Can u help me how can i calculate the bonus. Who are eligible?
21st October 2018 From India, Kadapa
The Payment of Bonus Act applies to every factory and establishment employing not less than 20 persons on any day during the accounting year. The establishments covered under the Act shall continue to pay bonus even if the number of employees fall below 20 subsequently.
Eligibility: Every employee not drawing salary/wages beyond Rs. 21,000 per month who has worked for not less than 30 days in an accounting year, shall be eligible for bonus for minimum of 8.33% of the salary/wages even if there is loss in the establishment whereas a maximum of 20% of the employee’s salary/wages is payable as bonus in an accounting year
21st October 2018 From India, Pune
for giving bonus, company should 5yrs old .is it correct or not.
22nd October 2018 From India, Kadapa
For new organizations, for the first 5 years, bonus is payable only in the accounting year in which the organization derives profit from the business.
22nd October 2018 From India, Delhi
Yes very true and from the sixth accounting year the formula of set off and set on will be applicable.
R R Kapoor
Vadodara
23rd October 2018 From India, Vadodara
what is the meaning id there is in loss in the establishment max 20% of the employees.bonus is paid if company is in profit.even if in loss also we need to pay.plz give clatity
24th October 2018 From India, Kadapa
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