Hi, I want to know if some employees left their service before completion of the financial year and they have taken their bonus at 8.33%, but after the completion of the financial year, the company has distributed the bonus at 20%. Should the employer mention the left employees on the Form C (bonus register) for the rest of the bonus (20%-8.33%) or ignore them? Can employees claim for the rest bonus amount? What is the act in this regard? Please reply as soon as possible.
From India, Kanpur
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From India, Kanpur
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Left employee should be paid balance (20%-8.33%) bonus and Form C must have details of all employees who are eligible/got bonus. reagrds, Kamal Prasoon Sinha.
From India, Pune
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177From India, Pune
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Minimum - 8.33%
Maximum - 20% (but employer can pay more; there is no restriction if an employer wants to give better benefits to its employees.
The Payment of Bonus Act amendment bill to increase the statutory minimum percentage (from 8.33% to 11%) of bonus and the wages ceiling to 5000/- is yet to be passed by the Parliament.
Regards,
Kamal Prasoon Sinha
From India, Pune
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Maximum - 20% (but employer can pay more; there is no restriction if an employer wants to give better benefits to its employees.
The Payment of Bonus Act amendment bill to increase the statutory minimum percentage (from 8.33% to 11%) of bonus and the wages ceiling to 5000/- is yet to be passed by the Parliament.
Regards,
Kamal Prasoon Sinha
From India, Pune
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Good evening everybody, it's nice to be part of such a huge network of HR and administrative mentors.
I want to know if an employee's salary is 8500 per month, and his annual (from 1-Apr to 31-Mar) earning is more than Rs. 95000, and we distribute the bonus at 20% on Form C (Bonus Register). Then how much should we give him as a bonus, although the maximum bonus amount is Rs. 8400/- as per the Payment of Bonus Act?
If we give an employee more than Rs. 8400/- (e.g., 15000/-), is this non-compliance of the Bonus Act? Can we give?
Please reply as soon as possible.
Thanks and best regards.
From India, Kanpur
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I want to know if an employee's salary is 8500 per month, and his annual (from 1-Apr to 31-Mar) earning is more than Rs. 95000, and we distribute the bonus at 20% on Form C (Bonus Register). Then how much should we give him as a bonus, although the maximum bonus amount is Rs. 8400/- as per the Payment of Bonus Act?
If we give an employee more than Rs. 8400/- (e.g., 15000/-), is this non-compliance of the Bonus Act? Can we give?
Please reply as soon as possible.
Thanks and best regards.
From India, Kanpur
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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