Dear All,
An Employee's basic+DA was Rs.7000/- per month for the initial three months during the financial year and the basic increased after appraisal to Rs.10500/- pm. for the rest of year.
So my question is, whether he will get the bonus for initial three months only or what? because he crossed the eligibility limit after three months.
I want to know what will he get as per Bonus Act.
Thanks,
Parag
From India, Nasik
2An Employee's basic+DA was Rs.7000/- per month for the initial three months during the financial year and the basic increased after appraisal to Rs.10500/- pm. for the rest of year.
So my question is, whether he will get the bonus for initial three months only or what? because he crossed the eligibility limit after three months.
I want to know what will he get as per Bonus Act.
Thanks,
Parag
From India, Nasik
Dear Parag,
As per your post,there is two query :
1. What is yours company norms on the bonus eligibility mean its depend on the employer rather he pay or not.
2. As per bonus act he is eligible for bonus on the basic 7000 pm.
Regards
dev
From India, Ludhiana
As per your post,there is two query :
1. What is yours company norms on the bonus eligibility mean its depend on the employer rather he pay or not.
2. As per bonus act he is eligible for bonus on the basic 7000 pm.
Regards
dev
From India, Ludhiana
Dear Dev,
Thanks for your response. As far as I know, if Company is willing to pay him on Rs.10500/- also then that will not be termed as bonus. My query is, as per Bonus act the bonus amount will be calculated for only initial three months when the employee's basic was Rs.7000/- or for the whole year?
regards,
Parag
From India, Nasik
Thanks for your response. As far as I know, if Company is willing to pay him on Rs.10500/- also then that will not be termed as bonus. My query is, as per Bonus act the bonus amount will be calculated for only initial three months when the employee's basic was Rs.7000/- or for the whole year?
regards,
Parag
From India, Nasik
Dear Parag
The employee concerned would be paid Bonus for three months only i. e. for the period in which his salary was less then 10 K. As soon as his salary crossed the limit of 10K he would be out of the perview of the Bonus Act as per Sec. 2(13) of the Bonus Act.
pkjain
From India, Delhi
The employee concerned would be paid Bonus for three months only i. e. for the period in which his salary was less then 10 K. As soon as his salary crossed the limit of 10K he would be out of the perview of the Bonus Act as per Sec. 2(13) of the Bonus Act.
pkjain
From India, Delhi
Dear Parag,
The concerned employee shall be eligible for payment of bonus till the time his basic salary (basic+DA) was less than equal to Rs.10000/month.
As per the provision of payment of bonus act (amendment,2007) ,while computing the bonus the basic pay has to be considered @ Rs.3500/pm and the payout to be computed for three months at the rate of bonus payable as per the discretion of the management of your company (ranging between 8.33% to 20%).
From India, Chandigarh
The concerned employee shall be eligible for payment of bonus till the time his basic salary (basic+DA) was less than equal to Rs.10000/month.
As per the provision of payment of bonus act (amendment,2007) ,while computing the bonus the basic pay has to be considered @ Rs.3500/pm and the payout to be computed for three months at the rate of bonus payable as per the discretion of the management of your company (ranging between 8.33% to 20%).
From India, Chandigarh
Dear Parag,
First of all you should check your company policy and act accordingly.As per Payment of bonus act, bonus is payable on pro-rata basis i.e.employees is eligible for bonus when basic+DA was less than 10000.In above mentioned condition employee will get bonus of 3 months only.
Regards,
Praveen
From India, Mumbai
First of all you should check your company policy and act accordingly.As per Payment of bonus act, bonus is payable on pro-rata basis i.e.employees is eligible for bonus when basic+DA was less than 10000.In above mentioned condition employee will get bonus of 3 months only.
Regards,
Praveen
From India, Mumbai
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Bonus eligibility.xls
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf