Dear Friends,
Bonus is variable as per the company rules, this varies from company to company on the basis of HR/Management decission.
One more qustion-:how many times one employe get the bonous from a company as per the Rule.
From India, Mumbai
Bonus is variable as per the company rules, this varies from company to company on the basis of HR/Management decission.
One more qustion-:how many times one employe get the bonous from a company as per the Rule.
From India, Mumbai
Hi,
The mark-up value of bonus is Rs. 3500/- per month BASIC & minimum percentage is 8.33%. That means totol limit of bonus calculation is 3500x12=42000. If a employee get more than 42000/- than bonus amount is calculated on 42000/- and if a employee get less than 42000/- than bonus amount is calculated on gross earning in a fianancial year, but person who is working less than 30 days, he is not eligible for bonus.
Reply of your example: Person received Rs. 3500 @ 8.33%
Thanks & Regards,
Parimal Kishore
From India, Delhi
The mark-up value of bonus is Rs. 3500/- per month BASIC & minimum percentage is 8.33%. That means totol limit of bonus calculation is 3500x12=42000. If a employee get more than 42000/- than bonus amount is calculated on 42000/- and if a employee get less than 42000/- than bonus amount is calculated on gross earning in a fianancial year, but person who is working less than 30 days, he is not eligible for bonus.
Reply of your example: Person received Rs. 3500 @ 8.33%
Thanks & Regards,
Parimal Kishore
From India, Delhi
Dear Padma,
Under Bonus Act, bonus payment is statutory to those drawing salary upto Rs. 10,000. Accordingly after arriving the allocable surplus, there is no possibility to vary from Company to Company. To give more payment than stipulated in Bonus Act or for salary more than Rs. 10,000, the employer may pay an amount called 'Ex-gratia'. This may vary from Company to Company.
As per the Act there is only one bonus payment in one financial year. But there is a maximum time span of 8 months to finalise bonus payment after completing the financial year, i.e date wise it is November 30. Suppose if any important festival falls before finalisation of bonus, some employer may pay provisional bonus and after finalisation, settlement will be done.
Abbas.P.S
From India, Bangalore
517Under Bonus Act, bonus payment is statutory to those drawing salary upto Rs. 10,000. Accordingly after arriving the allocable surplus, there is no possibility to vary from Company to Company. To give more payment than stipulated in Bonus Act or for salary more than Rs. 10,000, the employer may pay an amount called 'Ex-gratia'. This may vary from Company to Company.
As per the Act there is only one bonus payment in one financial year. But there is a maximum time span of 8 months to finalise bonus payment after completing the financial year, i.e date wise it is November 30. Suppose if any important festival falls before finalisation of bonus, some employer may pay provisional bonus and after finalisation, settlement will be done.
Abbas.P.S
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc