Hello,
Any employee receiving salary or wages up to RS.21,000 per month and engaged in any work whether skilled, unskilled, managerial, supervisory etc. is entitled to the bonus for every year if the employees have worked for not less than 30 working days in the same year.
If the Basic salary of the employee is less than or equal to Rs 7,000.
Formula: Basic Salary*8.33% = Bonus per month
If the Basic salary of the employee is higher than Rs 7,000
Formula: Basic Salary*20% = Bonus per month
If the Basic salary of the employee is higher than Rs 21,000
There is no bonus applicable to employees having a basic salary of more than Rs 21,000.
Thanks,
Onkar Pimple