Hi,
I need a clarification on the below clause of Payment of Bonus Act,1965(amendment)
ii) Amendment to section 12 of the Payment of Bonus Act, 1965 to raise the ceiling for calculation purpose from the salary or wage of Rs. 2500/- per month to Rs. 3500/- per month;
Does the word "ceiling for calculation purpose " replicate the meaning that if the Basic+DA of an employee exceed Rs 3500/- for calculation purpose we need to take 3500/-for each month and sum the same for 12 months and apply the %.
Or any other method for calculating the Bonus.
Please help me out at the earliest.
Thanx and Regards,
Srinivas
09848615410
I need a clarification on the below clause of Payment of Bonus Act,1965(amendment)
ii) Amendment to section 12 of the Payment of Bonus Act, 1965 to raise the ceiling for calculation purpose from the salary or wage of Rs. 2500/- per month to Rs. 3500/- per month;
Does the word "ceiling for calculation purpose " replicate the meaning that if the Basic+DA of an employee exceed Rs 3500/- for calculation purpose we need to take 3500/-for each month and sum the same for 12 months and apply the %.
Or any other method for calculating the Bonus.
Please help me out at the earliest.
Thanx and Regards,
Srinivas
09848615410