Members,
Please do the bonus calculation for the following terms because i m totally confused in this respect.
Basic 4500 Basic 9000 Basic 10000 Basic12000
What is the exact execution of : 8.33%(min) and 20%(max) or wages earned during the relevant accounting year.(what is the mean of this black bold line)
I will be very thankful to all of you to describe this with an appropriate example
*(What is the limit for entitlement towards Bonus)
From India, New Delhi
15Please do the bonus calculation for the following terms because i m totally confused in this respect.
Basic 4500 Basic 9000 Basic 10000 Basic12000
What is the exact execution of : 8.33%(min) and 20%(max) or wages earned during the relevant accounting year.(what is the mean of this black bold line)
I will be very thankful to all of you to describe this with an appropriate example
*(What is the limit for entitlement towards Bonus)
Regards
From India, New Delhi
Dear Pulsar,
As per the latest amendment in the Bonus Act, the eligibility for the Bonus is as under :
It is applicable to those who are drawing the wages less than Rs. 10000.00 per month.
Minimum Limit for the Bonus is 8.33% and maximum is 20%.
Minmum Bonus @ 8.33% for the employee drawing wages more than Rs. 3500.00 and less than Rs. 10000.00 will be Rs. 3500.00 as the Act.
For the Employees drawing wages less than 3500.00 per month will be paid on actuals.
hope this will clear your query.
From India, Delhi
As per the latest amendment in the Bonus Act, the eligibility for the Bonus is as under :
It is applicable to those who are drawing the wages less than Rs. 10000.00 per month.
Minimum Limit for the Bonus is 8.33% and maximum is 20%.
Minmum Bonus @ 8.33% for the employee drawing wages more than Rs. 3500.00 and less than Rs. 10000.00 will be Rs. 3500.00 as the Act.
For the Employees drawing wages less than 3500.00 per month will be paid on actuals.
hope this will clear your query.
From India, Delhi
Dear Pulsar 180,
Whatever Mr. Rajeev has Conveyed is The Right Answer to ur querry.
Let me Explain it a little More.
If a person Is Drawing Basic 4500
Bonus @ 8.33 % would be Rs. 4500 Out of Which ur Liable to Pay Him 3500/- as bonus and rest can be Paid as Exgratia.
Bonus @ 20% Rs. 10800 Out of Which Ur Liable to Pay 8400 as Bonus and rest in Exgratia.
Same would be case with 9000 & 10000.
In case of a person Drawing Basic Rs. 12000/- He is Out Of Preview of the elegibility. All the Amount u Wish to pay whether it is 8.33% or 20 % will be paid as exgratia.
Hope This Answers ur Querry.
Seniors Correct Me if wrong.
Regards,
PR Verma
From India, Delhi
Whatever Mr. Rajeev has Conveyed is The Right Answer to ur querry.
Let me Explain it a little More.
If a person Is Drawing Basic 4500
Bonus @ 8.33 % would be Rs. 4500 Out of Which ur Liable to Pay Him 3500/- as bonus and rest can be Paid as Exgratia.
Bonus @ 20% Rs. 10800 Out of Which Ur Liable to Pay 8400 as Bonus and rest in Exgratia.
Same would be case with 9000 & 10000.
In case of a person Drawing Basic Rs. 12000/- He is Out Of Preview of the elegibility. All the Amount u Wish to pay whether it is 8.33% or 20 % will be paid as exgratia.
Hope This Answers ur Querry.
Seniors Correct Me if wrong.
Regards,
PR Verma
From India, Delhi
MR PR VERMA ,
AS you said that
Bonus @ 8.33 % would be Rs. 4500 Out of Which ur Liable to Pay Him 3500/- as bonus and rest can be Paid as Exgratia.
that means rest can be paid in exgratia ...so this remmaining amount that candidate will be getting or else only 3500/- only ????
WILL REST OF EX GRATIA WILL BE TAKEN BY THAT EMPLOYEE OR IT WILL MOVE BACK IN EX GRATIA FUND?????
From India, Vadodara
AS you said that
Bonus @ 8.33 % would be Rs. 4500 Out of Which ur Liable to Pay Him 3500/- as bonus and rest can be Paid as Exgratia.
that means rest can be paid in exgratia ...so this remmaining amount that candidate will be getting or else only 3500/- only ????
WILL REST OF EX GRATIA WILL BE TAKEN BY THAT EMPLOYEE OR IT WILL MOVE BACK IN EX GRATIA FUND?????
From India, Vadodara
Dear Seniors,
Please correct me if I am wrong.
if a employee is getting [only] Basic - Rs. 7,667/- PM so annually will be Rs. 92,004/-
Bonus Calculation is @ 8.33%
So Calculation will be Per Month will be:
Mini Wages - 3500 @ 8.33% = 291.55/-
Exgratia - 4167 @ 8.33% = 347.11/-
From India
Please correct me if I am wrong.
if a employee is getting [only] Basic - Rs. 7,667/- PM so annually will be Rs. 92,004/-
Bonus Calculation is @ 8.33%
So Calculation will be Per Month will be:
Mini Wages - 3500 @ 8.33% = 291.55/-
Exgratia - 4167 @ 8.33% = 347.11/-
From India
Dear Anonymous, As per my point of view....ex-gratia is given to those employees whose basic+da is more than 10,000..... Pls make me correct seniors if i m wrong.... Regards, Khushi
From India, Jamshedpur
From India, Jamshedpur
Dear pulsar,
https://www.citehr.com/473605-calcul...ic-salary.html
Hope this discussion will help you.
From India, Delhi
https://www.citehr.com/473605-calcul...ic-salary.html
Hope this discussion will help you.
From India, Delhi
Employer is paying Bonus 8.33% of Basic , and remaining ex gratia is [20 % of total GRoss- 8.33 basic]
means Bonus + Ex gratia payment = 20% total gross salary.
If Employee is having 10000 is Basic & 20,000 is Gross salary.
He will get Bonus monthly 8.33% of basic = 833 is bonus.
total of Ex gratia and Bonus would be 20% of gross salary.
He will get Ex gratia= 20% of gross-8.33% Basic.
i.e. [20%*20000]- [8.33% *10000].
4000-833=3167 is Exgratia.
Employer is paying 20% total gross salary as a BONUS & Ex-gratia.
means Bonus + Ex gratia payment = 20% total gross salary.
If Employee is having 10000 is Basic & 20,000 is Gross salary.
He will get Bonus monthly 8.33% of basic = 833 is bonus.
total of Ex gratia and Bonus would be 20% of gross salary.
He will get Ex gratia= 20% of gross-8.33% Basic.
i.e. [20%*20000]- [8.33% *10000].
4000-833=3167 is Exgratia.
Employer is paying 20% total gross salary as a BONUS & Ex-gratia.
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