Dear KSCC,
Thanks for all the informations which is very important. I am not aware if any magazine or any newsletter is in the market where we can update ourself. Could you please help me in this regards?
Thanking you in advance for your help.
With regards,
RC
From India, New Delhi
Thanks for all the informations which is very important. I am not aware if any magazine or any newsletter is in the market where we can update ourself. Could you please help me in this regards?
Thanking you in advance for your help.
With regards,
RC
From India, New Delhi
5
only the bill has been passed for amendment the parliament has to still approve it, amendment has not been done yet in the bonus act, it is still 8.33% not 11 % yet
From India, Bhopal
From India, Bhopal
Hi,
I would like to understand the applicablility of this act.
Do we have to pay this statutory bonus in this financial year and secondly till when do we need to pay this bonus
Also we have performance bonus payable in March 2011. Can we adjust this amount against that bonus
Regards
Manasi
From Canada, Markham
I would like to understand the applicablility of this act.
Do we have to pay this statutory bonus in this financial year and secondly till when do we need to pay this bonus
Also we have performance bonus payable in March 2011. Can we adjust this amount against that bonus
Regards
Manasi
From Canada, Markham
New amendment is yet not received. So continue with 8.33% of Basic salary.Salary limit for Bonus payment is Rs.10000/-. If that employees is withdrwaing salary more than 10000 then final decision is upto Managment wether to give him Bonus or Not.
From India, Bangalore
From India, Bangalore
Dear Manasi
Bonus is payable for the financial year April to Mar. For Ex. now the bonus payable is for the period April 2009 to Mar'2010.
This need to be announced/paid by 30th November'10.
Performance Bonus cannot be linked with Bonus - Bonus is statutory and it is payable to all eligible employees. Performance bonus is upto the companies whether to pay or not.
Regards
K.Ramachandra
Dear Mr Prakash Singh
Thanks for your reply and noting the points.
Regards
K.Ramachandra
Bonus is payable for the financial year April to Mar. For Ex. now the bonus payable is for the period April 2009 to Mar'2010.
This need to be announced/paid by 30th November'10.
Performance Bonus cannot be linked with Bonus - Bonus is statutory and it is payable to all eligible employees. Performance bonus is upto the companies whether to pay or not.
Regards
K.Ramachandra
Dear Mr Prakash Singh
Thanks for your reply and noting the points.
Regards
K.Ramachandra
Now Bonus is to becomputed on the wages ceiling of Rs. 5000/-which is ammended in the month of 27 oct 2007 Regards, Basanta
From India, Calcutta
From India, Calcutta
There is no question of paying 11% bonus, since draft of amendement is yet to get converted in to law. Ravi
Dear Basanta
- Bonus ceiling is Rs.3500/- (i.e. amount of bonus payable at 8.33%)
- Eligibility ceiling is Rs.10000/-
There is no amendment for wages ceiling to be Rs.5000/- Can you please clarify and send us the amendment that you speak of which happened on 27th October 2007 ??
Regards
K.Ramachandra
Bangalore
- Bonus ceiling is Rs.3500/- (i.e. amount of bonus payable at 8.33%)
- Eligibility ceiling is Rs.10000/-
There is no amendment for wages ceiling to be Rs.5000/- Can you please clarify and send us the amendment that you speak of which happened on 27th October 2007 ??
Regards
K.Ramachandra
Bangalore
First and foremost please understand that no employee can DEMAND Bonus at a rate that he/she thinks is proper.
The amount of Bonus to be disbursed is based on the Company's performance and the fund so allocated for the purpose and is accodingly declared by the management after compliatio of the balance sheet and finalization of Accounts.
There is NO provision in the Payment of Bonus Act where it is mandatory to pay 11% Bonus.
Cheers!!!
Vasant Nair
From India, Mumbai
The amount of Bonus to be disbursed is based on the Company's performance and the fund so allocated for the purpose and is accodingly declared by the management after compliatio of the balance sheet and finalization of Accounts.
There is NO provision in the Payment of Bonus Act where it is mandatory to pay 11% Bonus.
Cheers!!!
Vasant Nair
From India, Mumbai
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Payment of Gratuity Amendment Bill 2010.pdf