Dear All,
Need one clarification related to recent amendment made in Bonus Act.
Ceiling increased from Rs. 2500 to 3500.
So do we need to calculate bonus now taking 3500????
Its urgent so plz clarify my doubts.
Rgds,
Shilpi
From India, New Delhi
5Need one clarification related to recent amendment made in Bonus Act.
Ceiling increased from Rs. 2500 to 3500.
So do we need to calculate bonus now taking 3500????
Its urgent so plz clarify my doubts.
Rgds,
Shilpi
From India, New Delhi
Hi Shilpi,
The eligibility limit for the Bonus has been raised from Rs 3500/- to Rs 10,000/- means all those employees earning basic of Rs upto 10,000/- will now be eligible to get Bonus.
The limit for the purpose of calculation of Bonus has been revised from Rs 2500/- to Rs 3500/- means bonus will now be calculated on Rs 3500/-
Hope things are clear to you.
Amit Goyal
From India, Delhi
The eligibility limit for the Bonus has been raised from Rs 3500/- to Rs 10,000/- means all those employees earning basic of Rs upto 10,000/- will now be eligible to get Bonus.
The limit for the purpose of calculation of Bonus has been revised from Rs 2500/- to Rs 3500/- means bonus will now be calculated on Rs 3500/-
Hope things are clear to you.
Amit Goyal
From India, Delhi
Hi Amit,
Need some clarification.
1.The limit of bonus is increased from Rs. 3500 to Rs. 10,000 effective from which date?
2. Eligibility criteria is "Earn Basic" of upto Rs. 10,000 or "Basic+DA" upto Rs. 10,000 as per the salary structure of the employees.
3. Those, whose "Basic+DA" is more than Rs. 3500, how to calculate their bonus( suppose the Basic+DA of an employee is Rs. 8000).
Thanking you in advance.
Surya
From India, Pune
Need some clarification.
1.The limit of bonus is increased from Rs. 3500 to Rs. 10,000 effective from which date?
2. Eligibility criteria is "Earn Basic" of upto Rs. 10,000 or "Basic+DA" upto Rs. 10,000 as per the salary structure of the employees.
3. Those, whose "Basic+DA" is more than Rs. 3500, how to calculate their bonus( suppose the Basic+DA of an employee is Rs. 8000).
Thanking you in advance.
Surya
From India, Pune
Hi Amit,
Thanks! amendments I know but I also came to know that their effective date is not yet announced atleast for Basic increasing to 10,000/-.
Now I want to calrify that for calculation purpose i should take 3500 or 2500/- amount as we are giving bonus in Diwali so its urgent.
Rgds,
Shilpi
From India, New Delhi
Thanks! amendments I know but I also came to know that their effective date is not yet announced atleast for Basic increasing to 10,000/-.
Now I want to calrify that for calculation purpose i should take 3500 or 2500/- amount as we are giving bonus in Diwali so its urgent.
Rgds,
Shilpi
From India, New Delhi
Hi Shilpi,
This amendment is passed by the cabinet but not yet become an Act so as of now keep the wage ceiling as 3500/- for eligibility and 2500/- for the calculation.
Sorry for wrong reply earlier.
Regards,
Amit Goyal
From India, Delhi
This amendment is passed by the cabinet but not yet become an Act so as of now keep the wage ceiling as 3500/- for eligibility and 2500/- for the calculation.
Sorry for wrong reply earlier.
Regards,
Amit Goyal
From India, Delhi
hello Guys,
Plz refer the link.
The amendment issigned yesterday by our honourable President.So this has been come in effect from April 2006 & applicable from last financial year.
http://pib.nic.in/release/release.asp?relid=32264
bharat.
From Spain
Plz refer the link.
The amendment issigned yesterday by our honourable President.So this has been come in effect from April 2006 & applicable from last financial year.
http://pib.nic.in/release/release.asp?relid=32264
bharat.
From Spain
Yes,
The amendment is applicable from April 2006.
Again 10000 means Basic+DA.
So if Basic+DA is more than 10000 you are not elegible for bonus.
Now the calculation:
If Basic+DA is more than 10000, not elegible :-((. (So lets take a test case of 9000 (Basic+DA)
The act says that bonus will be calculated on 3500. Therefore the calculation will be as follows for declaring 20% bonus:
(3500*20%)*12 (Bonus is given for the year).
Take Care: Act says eligibility for bonus is Rs 10000 but it will be calculated on 3500 (This is very important).
Again if the Basic+DA is less than or equal to 3500 then it will be calculated on actual Basic+DA i.e if lf Basic+DA is 3200, bonus will be calculated on 3200 only.
The amendment is applicable from April 2006.
Again 10000 means Basic+DA.
So if Basic+DA is more than 10000 you are not elegible for bonus.
Now the calculation:
If Basic+DA is more than 10000, not elegible :-((. (So lets take a test case of 9000 (Basic+DA)
The act says that bonus will be calculated on 3500. Therefore the calculation will be as follows for declaring 20% bonus:
(3500*20%)*12 (Bonus is given for the year).
Take Care: Act says eligibility for bonus is Rs 10000 but it will be calculated on 3500 (This is very important).
Again if the Basic+DA is less than or equal to 3500 then it will be calculated on actual Basic+DA i.e if lf Basic+DA is 3200, bonus will be calculated on 3200 only.
As of now until the new amendment is inforced,
The eligibiolity citeria/upper ceiling for bonus is 3500/-
Calculation is to be made on 2500/-
**Exception any establishments which has not completed 5yrs are exmpted from paying the bonus. (still companies can pay concidering their financials)
Regards,
From India, Ahmadabad
The eligibiolity citeria/upper ceiling for bonus is 3500/-
Calculation is to be made on 2500/-
**Exception any establishments which has not completed 5yrs are exmpted from paying the bonus. (still companies can pay concidering their financials)
Regards,
From India, Ahmadabad
Dear All,
The amendment is applicable from April 2006. It has been signed by the President of India and has come into force.
Again 10000 means Basic+DA.
So if Basic+DA is more than 10000 you are not elegible for bonus.
Now the calculation:
If Basic+DA is more than 10000, not elegible (. (So lets take a test case of 9000 (Basic+DA)
The act says that bonus will be calculated on 3500. Therefore the calculation will be as follows for declaring 20% bonus:
(3500*20%)*12 (Bonus is given for the year).
Take Care: Act says eligibility for bonus is Rs 10000 but it will be calculated on 3500 (This is very important).
Again if the Basic+DA is less than or equal to 3500 then it will be calculated on actual Basic+DA i.e if lf Basic+DA is 3200, bonus will be calculated on 3200 only.
Regards,
Nilendra
The amendment is applicable from April 2006. It has been signed by the President of India and has come into force.
Again 10000 means Basic+DA.
So if Basic+DA is more than 10000 you are not elegible for bonus.
Now the calculation:
If Basic+DA is more than 10000, not elegible (. (So lets take a test case of 9000 (Basic+DA)
The act says that bonus will be calculated on 3500. Therefore the calculation will be as follows for declaring 20% bonus:
(3500*20%)*12 (Bonus is given for the year).
Take Care: Act says eligibility for bonus is Rs 10000 but it will be calculated on 3500 (This is very important).
Again if the Basic+DA is less than or equal to 3500 then it will be calculated on actual Basic+DA i.e if lf Basic+DA is 3200, bonus will be calculated on 3200 only.
Regards,
Nilendra
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