reply on my id
Thnx & regds,
khursheed
From India, Mumbai
Hi Ritu,
Bonus Act is a separate thing and the employee whose basic+da is less than or equal to 10,000 should get the bonus restricted to 3500 pa. The exgratia which you are talking about is part of their ctc and which you promised to pay to them. So you have to pay both the amount to all the eligible employees. We have also done the same in our organisation.
Regards,
Sree
From United States
Bonus Act is a separate thing and the employee whose basic+da is less than or equal to 10,000 should get the bonus restricted to 3500 pa. The exgratia which you are talking about is part of their ctc and which you promised to pay to them. So you have to pay both the amount to all the eligible employees. We have also done the same in our organisation.
Regards,
Sree
From United States
Dear,
This return under bonus Act, will be going with Annual Return, under factories act, 1948.
not in 30 days after disbursement bonus. Form D, under bonus act will be making with Annual Return, under FA-1948,
From India, Delhi
4This return under bonus Act, will be going with Annual Return, under factories act, 1948.
not in 30 days after disbursement bonus. Form D, under bonus act will be making with Annual Return, under FA-1948,
From India, Delhi
Dear Sir, Please let me know abt the recent amendment in Bonus Act. We also pay Bonus as a part of CTC. Please clarify abt the new amendment. Thanks and regards, Chini. Mumbai
From India, Mumbai
From India, Mumbai
Ritu,
i fully agree with TK as that the bonus and exgratia are two different things. the bonus act says no bar to pay an employee the agreed sum as part of his remuneration. thier no concept of CTC under any law.
Rajeev
From India, Chandigarh
i fully agree with TK as that the bonus and exgratia are two different things. the bonus act says no bar to pay an employee the agreed sum as part of his remuneration. thier no concept of CTC under any law.
Rajeev
From India, Chandigarh
After amend the bonus ceiling you have to pay or not above the higher limit of bonus.
in case bonus is the part of CTC you can't extraction the bonus as per earlier practice because CTC negotiate with employees.
From India, Ghaziabad
in case bonus is the part of CTC you can't extraction the bonus as per earlier practice because CTC negotiate with employees.
From India, Ghaziabad
Dear Ritu,
Please note that Bonus is nothing but in the first instance a profit sharing by the employer for the effort of the employees. as far as the law is concerned all the organization who have completed 5th year of its inception must irrespective of its profit/Loss must give bonus (Min-8.33%,Max-20%) this will be done through a concept of Set-on and Set-off.
Every worker must be compulsorily give bonus but when it goes to staff especially high paid staff ,they are paid as ex Gratia which the organization gives as profit sharing or whatever concept it may have.
In some case as you have said they are shown in CTC which in case their is any higher benefit shall be paid upon to employees as to motivate them. Basically we have to look into the policy and compensation structure when we do this kind of payment for the high paid employees of the organization.
Hope its clear further clarification can post your queries.
From India, Madras
Please note that Bonus is nothing but in the first instance a profit sharing by the employer for the effort of the employees. as far as the law is concerned all the organization who have completed 5th year of its inception must irrespective of its profit/Loss must give bonus (Min-8.33%,Max-20%) this will be done through a concept of Set-on and Set-off.
Every worker must be compulsorily give bonus but when it goes to staff especially high paid staff ,they are paid as ex Gratia which the organization gives as profit sharing or whatever concept it may have.
In some case as you have said they are shown in CTC which in case their is any higher benefit shall be paid upon to employees as to motivate them. Basically we have to look into the policy and compensation structure when we do this kind of payment for the high paid employees of the organization.
Hope its clear further clarification can post your queries.
From India, Madras
Dear Ms.Ritu Agarwal,
Since there is an amendment in bonus act, the employer cannot decline to pay the exgratia amount. The employer has to bifurcate the Present amount of Exgratia into Bonus and Exgratia, since it is a part of CTC.
Please feel free to contact the undersigned for further clarifications in Mobile No.9949218492
P.V.R.SHARMA
HEAD-HR
SHRIRAM LIFE INSURANCE CO LTD.,
From India, Eluru
Since there is an amendment in bonus act, the employer cannot decline to pay the exgratia amount. The employer has to bifurcate the Present amount of Exgratia into Bonus and Exgratia, since it is a part of CTC.
Please feel free to contact the undersigned for further clarifications in Mobile No.9949218492
P.V.R.SHARMA
HEAD-HR
SHRIRAM LIFE INSURANCE CO LTD.,
From India, Eluru
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Bonus act amendment gazette copy.pdf
Kerala High Court Stay_ Payment of Bonus (Act) Amendment.jpg