Thread Started by #S Arbole

I am employee of PVT co. working from last 3years with same co., and I resigned in last month and my reliving on 3rd oct 2011, company is going to give bonus in diwali time but they are saying I am not eligible for that bonus so can anyone help me to get my right answer, Is that I really not eligible or eligible?
1st October 2011 From India, Pune
Dear Friend
in your query you had not mention what is your basic and other allowance. but as per provision of bonus act if you are getting less than or Rs-10,000 (Basic) as a salary and if you had worked 30 days in a account year you will be entitled for bonus and bonus will be calculated on less then or Rs-3500/- PM (sec 12) @ rate of minimum 8.33% (sec.10)and maximum 20%(sec.11).the % depends on the allocable surplus of the company but one employer will have to pay 8.33% as a mandatory even if he is not earning profit. There is also a provision that for a new company the act have given a relaxation of 5 years but if during the year the company is earning profit then the company will have to pay bonus for the particular year (sec.16).
I hope I am able to clear the position under the payment of bonus act.
Regards
MG
2nd October 2011 From India, Thana
#Anonymous
Hai, As per the Bonus Act any employee completes 30 days of service at the time of declaring bonus would be eligible for Bonus. Even resigned employee would be eligible. Ksk.
2nd October 2011 From India, Hyderabad
Dear Mr.K.Sanathkumar
An employee who had worked in the establishment for thirty days during the accounting year to which the bonus relates is entitled to get bonus. It is not correct to say that any employee who completes 30 days of service at the time of declaring bonus would be eligible for bonus. If the accounting year is from 1-4-2010 to 31-3-2011 and if the establishment declares bonus for the accounting year 1-4-2010 to 31-3-2011, on 1-10-2011 then an employee who had joined the establishment on 1-8-2011 and is in the employment of the establishment as on 1-10-2011 is not entitled to get bonus as he has not worked for thirty days in the accounting year 1-4-2010 to 31-3-2011. Please read section 8 of the Payment of Bonus Act
With regards
2nd October 2011 From India, Madras
Dear Members

With the promulgations of this Ordinance, the salary ceiling has been increased to Rs.10, 000/- P.M. The entitlement for calculation of Bonus will be Rs. 3,500/-P.M. Effective from 01/04/2006. The current celling of 3500/- for bonus was fixed in April 1995. The bonus celling had been fixed at 1600/- in 1965 which was raised to 2500/- in 1985 and 3500/- in 1995 by ameding section 2 (13) of the payment of bonus act.

Those employed through contractor on building operation have now been covered under the Payment of Bonus Act.



Though the cover is for employees earning basic and DA up to 10,000/-, you should restrict their basic and DA to Rs.3, 500/- p.m. or actual basic and DA for the month whichever is lower, for bonus computation.



An employee should be in service for minimum 30 days during the previous financial year. Payments should be made before the expiry of 8 months from the start of a FY i.e. before end of NOV.



The statutory rate of bonus is: Minimum 8.33% on basic and DA for the year. Maximum basic and DA cannot exceed 42,000/- p.a. (3500 x 12) for bonus computation.

All the best

<link outdated-removed> ( Search On Cite | Search On Google )
3rd October 2011 From India, Vijayawada
Dear Sir,
My Basic Salary is under 10000/- and i am getting HRA 3930/- per month along with my Salary. My query about the payment of bonus. last year (2010-2011) i have attend my office above of 300 days in last year (2010-2011) but not 365 days and the my bonus amount is 3021/- for the last year 2010-2011. Please tell me the amount of my accurate bonus for the last (2010-2011) and tell me the what is the my bonus amount for the last year. I thought the amount which is given by me in this massage is not accurate amount for the last bonus. Please tell me about this query.
Thanks & regards
Amit Jain
9034785807
Haryana
3rd October 2011 From India, Delhi
Dear Amit,
it Does'nt matter how many days u worked, How many months u worked is imported .before 31 march 2011 if u earn more than 3500 P.m. then it wll be calculated on this amount .Either it will 20 % or 8.33 % of 3500 P.M.
Rgds
3rd October 2011 From India, Velluru
Dear Mr.Ashish
Bonus need not be either 8.33% or 20% only as stated by you in your last post. It can be anything from 8.33% to 20%. Please go through the provisions of the Payment of Bonus Act
With regards
4th October 2011 From India, Madras
Dear Mr.Amit Jain
Wages for the purposes of bonus under the Payment of Bonus Act comprises of basic pay and dearness allowance only. Other components of wages are not reckoned for calculating bonus. If the basic plus dearness allowance of an employee crosses Rs.10000/- per month he is not eligible to get bonus under the Payment of Bonus Act
With regards
4th October 2011 From India, Madras
ofcourse u r eligible for d bonus if u cm under that 10000/- clause. Even i had claimed my bonus after a year n i had got dat.
5th October 2011 From India, New Delhi
Reply (Add What You Know) Start New Discussion

Cite.Co - is a repository of information created by your industry peers and experienced seniors. Register Here and help by adding your inputs to this topic/query page.
Prime Sponsor: TALENTEDGE - Certification Courses for career growth from top institutes like IIM / XLRI direct to device (online digital learning)





About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2017 Cite.Co™