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Rate of bonus under payment of bonus act.
Dear sir/ madam as we all know the minimum rate of bonus is 8.33 & maximum rate is 20 under payment of bonus act. i would like to ask a question can a company pay any percentage of bonus say 12 or 15 or 17 between minimum rate & maximum rate under payment of bonus act or company only eligible to pay 8.33 or 20 bonus under payment of bonus act ???
Bonus calculation
Hi all kindly let me know what are the current minimum and maximum rated of bonus and how is bonus calculated what is the minimum requirement of payment of bonus?
Maximum statutory bonus to be paid - payment of bonus act section 11
I came across this section of payment of bonus act section 11 which says: "in any accounting year if the allocable surplus exceeds the amount of minimum bonus payable to the employees the employer shall in lieu of such minimum bonus be bound to pay bonus maximum bonus equivalent to the amount which shall not exceed 20 of the salary or wages earned by employees." now the question is : 1 whether we have to pay anywhere in the range of greater than 8.33 & less than 20 or 2 do we have to pay 20 flat. my understanding was that its the choice of employer to give between 8.33 to 20 incase allocable surplus is more than the amount of minimum bonus. need your help urgently for decision making.
Bonus payment on allocable surplus
Dear members can you please help me understand how the allocable surplus to be distributed among employees. case1:if it is more than minimum bonus lets say 3l as allocable surplus and 1.5l is the minimum bonus. case2:if it is more than maximum bonus say 5l as allocable surplus and 2l is the maximum bonus. there are 90 employees who are eligible for bonus. how much each will get? please help..
Payment of bonus rate
as we all know that maximum bonus rate is 20 & minimum bonus rate is 8.33 but i just wanted to know that whether we can pay bonus with the rate of 10 or say 12? i talked with multiple consultants and even big 4 also. however they are having differentdifferent opinion. someone says we can pay in between 8.33 to 20 but few people said either minimum or maximum.
Bonus act amendment
Hi every one there are some amendments in bonus act of ap & ts you can find below 1 the payment of bonusamendmentbill 2015 is to enhance the monthly bonus calculation ceiling to rs7000 per month from 3500. 2 bill also seeks eligibility limit for payment of bonus from the salary or wage of an employee from rs10000 per month to rs21000 3 bonus is calculated on the basis of the employees salary & profits of establishment. 4 8.33 minimum20 maximum is calculated. 5 minimum bonus rs7000 for the employees drawing below 21000. 6 bonus payment time is 8months i.e 30th november. 7 minimum bonus to be paid is rs7000 or the minimum wage is the scheduled employement which ever is higher. for example : minimum bonus is rs7000 if the minimum wage is rs8000. in such case bonus of rs8000 have to be paid. 8 can govt. pass an act with retrospective effect from 1st april 2014 now the employers want to challenge the amendment before the high court.