Dear CiteHR members, Kindly enlighten me on the Bonus Act. Are the employees who are on a direct contact with the employer, eligible for statutory bonus?
From India, Bangalore
2From India, Bangalore
in addition to Prashant,
every employee employed directly or indirectly employed and completed 30 days in the financial year is eligible for the bonus. The minimum bonus at 8.33% is required to pay whether the company is earning the profits or not and subjected to the maximim of 20% of Rs 3500.00. In other words, the minimum bonus would be :
Rs 3500.00*8.33%*12 months = Rs 3500.00
and
Maximum Bonus would be:
Rs 3500.00*20.00%*12 Months = Rs 8400.00
For the compliance part, Register A,B,C,D are required to be maintained.
From India, Jaipur
every employee employed directly or indirectly employed and completed 30 days in the financial year is eligible for the bonus. The minimum bonus at 8.33% is required to pay whether the company is earning the profits or not and subjected to the maximim of 20% of Rs 3500.00. In other words, the minimum bonus would be :
Rs 3500.00*8.33%*12 months = Rs 3500.00
and
Maximum Bonus would be:
Rs 3500.00*20.00%*12 Months = Rs 8400.00
For the compliance part, Register A,B,C,D are required to be maintained.
From India, Jaipur
Thank you, Prashant and Anurag for your valuable inputs.
However, there is no bifurcation as Basic or DA on the salary that I am paid as consultation charges.
For e.g. if a person is paid 20000/month as consultation charges, would this amount be considered as basic+DA? However, I understand that a contract employee is not eligible for any other benefits.
Kindly respond.
.
From India, Bangalore
However, there is no bifurcation as Basic or DA on the salary that I am paid as consultation charges.
For e.g. if a person is paid 20000/month as consultation charges, would this amount be considered as basic+DA? However, I understand that a contract employee is not eligible for any other benefits.
Kindly respond.
.
From India, Bangalore
Hence, if the amount is considered as Basic+DA, then that would be above the 10000 bracket. So it will not be eligible for Bonus under the Act. Correct me if I am wrong.
From India, Bangalore
From India, Bangalore
Hello In order my Questions is,If i am leave the company after start financial year then can i eligible for Bonus for previous company. Many Thanks -Indra
From India
From India
Dear All,
below the points can clear all above quarries.
1) If you are getting consultant charge, it will not covered under Bonus act,
it will not consider as a salary, it is a professional charge.
2) For eligibility of bonus, you have to cross 30 days of service in a financial year,(whenever you can leave the service)
3) all the permanent and contract employees are eligible for bonus who are in a roll and Basic +DA will be less then 10000/- pm
Regards
Madan Nayak
Bangalore
From India, Bangalore
below the points can clear all above quarries.
1) If you are getting consultant charge, it will not covered under Bonus act,
it will not consider as a salary, it is a professional charge.
2) For eligibility of bonus, you have to cross 30 days of service in a financial year,(whenever you can leave the service)
3) all the permanent and contract employees are eligible for bonus who are in a roll and Basic +DA will be less then 10000/- pm
Regards
Madan Nayak
Bangalore
From India, Bangalore
Would you confirm me those emplyee having more then 10000.00 they are not eligibal for bonus & What is mena of Ex-gratia ? Abhay
From India, Jalgaon
From India, Jalgaon
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Bonus act amendment gazette copy.pdf
THE PAYMENT OF BONUS ACT.doc