Dear Friends, Can you give "Formula" to make yearly Bonus System for a private manufacturing ompany. Pls. do not consider Govt. rules or regulations. It' s very urgent. A.Kumar
From United Arab Emirates, Sharjah
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From United Arab Emirates, Sharjah
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Bonus to be paid under the Payment of Bonus Act, 1965 is to be calculated as follows:
1. It depends on the percentage at which your company wants to give bonuses to its employees. The minimum bonus is 8.33% of the basic salary earned during the accounting year, and the maximum is 20% under the Payment of Bonus Act, 1965.
2. Eligibility: Bonuses under the Payment of Bonus Act, 1965 are required to be given to employees whose salary (basic) is less than Rs. 3500.00 per month during the accounting year for which the bonus is to be paid.
3. Bonus is to be calculated for eligible employees assuming the salary (basic) is Rs. 2500.00 per month or less. If it is less than Rs. 2500.00.
4. Multiply the yearly sum of the salary thus calculated as per the above clause 3 with the rate of the bonus. The figure is the bonus payable to the employee under the act.
5. Payment is to be made on the register prescribed under the act.
6. The return of payment of the bonus is to be submitted with ALC or the other designated authority under the act within 30 days of the payment of the bonus to employees.
From India, Pune
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11. It depends on the percentage at which your company wants to give bonuses to its employees. The minimum bonus is 8.33% of the basic salary earned during the accounting year, and the maximum is 20% under the Payment of Bonus Act, 1965.
2. Eligibility: Bonuses under the Payment of Bonus Act, 1965 are required to be given to employees whose salary (basic) is less than Rs. 3500.00 per month during the accounting year for which the bonus is to be paid.
3. Bonus is to be calculated for eligible employees assuming the salary (basic) is Rs. 2500.00 per month or less. If it is less than Rs. 2500.00.
4. Multiply the yearly sum of the salary thus calculated as per the above clause 3 with the rate of the bonus. The figure is the bonus payable to the employee under the act.
5. Payment is to be made on the register prescribed under the act.
6. The return of payment of the bonus is to be submitted with ALC or the other designated authority under the act within 30 days of the payment of the bonus to employees.
From India, Pune
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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