My company stoping all employees yearly bonus who all are earning 15000 & above so I want to know how the bonus calculations work.
From India, Mumbai
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From India, Mumbai
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Please go through The Payment of Bonus Act, 1965 & relevant Rules. Employees whose basic+DA is Rs 21,000/- & below per month are eligible for Bonus under The Payment of Bonus Act, 1965. Please take up the matter with management regarding non-payment of Bonus for employees who are eligible for Bonus.
From India, New Delhi
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631From India, New Delhi
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Dear friend, I would like to request you to make some efforts first on your own to go through the Enactment pertaining to the subject matter of your query. Such a self-attempt will enhance your understanding of the subject matter in its entirety as well as in relation to the situation that prompted your query.
Bonus for industrial employees
Bonus for industrial employees of a certain category is a statutory payment to be paid by the employers annually based on the performance of the establishment, subject to certain restrictions as per the Payment of Bonus Act, 1965. The ceiling of salary for employees eligible for a bonus has been gradually increased from Rs. 2500-00 p.m to Rs. 3500-00 to Rs. 10000-00 and now stands at Rs. 21000-00 p.m. effective from 01-04-2014. Similarly, the notional amount for the calculation of the bonus is restricted to Rs. 7000-00 p.m. Therefore, it is not clear to me how your management plans to stop the payment of a bonus to all employees earning above Rs. 15000-00 p.m.
From India, Salem
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Bonus for industrial employees
Bonus for industrial employees of a certain category is a statutory payment to be paid by the employers annually based on the performance of the establishment, subject to certain restrictions as per the Payment of Bonus Act, 1965. The ceiling of salary for employees eligible for a bonus has been gradually increased from Rs. 2500-00 p.m to Rs. 3500-00 to Rs. 10000-00 and now stands at Rs. 21000-00 p.m. effective from 01-04-2014. Similarly, the notional amount for the calculation of the bonus is restricted to Rs. 7000-00 p.m. Therefore, it is not clear to me how your management plans to stop the payment of a bonus to all employees earning above Rs. 15000-00 p.m.
From India, Salem
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Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc