Sir, Please clarify the bonus calculation, whether consider working days wage or 7000/26*working days. Mutyala
From India, Hyderabad
From India, Hyderabad
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Dear Mutyala,
Please find attached gazette which will be be helpful to you for resolving your query. Also, calculation of bonus amount is on your choice but minimum amount for calculation cannot be consider below Rs. 7000/-. If your working days wages are higher than Rs. 7000/- then yes you can pay bonus on that amount.
377Please find attached gazette which will be be helpful to you for resolving your query. Also, calculation of bonus amount is on your choice but minimum amount for calculation cannot be consider below Rs. 7000/-. If your working days wages are higher than Rs. 7000/- then yes you can pay bonus on that amount.
First you need to decide what rate you are required to pay.
The rate depends on amount of profit you have made and the prodecure for computing it is clearly provided for in the bonus act
Once you have determined the rate (min 8.33%, max 20%), you need to determine the qualifying amount, which is actual wages paid, or ceiling limit of ₹7000 per month. Then you need to apply the % on the total annual wages.
Please note that in case minimum wages is higher than ₹7000, the minimum wages is the monthly ceiling.
From India, Mumbai
The rate depends on amount of profit you have made and the prodecure for computing it is clearly provided for in the bonus act
Once you have determined the rate (min 8.33%, max 20%), you need to determine the qualifying amount, which is actual wages paid, or ceiling limit of ₹7000 per month. Then you need to apply the % on the total annual wages.
Please note that in case minimum wages is higher than ₹7000, the minimum wages is the monthly ceiling.
From India, Mumbai
Dear Mutyala,
bonus use to be calculated on the basis of 26 days as a denominator,because minimum wages of the particular state comes under the schedule employment notification for the 26 days only where weekly-off was excluded from it.
beside 7000.00 the figure quoted by you is for your understanding.if the minimum wages for the particular state is above 7000.00 , say 8000.00 then you will have to consider minimum wages of rs 8000.00 for the calculation of the bonus and not the 7000.00.further if the minimum wages is less than 7000.00 ....say 6800.00 then the bonus will be calculated considering that his wages is 7000.00 only.
Please correct me on the facts if I am wrong.
regards
ravi
From India, Nagpur
bonus use to be calculated on the basis of 26 days as a denominator,because minimum wages of the particular state comes under the schedule employment notification for the 26 days only where weekly-off was excluded from it.
beside 7000.00 the figure quoted by you is for your understanding.if the minimum wages for the particular state is above 7000.00 , say 8000.00 then you will have to consider minimum wages of rs 8000.00 for the calculation of the bonus and not the 7000.00.further if the minimum wages is less than 7000.00 ....say 6800.00 then the bonus will be calculated considering that his wages is 7000.00 only.
Please correct me on the facts if I am wrong.
regards
ravi
From India, Nagpur
BONUS CALCULATION BY WORKING DAYS.xls
BONUS CALCULATION RULE (1).pdf