hi all
i have a query in this whole concept on the calculation of wages as the definition of wages as defined under the Bonus Act says " salary or wage” means all remuneration (other than remuneration in
respect of over-time work) capable of being expressed in terms of money,
which would, if the terms of employment, express or implied, were
fulfilled, be payable to an employee in respect of his employment or of
work done in such employment and includes dearness allowance (that is
to say, all cash payments, by whatever name called, paid to an employee
on account of a rise in the cost of living), but does not include—
(i) any other allowance which the employee is for the time being entitled
to;
(ii) the value of any house accommodation or of supply of light, water,
medical attendance or other amenity or of any service or of any
concessional supply of foodgrains or other articles;
(iii) any travelling concession;
(iv) any bonus (including incentive, production and attendance bonus);
(v) any contribution paid or payable by the employer to any pension fund
or provident fund or for the benefit of the employee under any law for
the time being in force;
(vi) any retrenchment compensation or any gratuity or other retirement
benefit payable to the employee or any ex gratia payment made to
him;
(vii) any commission payable to the employee.
As per this in a private company there are heads which complete a gross salary like basic, hra, conveyance allowance , education allowance , hostel allowance and special allowance. please clarify how do we need to calculate then ,