respected seniors, by comments of my boss....... here is no rule for bonus if your salary is higher then 10 thousand. this the the circular of labour department. i want to know what is the fact?
From India, Delhi
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127From India, Delhi
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dear dinesh this is already given in payment of bonus act as if your basic+DA is more than 10k than bonus act does not apply to you.so your bonus is absolutely right.
From India, Delhi
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From India, Delhi
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Every factory where 10 or more persons are employed with the aid of power or an establishment in which 20 or more persons are employed without the aid of power on any day during an accounting year are subject to the provisions of the Payment of Bonus Act, 1965.
Employees drawing wages up to Rs. 10,000.00 per month or less are eligible to receive a bonus as per the rules outlined in the Payment of Bonus Act, 1965. For calculation purposes, a maximum of Rs. 3,500.00 per month will be considered, even if an employee is drawing up to Rs. 10,000 per month (Section 12).
Regards,
DK Sharma
Executive
From India, Ponda
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Employees drawing wages up to Rs. 10,000.00 per month or less are eligible to receive a bonus as per the rules outlined in the Payment of Bonus Act, 1965. For calculation purposes, a maximum of Rs. 3,500.00 per month will be considered, even if an employee is drawing up to Rs. 10,000 per month (Section 12).
Regards,
DK Sharma
Executive
From India, Ponda
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I have also been dealing with the same situation at a senior level. Yes, it is true that if your basic pay plus DA exceeds more than 10k, then you are not eligible for the bonus. However, it depends on your boss how to handle it.
Regards,
Permeshwer Nath
From India, Pune
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Regards,
Permeshwer Nath
From India, Pune
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Yes, as per the Bonus Act, a worker whose salary is up to 10,000 is eligible for a bonus. A company can give a bonus even if you have a salary higher than 10,000, but it depends on the company's customary bonus policy.
Thanks and regards,
Swati Singh
C.S
From India, Calcutta
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Thanks and regards,
Swati Singh
C.S
From India, Calcutta
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Dear Dinesh, Ask your Boss for a Performance Bonus, this is different from statutory bonus.
From India, Pune
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From India, Pune
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yes mr. viraj is very right.whose salary is more than 10000 then performance bonus is applicable to those employees, which is generally given at the end of the financial year.
From India, New Delhi
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From India, New Delhi
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Dear Dinesh,
I would like to inform you that as per the Payment of Bonus Act 1965, any employee whose basic salary is up to Rs. 10,000 will be eligible for a bonus. In the case of workers, we need to calculate the wages as Basic + D.A. up to Rs. 10,000 for bonus eligibility. Employees whose basic salary exceeds Rs. 10,000 will not be entitled to receive a bonus as per the Payment of Bonus Act 1965.
If an employer chooses to provide a bonus to employees with a basic salary above Rs. 10,000, it will be considered a performance bonus and not a statutory bonus under the Payment of Bonus Act 1965.
Thanks & Regards,
Sunil Sharma
V3S Group
From India, New Delhi
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I would like to inform you that as per the Payment of Bonus Act 1965, any employee whose basic salary is up to Rs. 10,000 will be eligible for a bonus. In the case of workers, we need to calculate the wages as Basic + D.A. up to Rs. 10,000 for bonus eligibility. Employees whose basic salary exceeds Rs. 10,000 will not be entitled to receive a bonus as per the Payment of Bonus Act 1965.
If an employer chooses to provide a bonus to employees with a basic salary above Rs. 10,000, it will be considered a performance bonus and not a statutory bonus under the Payment of Bonus Act 1965.
Thanks & Regards,
Sunil Sharma
V3S Group
From India, New Delhi
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Respected seniors,
Thank you for your valuable time and insightful comments. It appears that I had been dreaming of a bonus, and although that dream may have been shattered, not all my aspirations have been destroyed. The bonus I anticipated was a recognition of the hard work I put in during the last financial year, and I accept that.
I will consider approaching my boss to discuss the possibility of a performance-based reward. If he is unwilling to consider it, I will not hesitate to resign promptly. The reasoning behind this decision is that my current salary surpasses 10k, indicating my worth to the organization.
If my performance is indeed commendable, then why should the provisions of labor laws or bonus regulations come into play?
Thank you for your attention.
Best regards, [Your Name]
From India, Delhi
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Thank you for your valuable time and insightful comments. It appears that I had been dreaming of a bonus, and although that dream may have been shattered, not all my aspirations have been destroyed. The bonus I anticipated was a recognition of the hard work I put in during the last financial year, and I accept that.
I will consider approaching my boss to discuss the possibility of a performance-based reward. If he is unwilling to consider it, I will not hesitate to resign promptly. The reasoning behind this decision is that my current salary surpasses 10k, indicating my worth to the organization.
If my performance is indeed commendable, then why should the provisions of labor laws or bonus regulations come into play?
Thank you for your attention.
Best regards, [Your Name]
From India, Delhi
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Dear All, Please clarify my doubt why DA has to be added to Basic Salary while calculating Bonus when theere is a margin of Rs.10K Basic. Waiting for your reply please. Thanks. Nirmala
From India, Kochi
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From India, Kochi
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Minimum bonus is 8.33% and the maximum is 20%. Performance bonus is an incentive designed by the respective management. As per my understanding, there is no fixed pattern for it; it can vary from person to person, and the slab to slab will vary.
Nimesh Paul
Stringz - HR Consulting, Staffing, Recruiting in Kerala
From India, Kochi
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Nimesh Paul
Stringz - HR Consulting, Staffing, Recruiting in Kerala
From India, Kochi
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