Dear Friend,
The wage ceiling enhanced from Rs. 10000/- to Rs. 21000/-. Accordingly the bonus ceiling enhanced from Rs. 3500/- to Rs. 7000/-. Earlier those who were draing the salary more than Rs. 10000/- were not eligible. Now, the ceiling has enhanced to Rs. 21000/-. But, it is to be restricted to Rs. 7000/-
For example if you have set on in the previous years and you have surplus to pay 20% then the bonus amount shall be
7000X12 = 84000 x20/100 = Rs. 16800.00 Earlier we used to pay only Rs. 8400.00 maximum.
Now, the amended law is effective from 1st April, 2014. If you have donot have any surplus(set on), you have to work according to the amended act and pay the bonus with the available set on - i.e. on revised percentage instead of 20%.
It has to be paid before the 31st March, 2016. Many of the organisation are approaching the Labour Secretary in New Delhi and also thinking of filing petitions for the payment of bonus from restropective effect.
G.K.Manjunath
Sr. Manager(HR)