Dear Senior,
Pls help me in clarifiying the ambiguity that i am having regarding esic contribution.
do adv.bonus attract for esic coverage and contribution, if it a break-up part of ctc. as i am facing problem while making contribution liability .
regards
Mohan
From India, Mumbai
6Pls help me in clarifiying the ambiguity that i am having regarding esic contribution.
do adv.bonus attract for esic coverage and contribution, if it a break-up part of ctc. as i am facing problem while making contribution liability .
regards
Mohan
From India, Mumbai
Bonus paid in accordance with Payment of Bonus Act is neither a part of salary for the purpose of eligibility coverage of ESI nor calculation of ESI contribution. However, at the same time if Bonus is included in the Salary on a monthly basis the same will be treated as part of salary. This is one of the basic problems with CTC concept of salary structure. Therefore, remove the Bonus part from the monthly remuneration payable and pay the same separately under the head "Bonus" preferentially in an interval of more than two months.
Regards,
Madhu.T.K
From India, Kannur
Regards,
Madhu.T.K
From India, Kannur
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Amendment to Payment of Bonus Act 2015.jpg
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Bonus-amendment _206.doc