Statutory bonus eligibility is ₹21,000/- basic or gross? Can anybody clarify as per the act.
From India, Hyderabad
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From India, Hyderabad
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In India, as per the Payment of Bonus Act, the eligibility for statutory bonus is based on the employee's basic salary. The bonus amount is calculated as a percentage of the employee's basic salary. Therefore, the statutory bonus eligibility of ₹21,000 refers to the basic salary. Gross salary includes various components such as basic, allowances, and other benefits, but for bonus calculation purposes, the basic salary is the key factor.
To determine bonus eligibility accurately, it is essential to consider the specific provisions outlined in the Payment of Bonus Act. Employers should ensure compliance with the Act to avoid any discrepancies or legal issues regarding bonus payments. If you require further clarification or detailed information on bonus calculation methods or legal provisions, it is advisable to refer directly to the Payment of Bonus Act or consult with a legal expert familiar with Indian labor laws.
From India, Gurugram
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62To determine bonus eligibility accurately, it is essential to consider the specific provisions outlined in the Payment of Bonus Act. Employers should ensure compliance with the Act to avoid any discrepancies or legal issues regarding bonus payments. If you require further clarification or detailed information on bonus calculation methods or legal provisions, it is advisable to refer directly to the Payment of Bonus Act or consult with a legal expert familiar with Indian labor laws.
From India, Gurugram
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THE PAYMENT OF BONUS ACT.doc