I registered for bonus act on 1.11.2023. My consultant is now saying that bonus is applicable for all employees from 01.04.2023 Is it true?
From India, Meerut
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From India, Meerut
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You registered for the Bonus Act means?
Requirements for Employer Liability to Pay Bonus
There are two basic requirements for an employer to become liable to pay a bonus to his employees. First, he should have completed five years from the start of the commencement of business. Second, he should have made a profit within this period. If he has not made any profits, then he should start paying a bonus from the sixth year onwards. At the same time, if he has made profits before five years, say he made a profit during the second year of commencement, then from the year he made profits, i.e., the second year, he should pay a bonus.
If you had made profits in 2023-24, then all employees whose salary does not exceed Rs 21,000 and who have worked at least for 30 days in the financial year (2023-24) should be paid a bonus this year. Please clarify what you meant by "registered for Bonus Act on 1-11-2023."
From India, Kannur
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4526Requirements for Employer Liability to Pay Bonus
There are two basic requirements for an employer to become liable to pay a bonus to his employees. First, he should have completed five years from the start of the commencement of business. Second, he should have made a profit within this period. If he has not made any profits, then he should start paying a bonus from the sixth year onwards. At the same time, if he has made profits before five years, say he made a profit during the second year of commencement, then from the year he made profits, i.e., the second year, he should pay a bonus.
If you had made profits in 2023-24, then all employees whose salary does not exceed Rs 21,000 and who have worked at least for 30 days in the financial year (2023-24) should be paid a bonus this year. Please clarify what you meant by "registered for Bonus Act on 1-11-2023."
From India, Kannur
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Since the total of basic and DA exceeds Rs 21,000, this employee is not eligible to get a bonus.
In respect of an employee whose salary is not above Rs 21,000, the bonus shall be calculated on a salary of Rs 7,000 or the wages as per the minimum wages notified by the government, whichever is higher. If no minimum wages have been notified for your industry, then you can pay the bonus on the presumption that the wages are Rs 7,000 per month. If the minimum wages amount to Rs 13,000, for example, you should consider Rs 13,000 as the bonus qualifying salary.
From India, Kannur
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In respect of an employee whose salary is not above Rs 21,000, the bonus shall be calculated on a salary of Rs 7,000 or the wages as per the minimum wages notified by the government, whichever is higher. If no minimum wages have been notified for your industry, then you can pay the bonus on the presumption that the wages are Rs 7,000 per month. If the minimum wages amount to Rs 13,000, for example, you should consider Rs 13,000 as the bonus qualifying salary.
From India, Kannur
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