Dear All,
Last year there was change in the bonus act and the celing limit was raised from 6500 to 10,000, can anyone provide me the full detail for the same or can anyone provide me with the notification that government has issued.
Regard's
Sunil
Last year there was change in the bonus act and the celing limit was raised from 6500 to 10,000, can anyone provide me the full detail for the same or can anyone provide me with the notification that government has issued.
Regard's
Sunil
The Payment of Bonus Act was amended to cover all employees getting salary of not more than Rs 10000. The notification in this respect is not available right now. Previously the salary ceiling was Rs 3500. During that time those drawing salary between Rs 2500 and Rs 3500 was to be given bonus at the rate fixed taking the salary as Rs 2500. Now all those who get salaries between Rs 3500 and Rs 10000 will be getting bonus at the fixed rate taking the salary as Rs 3500 and not Rs 2500. To explain, if one employee is getting Rs 3400 per month ( or Rs 40800 per annum), and the management has declared a bonus of 10% (minimum bonus is 8.33% and the maximum bonus is 20%) then his bonus would not be Rs 4080 as calculated on the basis of his salary of 3400 but would be Rs 3000 calculated as if he salary was only Rs 2500.
Now the bottom has been made Rs 3500 and any person who gets salary more than Rs 3500 but not more than Rs 10000 will be getting bonus as if his salary is Rs 3500.
Hope it is clarified.
Regards,
Madhu.T.K
From India, Kannur
3891Now the bottom has been made Rs 3500 and any person who gets salary more than Rs 3500 but not more than Rs 10000 will be getting bonus as if his salary is Rs 3500.
Hope it is clarified.
Regards,
Madhu.T.K
From India, Kannur
In this case two questions are involved.1.eligibility 2.quantum
Now any one getting salary up to Rs.10000/-shall be eligible to
receive bonus, however for actual payment if the salart exceeds
Rs.10000/-,then for bonus calculation it shall be deemed to be
Rs.3500/- only.
From India, Pune
Now any one getting salary up to Rs.10000/-shall be eligible to
receive bonus, however for actual payment if the salart exceeds
Rs.10000/-,then for bonus calculation it shall be deemed to be
Rs.3500/- only.
From India, Pune
Dear Jagdish, For any one getting salary Rs 10,000 the bonus will be calculated as if the salary were Rs 3500. Any one getting more than Rs 10000 will not be eligible for Bonus. Regards, Madhu.T.K
From India, Kannur
From India, Kannur
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Amendment to Payment of Bonus Act 2015.jpg
Performance Review Form - KDCL for year 2010.xls