Dear CiteHR members, Kindly enlighten me on the Bonus Act. Are the employees who are on a direct contact with the employer, eligible for statutory bonus?
From India, Bangalore
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2From India, Bangalore
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In addition to Prashant, every employee employed directly or indirectly and who has completed 30 days in the financial year is eligible for the bonus. The minimum bonus at 8.33% must be paid whether the company is earning profits or not, and it is subject to a maximum of 20% of Rs 3500.00. In other words, the minimum bonus would be: Rs 3500.00 * 8.33% * 12 months = Rs 3500.00, and the maximum bonus would be: Rs 3500.00 * 20.00% * 12 months = Rs 8400.00.
Compliance Requirements
For compliance, Register A, B, C, and D are required to be maintained.
From India, Jaipur
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Compliance Requirements
For compliance, Register A, B, C, and D are required to be maintained.
From India, Jaipur
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Hence, if the amount is considered as Basic+DA, then that would be above the 10000 bracket. So it will not be eligible for Bonus under the Act. Correct me if I am wrong.
From India, Bangalore
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From India, Bangalore
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Hello In order my Questions is,If i am leave the company after start financial year then can i eligible for Bonus for previous company. Many Thanks -Indra
From India
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From India
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Below are the points that can clarify all the above queries:
1) If you are being charged by a consultant, it will not be covered under the Bonus Act. It will not be considered as a salary but rather a professional charge.
2) To be eligible for a bonus, you must complete at least 30 days of service in a financial year (regardless of when you leave the service).
3) All permanent and contract employees are eligible for a bonus if they are on the payroll, and their Basic + DA is less than ₹10,000 per month.
Regards,
Madan Nayak
Bangalore
From India, Bangalore
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1) If you are being charged by a consultant, it will not be covered under the Bonus Act. It will not be considered as a salary but rather a professional charge.
2) To be eligible for a bonus, you must complete at least 30 days of service in a financial year (regardless of when you leave the service).
3) All permanent and contract employees are eligible for a bonus if they are on the payroll, and their Basic + DA is less than ₹10,000 per month.
Regards,
Madan Nayak
Bangalore
From India, Bangalore
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Would you confirm me those emplyee having more then 10000.00 they are not eligibal for bonus & What is mena of Ex-gratia ? Abhay
From India, Jalgaon
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From India, Jalgaon
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf