Dear forum members, I want to know about amendment in Bonus act, in which Govt. has amend minimum Rs. 2500 to 3500. What is the date of applicability. Thanks and regards Amit kumar garg
From India, Mumbai
3From India, Mumbai
Hi, Ihave already posted the details in other thread in "labour and employee relations" . u can go through the same. regds anil kaushik
From India, Delhi
From India, Delhi
Hi Everyboday,
In this the amendment is about the Minimum Basic Salary.
Now it has been raised to Rs 10000. That means in govt sector where generaly Class I officer Posts starts with minimum basic 8000K or 8.5 K , they will also come in the Bonus preview.
Generally in all the establishment where Factory act applies , Bonus is applicable.
In service industry there are companies where Bonus is there in some form or another.
Regards,
Tikam S Shekhawat
From India, Pune
In this the amendment is about the Minimum Basic Salary.
Now it has been raised to Rs 10000. That means in govt sector where generaly Class I officer Posts starts with minimum basic 8000K or 8.5 K , they will also come in the Bonus preview.
Generally in all the establishment where Factory act applies , Bonus is applicable.
In service industry there are companies where Bonus is there in some form or another.
Regards,
Tikam S Shekhawat
From India, Pune
Govt raises salary limit for bonus
October 01, 2007 16:06 IST
Ahead of the festival season, the government on Monday handed a bonanza to millions of industrial workers by approving changes to the Bonus Act, which would make workers drawing up to Rs 10,000 monthly salary eligible for annual bonus.
Hitherto, only those drawing a monthly salary of up to Rs 3,500 were eligible to claim bonus.
The Cabinet has approved the amendment to Section 12 "to raise the eligibility limit for payment of bonus from the salary or wage of Rs 3,500 to Rs 10,000 per month," Labour Minister Oscar Fernandes said.
He said construction workers, even if they have worked for a month with builders or contractors, would also be eligible to avail a proportional bonus from their employers.
The decision would benefit seven per cent of the total workforce in the country, which is working in the organized sector, said the Minister.
The payout proposal is broadly in line with recommendations of the 41st session of the Indian Labour Conference (ILC) held in April this year, and is the result of a long-pending demand of the trade unions, particularly the CPI(M)-affiliated Centre for Indian Trade Unions (CITU).
Sources said since the next session of Parliament would be called in November, government may bring an ordinance for the purpose.
Though the minister declined to comment on the financial implications of the decision, sources said the government had paid between Rs 300 crore (Rs 3 billion) and Rs 350 crore (Rs 3.5 billion) last year on account of ad hoc bonus at a maximum Rs 2,467 per employee.
From India, Pune
October 01, 2007 16:06 IST
Ahead of the festival season, the government on Monday handed a bonanza to millions of industrial workers by approving changes to the Bonus Act, which would make workers drawing up to Rs 10,000 monthly salary eligible for annual bonus.
Hitherto, only those drawing a monthly salary of up to Rs 3,500 were eligible to claim bonus.
The Cabinet has approved the amendment to Section 12 "to raise the eligibility limit for payment of bonus from the salary or wage of Rs 3,500 to Rs 10,000 per month," Labour Minister Oscar Fernandes said.
He said construction workers, even if they have worked for a month with builders or contractors, would also be eligible to avail a proportional bonus from their employers.
The decision would benefit seven per cent of the total workforce in the country, which is working in the organized sector, said the Minister.
The payout proposal is broadly in line with recommendations of the 41st session of the Indian Labour Conference (ILC) held in April this year, and is the result of a long-pending demand of the trade unions, particularly the CPI(M)-affiliated Centre for Indian Trade Unions (CITU).
Sources said since the next session of Parliament would be called in November, government may bring an ordinance for the purpose.
Though the minister declined to comment on the financial implications of the decision, sources said the government had paid between Rs 300 crore (Rs 3 billion) and Rs 350 crore (Rs 3.5 billion) last year on account of ad hoc bonus at a maximum Rs 2,467 per employee.
From India, Pune
Dear Member,
As per a new scheme cleared by the Union Cabinet, the bonus ceilings for both private and public sector workers would be raised. The Cabinet approved an increase in the ceiling for bonus calculation to Rs 3,500 from the current level of Rs 2,500. The eligibility limit for bomus has also been upped. This will bring more workers within the ambit of bonus. Now, bonus eligibility will be for workers whose basic and Dearness Allowance is less than Rs 10,000. Earlier, workers earning upto Rs 6,000 were covered under the bonus act. To ensure these two hikes, the government will amend section 2(13) and 12 of the Payment of Bonus Act, 1965.
The effective date of the above change in ceilings have not been declared. Probably this is a political move again taken by the Government in order to please the left parties, who are after the Govt. on Atomic issues.
Regards
SPC
From India, Delhi
As per a new scheme cleared by the Union Cabinet, the bonus ceilings for both private and public sector workers would be raised. The Cabinet approved an increase in the ceiling for bonus calculation to Rs 3,500 from the current level of Rs 2,500. The eligibility limit for bomus has also been upped. This will bring more workers within the ambit of bonus. Now, bonus eligibility will be for workers whose basic and Dearness Allowance is less than Rs 10,000. Earlier, workers earning upto Rs 6,000 were covered under the bonus act. To ensure these two hikes, the government will amend section 2(13) and 12 of the Payment of Bonus Act, 1965.
The effective date of the above change in ceilings have not been declared. Probably this is a political move again taken by the Government in order to please the left parties, who are after the Govt. on Atomic issues.
Regards
SPC
From India, Delhi
Dear All
I am working with a Pvt. Ltd Company every year we are paying Rs. 3500/- Bonus every employee whose salary is start from 2500 to 50, 000 /- pm so i would like to know that how much bonus will be increase after amended when we will applicable for this.
regards,
R/P/Dixit
From India, New Delhi
I am working with a Pvt. Ltd Company every year we are paying Rs. 3500/- Bonus every employee whose salary is start from 2500 to 50, 000 /- pm so i would like to know that how much bonus will be increase after amended when we will applicable for this.
regards,
R/P/Dixit
From India, New Delhi
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