pls let me know the ceiling limit for payment of bonus at present. is it still 3500/- or enhanced to 5000/-
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Statutory Bonus is mainly concerned for workmen category, who comes under Contract Labour Act / minimum wages Act. You please dont compare your salary for Bonus. Salary of the minimum wages workmen is comparatively low and Rs. 3,500/- is good amount for them. Earlier, Bonus applicable to the employees whose basic was Rs. 3,500/-, however, it has been enhanced to Rs. 10,000/- in the year 2007 for covering more employees (enenthough the ceiling limit is 3,500/-)
Computation of bonus should be worked out as per schedule I to IV of the Act. Every person drawing salary between Rs3500/- and Rs10,000/- per month. The bonus payable to him is to be calculated as if his salar were Rs3500/- p.m.
Till date there is not any enanchement to Rs 5000/-pm.
Thanks & Regards
V K Sharma
Dept of Accounts
TPL, RSP, Rourkela
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