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.
For calculation purpose ceiling is capped at 7000.
The Act is applicable in whole of India where 10 or more workers are working, or were working on any day of the preceding 12 months with the aid of power. Or whereon 20 or more workers are working or were working on any day of preceding 12 months without the aid of power.
18th May 2019 From India, Mumbai
18th May 2019 From India, Kolkata