yes, i read the same about the amendments online in other articles and as per CA Hitesh ( <link no longer exists - removed> ), the limit for coverage of employee and limit for calculation of bonus has been increased under the act. But i am still confused about from when these amendments are implemented? Is it retrospectively or from 2015/16?
From India, New Delhi
1From India, New Delhi
Retrospective implementation has been stayed by the high courts.
Therefore at the moment, pay higher bonus for current year
Once the court decides on retrospective implementation, you need to act accordingly
From India, Mumbai
Therefore at the moment, pay higher bonus for current year
Once the court decides on retrospective implementation, you need to act accordingly
From India, Mumbai
Minimum wages are for 26 days while for calculating Statutory Bonus (as Payment of bonus Act) I think we are required to do calculations on 30 days per month. So does this mean that I take the monthly minimum wage as per the latest notification of my state and divide by 26 and multiply by 30 to arrive at the minimum wage that should be used for Bonus calculation?
Bonus is computed not based in 39 days but based in a % of salary cap earned for the previous year So the computation of 26 days and 30 days does not matter
From India, Mumbai
From India, Mumbai
In that case Banerjee ji, will you please show me the calculation of Bonus for a person (software developer) earning Rs 19,000/- of Basic Salary per month in Rajasthan where the minimum wage as of today is Rs 271/- per day or Rs 7046 per month for highly skilled category. These minimum wages are being quoted from the notification of Rajasthan Govt. I have not performed any calculation here.
For more info you can see the notification on http://labour.rajasthan.gov.in/Notification.aspx
The last item on this page (point 25 has the notification in hindi) go to page 11 of 12 of this notification to see the minimum wages of a highly skilled worker.
As you can see Rs 7046 is actually Rs 271 * 26 days.
Thanks..awaiting your reply.
For more info you can see the notification on http://labour.rajasthan.gov.in/Notification.aspx
The last item on this page (point 25 has the notification in hindi) go to page 11 of 12 of this notification to see the minimum wages of a highly skilled worker.
As you can see Rs 7046 is actually Rs 271 * 26 days.
Thanks..awaiting your reply.
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Payment of Gratuity Amendment Bill 2010.pdf
Kerala High Court Stay_ Payment of Bonus (Act) Amendment.jpg