You can't decide the % of bonus.It is dependent on figures that appear in company's Form A & Form B. If the org's profit is from service charges then probably it can declare bonus of 8.33%.
From India, Mumbai
264From India, Mumbai
there is 2 conditions for calculation of bonus,
1. 7000
2. minimum wages
i have two questions pertaining to calculation of Bonus.
if minimum wages is more than 7000/-
a. minimum wages to be considered as on which date ? 31st March or what ?
b. average of everymonth's minimum wage to be considered ?
Please advise.
Thanks & Regards
Amit
Vadodara, Gujarat.
From India, Vadodara
1. 7000
2. minimum wages
i have two questions pertaining to calculation of Bonus.
if minimum wages is more than 7000/-
a. minimum wages to be considered as on which date ? 31st March or what ?
b. average of everymonth's minimum wage to be considered ?
Please advise.
Thanks & Regards
Amit
Vadodara, Gujarat.
From India, Vadodara
Bonus is to be calculated on monthly earned wages i. e. Basic +DA. Month on month the wages have to be compared with minimum wages declared by authorities.
From India, Mumbai
From India, Mumbai
Dear Amit,
In reference to your query, in my opinion as we take average of monthly salary drawn by the employees in the accounting year, similarly the average of minimum wages drawn by the employee should be basis of calculation of bonus provided his minimum wages are higher than Rs 7000/-.
BS Kalsi
Member since August, 2011
From India, Mumbai
In reference to your query, in my opinion as we take average of monthly salary drawn by the employees in the accounting year, similarly the average of minimum wages drawn by the employee should be basis of calculation of bonus provided his minimum wages are higher than Rs 7000/-.
BS Kalsi
Member since August, 2011
From India, Mumbai
Dear Prakash,
The provisions of EPF & MP Act, 1948 are not extended to Jammu & Kashmir rather there is separate Act called as "The Jammu and Kashmir Employees Provident Fund Act, 1961". The employer's contribution to PF is 12℅ of the basic plus Dearness Allowance.
BS Kalsi,
Member since August, 2011
From India, Mumbai
The provisions of EPF & MP Act, 1948 are not extended to Jammu & Kashmir rather there is separate Act called as "The Jammu and Kashmir Employees Provident Fund Act, 1961". The employer's contribution to PF is 12℅ of the basic plus Dearness Allowance.
BS Kalsi,
Member since August, 2011
From India, Mumbai
Is payment of bonus to contractual labour is compulsary ?If Yes ,so how to calculate the bonus amount.
From India, Delhi
From India, Delhi
Dear Ashu,
The Payment of Bonus Act,1965 does not differentiate between a contract worker and other workers except Apprentices.The only condition is that one should have put in not less than 30 days in that year. It casts responsibility on all employers , covered by the Act, to make payment of bonus to their employees subject to conditions mentioned in the Act. The contractor who engages the contract labour, has to make payment of bonus ,if applicable.
In reference to your second query, It is mentioned here that there is no difference in calculations of bonus.It is the same as done for the regular employees.
BS Kalsi,
Member since August, 2011
From India, Mumbai
The Payment of Bonus Act,1965 does not differentiate between a contract worker and other workers except Apprentices.The only condition is that one should have put in not less than 30 days in that year. It casts responsibility on all employers , covered by the Act, to make payment of bonus to their employees subject to conditions mentioned in the Act. The contractor who engages the contract labour, has to make payment of bonus ,if applicable.
In reference to your second query, It is mentioned here that there is no difference in calculations of bonus.It is the same as done for the regular employees.
BS Kalsi,
Member since August, 2011
From India, Mumbai
Dear Mr. Sudhir, Can you please provide the google site details from where I can get this Gazette of India’s information.
From India, Kolkata
From India, Kolkata
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Bonus act amendment gazette copy.pdf
THE PAYMENT OF BONUS ACT.doc