Hr & Marketing
Ir & Hr
Leadership & Motivation
Same is due to be paid as per Bonus Act on or before 30th Nov 2011 (8 months period).
To club with Diwali festival, Companies make it a point to disburse during the festival time.
I do not know BONUS proceedure followed in your Company. Some companies pay Bonus to those who are on roll on the day of Bonus disbursement.
However if your Company follow the Bonus Act / rules - then you are NOT ELIGIBLE FOR BONUS now (this time).
Next year you will be eligible. One advance answer in case you wish to ask - even if you are not continuing in this present Organization, since you have put up more than 30 days attendance in this financial year 2011-12 - you are eligible for Bonus (when announced next year by the company). You can write to them and ask for it, they will pay or they have to pay.
15th October 2011 From India, Madras
16th October 2011 From India, Coimbatore
If your Basic (+DA) is 1000/-, assuming you have completed one year service = then it is 12000/- x 8.33% (minimum) = 1000/-.
If you have worked less than that period - calculate your basic x that many number of months in service x 8.33%
company can declare Bonus upto 20% also. then calculation will be that way.
Please note some companies are too good. they do not see any calculation and Management decides some X amount ... those with the company for over one year this much, less than one year this much, less than x month/s = no bonus, etc.
As far as Bonus is concernd it all depends on company policy.
Bonus Act clearly says 8.33% minimum BONUS even for a Loss making company. HERE AGAIN I forgot to put one very important point - if the Company / Organization is formed & running for less than 5 years - such Comapnies / Organizations NEED NOT PAY BONUS as they are exempted for the first 5 years of incorporation (!?).
Hereagain some companies are extremely nice to declare "Ex.gratia" (instead of Bonus) if they are doing well.
16th October 2011 From India, Madras
In some companies still they have basic + da around 20-25%.
this is a different subject (min wages bifurcation) on which lot of fire fighting is going on with the Courts by the PF authorities.
Hence as of now - assuming for calculation purpose Jagan would have mentioned 1000 (because on getting clarification he can work out with exact basic+da which he is getting to cross check his calculation vs company calculation (again subject to Jagan's eligibility under Bonus Act, Companies Policy, Company does fall under Payment of Bonus Act (having completed 5 years etc etc...).
16th October 2011 From India, Madras
Bonus is given 8.33% on the basic salary. Some companies are giving bonus on the current basic. but some companies are giving bonus on 3500/-. It is also ok as per labour act. Company is giving bonus of the last financial year(2011-11). E.g. any candidate who joined to a particular company after March-2011. he is not able to get the bonus. If a candidate joined before April-11 he is eligible for bonus. Attendance of the candidate also calculated for that purpose.
If their is any discrepancy in my view please let me know.
17th October 2011 From India, Gurgaon
I have query regarding Bonus.
One employee has joined the Company on dt 27/02/2011 and he is working till date. but my Colleague (Who Handled Bonus) told us that he is not eligible for Bonus 2010-11 because he has not completed 30 working days in Financial 2010-11 even we have paid his full month Salary for the month of Mar-2011 and 2 days salary of Feb-11.
Therefore please give us the advise should he is eligible for Bonus of One Month or not?
17th October 2011 From India, New Delhi
To claim bonus
1. One must have worked for a minimum period of 30 days in a company during the bonus period.
2. Must have drawn wages (basic + DA) <= Rs.10,000/- p.m.
Rate of Bonus
1. As per Bonus Act, it is minimum of 8.33% of his gross annual (basic + DA ) earnings
2. Ceiling on bonus is Rs.3500/- p.m. (or Rs.42,000 p.a.) currently.
2. It is discretion of management to pay more than the prescribed limit (i.e. 8.33%), or otherwise.
Therefore, whether you have 50 years experience or 30 years experience does not make difference here.
18th October 2011 From India, Madras
Some of the company calculate the amount of bonus based on the number of days present in the organization in the financial year.
Even if the employee is getting the basic of Rs.10000 then also the bonus will ne calculated on the basic of Rs.3500/- per month
Amount will be 3500 X 12 Rs 42000/-
8.33% is Rs.3500 of Rs.42000/-
If company is paying 8.33% of bonus
Total working day of the employee in the year 250 days
The amount of Bonus will be Rs.2397/-
Accordingly you can calculate the Bonus range from 8.33 % to 20 %
18th October 2011 From India, Barddhaman
as per company policy wise, if u r in regular employee in ur present company u will get financial year wise bonus. even completion of 6 months u will also get regular month bouns. trainee will not eligible for bonus.
19th September 2012 From India, Visakhapatnam