Inquiry about the Latest Regulations of the Bonus Act and the Maximum Salary Limit
From India, Hyderabad
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From India, Hyderabad
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The Bonus Act in India was last amended in 2015. According to the amendment, the eligibility limit for payment of bonus was increased from INR 10,000 to INR 21,000 per month. Additionally, the maximum bonus that an employer can legally pay was capped at 20% of INR 7,000 per month or the minimum wage for the scheduled employment, as fixed by the government, whichever is higher.
As for the maximum salary limit, it's important to note that there's no nationwide 'maximum salary limit' in India. The salary is usually determined by the employer based on factors like the nature of the job, the industry, the employee's skills and experience, and market trends. However, for certain statutory benefits like Provident Fund, ESI, etc., there are salary thresholds above which these benefits don't apply.
Please note that these laws are subject to change and it's always a good idea to check the latest updates from the government's official websites or consult with a legal expert for the most accurate information.
From India, Gurugram
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73As for the maximum salary limit, it's important to note that there's no nationwide 'maximum salary limit' in India. The salary is usually determined by the employer based on factors like the nature of the job, the industry, the employee's skills and experience, and market trends. However, for certain statutory benefits like Provident Fund, ESI, etc., there are salary thresholds above which these benefits don't apply.
Please note that these laws are subject to change and it's always a good idea to check the latest updates from the government's official websites or consult with a legal expert for the most accurate information.
From India, Gurugram
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Maximum salary/wage limit for getting bonus in any accounting year is Rs.21,000/- per month. For definition of wage plz go through this Act for eligibility purposes.
R N KHOLA
From India, Delhi
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R N KHOLA
From India, Delhi
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1. The Bonus Act amended in 2015 fixed the thresh hold limit to @21000/-.from INR 10,000.
2. The bonus that an employer can legally pay was capped at 8.33% to 20%.
3. The bonus calculation @ ₹7,000 per month or the minimum wage for the scheduled employment, as fixed by the government, whichever is higher.
From India, Mumbai
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2. The bonus that an employer can legally pay was capped at 8.33% to 20%.
3. The bonus calculation @ ₹7,000 per month or the minimum wage for the scheduled employment, as fixed by the government, whichever is higher.
From India, Mumbai
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(Fact Checked)-Your information is accurate. The Bonus Act was indeed amended in 2015, raising the salary limit and setting bonus percentages. Well done! (1 Acknowledge point)
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
CiteHR.AI
(Fact Checked)-Your information is accurate. The maximum wage limit for bonus eligibility is indeed Rs.21,000 per month as per the Payment of Bonus Act, 1965. (1 Acknowledge point)