Dear Colleague,
The details are shared as below:
An employee under the Act means any person other than apprentice engaged for hire/reward whether the terms of employment be express or implied and includes exceeding Rs. 21,000 per month who has worked for not less than 30 days in an accounting year, shall be eligible for bonus for a minimum of 8.33% of the salary/wages even if there is loss in the establishment whereas a maximum of 20% of the employee’s supervisor/managerial and administrative employees drawing salary/wages not salary/wages is payable as bonus in an accounting year.
Minimum Bonus:8.33 % of the salary or wage earned by the employee during the accounting year, or One hundred rupees only, whichever is higher.(whether or not the employer has any allocable surplus in the accounting year
Calculation of bonus: Scheduled employment: Rs. 7000, or Minimum wage (whichever is higher per mensem)
Non-Scheduled employment:
To calculate bonus, wages has to be presumed Rs. 7,000 per month.(irrespective of the fact that he may be drawing wages more than seven thousand rupees or less than seven thousand rupees per month)
Hope this clarifies
All the Best and God Bless,
Dr P.Sivakumar
DrSIVAGLOBALHR
Tamil Nadu