10-06-2008, 08:25 PM
|  | | | Join Date: Mar 2008 Location: Mumbai
Posts: 51
| |  Bonus limit for HR Executive
Hey Guys,
Can anyone able to tell me what is the limitation on the Bonus % for Executive HR ???
Min is 8.33% & Max ???
Please do reply, its urgent...
Thanks in advance
Regards.
Chanda |
11-06-2008, 12:10 PM
|  | | | Join Date: Sep 2007 Location: Navi Mumbai
Posts: 249
| |
Dear Friend, With reference of your quesry please go through the below lines, where I have mentioned the details as per Payment of Bonus Act, 1965, whereas the nos. are indicating the respected sections and subsections.... 8. Eligibility for bonus.—Every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisions of this Act, provided he has worked in the establishment for not less than thirty working days in that year. 9. Disqualification for bonus.—Notwithstanding anything contained in this Act, an employee shall be disqualified from receiving bonus under this Act, if he is dismissed from service for -- (a) fraud; or (b) riotous or violent behaviour while on the premises of the establishment; or (c) theft, misappropriation or sabotage of any property of the establishment. 1[10. Payment of minimum bonus.—Subject to the other provisions of this Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent of the salary or wage earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year: Provided that where an employee has not completed fifteen years of age at the beginning of the accounting year, the provisions of this section shall have effecting relation to such employee as if for the words “one hundred rupees”, the words “sixty rupees” were substituted.] 2[11. Payment of maximum bonus.—(1) Where in respect of any accounting year referred to in section 10, the allocable surplus exceeds the amount of minimum bonus payable to the employees under that section, the employer shall, in lieu of such minimum bonus, be bound to pay to every employee in respect of that accounting; year bonus which shall be an amount in proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage. (2) In computing the allocable surplus under this section, the amount set on or the amount set off under the provisions of section 15 shall be taken into account in accordance with the provisions of that section.] 3[12. Calculation of bonus with respect to certain employees.—Where the salary or wage of an employee exceeds 4[two thousand and five hundred rupees] per mensem, the bonus payable to such employee under section 10 or, as the case may be, under section 11, shall be calculated as if his salary or wage were [two thousand and five hundred rupees] per mensem.] 5[13. Proportionate reduction in bonus in certain cases.—Where an employee has not worked for all the working days in an accounting year, the minimum bonus of one hundred rupees or, as the case may be, of sixty rupees, if such bonus is higher than 8.33 per cent, of his salary or wage for the days he has worked in that accounting year, shall be proportionately reduced.] 
__________________ With Love & Regards Deepak Dwivedi..........  ================ "Do you dare to think beyond the limit, I do..." |
12-06-2008, 02:35 PM
| | | | Join Date: Dec 2007 Location: hyderabad
Posts: 26
| |
hi
pls anyone help me with a formula to calculate Bonus & Gratuity |
12-06-2008, 02:49 PM
| | | | Join Date: Sep 2007 Location: Navi Mumbai
Posts: 249
| |
Dear Friends,
It's very simple, take out 20% of Basic + DA for Bonus, if the company has fixed 20% as Bonus and the same procedure for Gratuity also, just take care of fixed percentage.
__________________ With Love & Regards Deepak Dwivedi.......... ================ "Do you dare to think beyond the limit, I do..." |
13-06-2008, 01:17 PM
| | | | Join Date: Dec 2007 Location: hyderabad
Posts: 26
| | hi
hi deepak
thank you for your information
ram |
13-06-2008, 07:48 PM
| | | | Join Date: Mar 2008 Location: Mumbai
Posts: 51
| | Thanks DEE
Hey Deepak,
I got your point, but I want to know is there any max limitaion on bonus % for the Hierarchies
like for "Executives" max bonus limite is 30%, for "Managers" Max 20% etc
can you help me in this....
Regards
Chanda |
13-06-2008, 07:53 PM
| | | | Join Date: May 2008 Location: gandhinagar
Posts: 10
| |
dear ,
as per payment of bonus act 1965 , maximum bonus can be paid 20%
Jayesh Panchal |
13-06-2008, 08:03 PM
| | | | Join Date: Mar 2008 Location: Mumbai
Posts: 51
| | hi
Ok agreed, but this is when company has a fixed bonus.
but in our case, after our 6month appraisal, being RH executive we got 25% bonus on ur ratings, whereas our expectation of bouns was somewhere around 30 to 40%, because of good rating.
now other employees at work floor, say Analyst level-3 got 58% of bouns with same procedure.
now my Question is:
Is there any bonus act says that company cannot pay HR executive more then 25 or 30% of bonus...
regards |
13-06-2008, 08:12 PM
| | | | Join Date: Sep 2007 Location: Navi Mumbai
Posts: 249
| |
Dear Chanda,
It seems you are trying to co-relate the performance bonus with the bonus, or incentive with the bonus....
__________________ With Love & Regards Deepak Dwivedi.......... ================ "Do you dare to think beyond the limit, I do..." |
13-06-2008, 08:30 PM
| | | | Join Date: Mar 2008 Location: Mumbai
Posts: 51
| |
no yaar,
We get bonus twice a year i.e for April & October, & both are depend on our preformances.
All eligible Emp get bonus depending upon there performance ratings...
for this time we (Executive HR) got 25%, & at work floor some emp got more then 50% of bouns.
now I want to now is there any act says that company cannot give more than 25% of bonus to executives HR.
hope i m clear.......... |
 | |
Linear Mode
