Dear All,
Answer to Mr.Rao's query : Bonus act is Central Act and is applicable throughout India.
Answer to Mr.Mahesh query : If the employee is drawing a salary exceeding Rs.3500 but less than Rs.10000/- he is eligible to receive bonus but considering the wage limit as Rs.3500/-.
But if the employee is on Loss of pay.
Deduct the Pay equivalent (LOP) from the Basic + DA and if this figure hovers between Rs.3500/- and Rs.10000/- consider that he has earned Rs.3500/- (Wage ceiling)
But if the figure is lower than Rs.3500/- say Rs.3400/- then consider it as Rs.3400/-
In other words do not consider the Wage ceiling (Rs.3500/-) for computing the earned Wages.
M.V.KANNAN
From India, Madras
256Answer to Mr.Rao's query : Bonus act is Central Act and is applicable throughout India.
Answer to Mr.Mahesh query : If the employee is drawing a salary exceeding Rs.3500 but less than Rs.10000/- he is eligible to receive bonus but considering the wage limit as Rs.3500/-.
But if the employee is on Loss of pay.
Deduct the Pay equivalent (LOP) from the Basic + DA and if this figure hovers between Rs.3500/- and Rs.10000/- consider that he has earned Rs.3500/- (Wage ceiling)
But if the figure is lower than Rs.3500/- say Rs.3400/- then consider it as Rs.3400/-
In other words do not consider the Wage ceiling (Rs.3500/-) for computing the earned Wages.
M.V.KANNAN
From India, Madras
Dear kvrao
you are right that bonus act applicable to all over India , same act also to applicable all states except state jammu & kashmir.
Amol Deokar
9730595960
asst. manager HR
From India, Mumbai
you are right that bonus act applicable to all over India , same act also to applicable all states except state jammu & kashmir.
Amol Deokar
9730595960
asst. manager HR
From India, Mumbai
Dear All,
I am attaching bonus calculator which has formulae in the exel sheet. All that you need to do is to put the monthwise attendance and the actual salary details.the formulae will do their job.The formulae will have to be suitably changed with the new amendments coming in force.Hope you all find the same useful.
P.R.Joshi
I am attaching bonus calculator which has formulae in the exel sheet. All that you need to do is to put the monthwise attendance and the actual salary details.the formulae will do their job.The formulae will have to be suitably changed with the new amendments coming in force.Hope you all find the same useful.
P.R.Joshi
Hi, As per Bonus act if the employee is not present for at least 30 days in yr., then he is not liable for the Bonus. regards Madhura.
From India
From India
To: Dear Mahesh and all others who have posted their replies,
There seem to be so much of half understanding on the Bonus issue:
Please note the following points :
1. Bonus is payable for the accounting year Apr to Mar. For 2010, bonus is payable for Apr'09 to Mar'10 before Nov'10.
2. Returns have to be submitted by 30th Dec'2010
3. 8.33% of the wages - Basic + DA earned by the employee during the financial year is payable as Bonus
4. All employees, whose basic + DA is Rs.10,000 and below are eligible for bonus
5. The maximum bonus payable is Rs.3500/-.
6. If an employee's wages (basic+DA) is more than Rs.3500/-, for calculating bonus only Rs.3500/- to be taken as wages (but eligibility for paying bonus is Rs.10,000/-)
7. Employees who have worked for minimum 30 days are eligible. If less than 30 days, they are not eligible for bonus
8. Bonus Act is a central Government Act and is applicable all over India
9. There is no amendment to Bonus Act to pay more than Rs.3500/- or more than 8.33% as of now
Regards
K.Ramachandra
Bangalore
There seem to be so much of half understanding on the Bonus issue:
Please note the following points :
1. Bonus is payable for the accounting year Apr to Mar. For 2010, bonus is payable for Apr'09 to Mar'10 before Nov'10.
2. Returns have to be submitted by 30th Dec'2010
3. 8.33% of the wages - Basic + DA earned by the employee during the financial year is payable as Bonus
4. All employees, whose basic + DA is Rs.10,000 and below are eligible for bonus
5. The maximum bonus payable is Rs.3500/-.
6. If an employee's wages (basic+DA) is more than Rs.3500/-, for calculating bonus only Rs.3500/- to be taken as wages (but eligibility for paying bonus is Rs.10,000/-)
7. Employees who have worked for minimum 30 days are eligible. If less than 30 days, they are not eligible for bonus
8. Bonus Act is a central Government Act and is applicable all over India
9. There is no amendment to Bonus Act to pay more than Rs.3500/- or more than 8.33% as of now
Regards
K.Ramachandra
Bangalore
Dear Friend,
As per the calculation of bonus only those employee is covered who has work for 30 days in an organisation and there salary(Basic+D.A) is less then 10000. As per the bonus policy minimum bonus payable is 8.33% and maximum 20% of the Salary(Basic+D.A) i.e. on 3500/-
For the calculation of Bonus:-
Suppose any employee join an organisation and his salary(Basic+D.A) is less then 10000 then for bonus calculation consider the salary(Basic+D.A) Rs.3500/- , Now organisation decided to give 20% bonus then for one month bonus is 3500*20%=700
if any employee work for 15 days in a month july then there calculation is
3500*15/(total days of month)*20%=Rs.339
for the detail plz find the attachment.
From India, Delhi
As per the calculation of bonus only those employee is covered who has work for 30 days in an organisation and there salary(Basic+D.A) is less then 10000. As per the bonus policy minimum bonus payable is 8.33% and maximum 20% of the Salary(Basic+D.A) i.e. on 3500/-
For the calculation of Bonus:-
Suppose any employee join an organisation and his salary(Basic+D.A) is less then 10000 then for bonus calculation consider the salary(Basic+D.A) Rs.3500/- , Now organisation decided to give 20% bonus then for one month bonus is 3500*20%=700
if any employee work for 15 days in a month july then there calculation is
3500*15/(total days of month)*20%=Rs.339
for the detail plz find the attachment.
From India, Delhi
Dear Mahesh
first of all you are not legally forced to give bonus as the employee has not workned for whole month, if you want to give bonus then you have to give on earned basis i.e. 3500/30X18= 2100 the percentage as declered by management say if the % is 10% then the bonus amount will be 210/- Hope this will satisfy you
Regards
Avinash
From India, Indore
first of all you are not legally forced to give bonus as the employee has not workned for whole month, if you want to give bonus then you have to give on earned basis i.e. 3500/30X18= 2100 the percentage as declered by management say if the % is 10% then the bonus amount will be 210/- Hope this will satisfy you
Regards
Avinash
From India, Indore
Hi, How to calculate bonus,if a person has worked for 10 months in an organisation and his salary is Rs.6000
From India, Bangalore
From India, Bangalore
Dear Pavithra, tell which is ten month is it in financial year if yes than bonus is calculated on the basis of 3500* 8.33% or 20% * 10 month . Regards, Mahesh
From India, Surat
From India, Surat
Relex guys. The proposed Bonus Amendment Bill is a private bill No. 15 of 2010, introduced by a MP. Normally, MPs introduce private bill being theri privelege. Such bills are normally withdrawn after the reply of the concerned minister. I think in this case also, it is unlikely to become act as of now.
C.P.Bhartia
From India, Bhubaneswar
C.P.Bhartia
From India, Bhubaneswar
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf