Dear Shahjahan,
The question of computation of bonus under the PB Act,1965 based on the minimum wage rates arises only when your industry wages fall less than the statutory minimum wages. Similarly, the notional limit on wages for the purpose of calculation of bonus comes into play only in respect of employees whose monthly wages are Rs.7000/- or more. In such cases, bonus should be calculated only as if the monthly wages are Rs.7000/-. If the minimum wages payable to such employees is more than Rs.7000/-, then the actual minimum wages should be the basis for the calculation. In the case of minimum wages or industry wages comprising of several components, only those components included in the definition of wages / salary under the Payment of Bonus Açt,1965 should be taken into account for the calculation of bonus under the Act.