Dear Haris, As per the Bonus Act, the minimum bonus is still 8.33%. There is no amendment passed by the Parliament till this time. Abbas.P.S
From India, Bangalore
517From India, Bangalore
Haris, Revision of minimum bonus payment from 8.33% to 11% has been proposed but not passed by Govt till date. regards
From India, Bangalore
From India, Bangalore
Dear Mr Vijay, Please go through Payment of Bonus Act, you can solve all your problems. Manish S Joshi
From India, New Delhi
From India, New Delhi
Dear Mr Phanikumar,
Tk u for ur reply on BOnus. Then, Is it required/mandatory to give every year once started Bonus.
One more query - Five years means-after company's production started five years. That means till five years if there is no production- then what?
Request you please clarify me
Regards,
Murali
From India, Hyderabad
Tk u for ur reply on BOnus. Then, Is it required/mandatory to give every year once started Bonus.
One more query - Five years means-after company's production started five years. That means till five years if there is no production- then what?
Request you please clarify me
Regards,
Murali
From India, Hyderabad
Dear Murali,
Once bonus is paid, it is mandatory @ 8.33% to all eligible workmen ( Drawing gross salary of less than 10K).
If production does not begin, then also after 5 yrs incubation period, it becomes payable.
Please check the act for exact years, its 5 or 6 yrs.
Thanks,
Manish S Joshi
From India, New Delhi
Once bonus is paid, it is mandatory @ 8.33% to all eligible workmen ( Drawing gross salary of less than 10K).
If production does not begin, then also after 5 yrs incubation period, it becomes payable.
Please check the act for exact years, its 5 or 6 yrs.
Thanks,
Manish S Joshi
From India, New Delhi
Dear Mr. Murali,
1. Bonus is to be paid every year once it is started.
2. Under Section 16 (1A) the employer has to pay the bonus to it's employees with in five years if he
gets any profit in the particular financial year. i.e if he sells any goods produced or manufactured
by him or renders services and gets profits in a particular year, he has to pay the Bonus in the next
financial year
Section 16(1B): After five years he has to pay bonus as per section 15 of the Act i.e. as per Set on
and Set off of Allocable Surplus.
Hope I have clarified your doubt.
D. Phani Kumar
DGM- HR
VASAVADATTA CEMENT
1. Bonus is to be paid every year once it is started.
2. Under Section 16 (1A) the employer has to pay the bonus to it's employees with in five years if he
gets any profit in the particular financial year. i.e if he sells any goods produced or manufactured
by him or renders services and gets profits in a particular year, he has to pay the Bonus in the next
financial year
Section 16(1B): After five years he has to pay bonus as per section 15 of the Act i.e. as per Set on
and Set off of Allocable Surplus.
Hope I have clarified your doubt.
D. Phani Kumar
DGM- HR
VASAVADATTA CEMENT
Dear Members
It is regretted to place on record that some members are expressing their opinion without valid statutory amendments from the respective departments. As far as Bonus Act is concerned, no amendments have taken place so far. The prevailing system i.e. 8.33% min.bonus, 3,500 bonus celing and 10,000 salary ceiling is still persist. Try to post authentic opinions only to avoid confusion to the learners/freshers
Regards
PVVB.KUMAR
From India, Kakinada
It is regretted to place on record that some members are expressing their opinion without valid statutory amendments from the respective departments. As far as Bonus Act is concerned, no amendments have taken place so far. The prevailing system i.e. 8.33% min.bonus, 3,500 bonus celing and 10,000 salary ceiling is still persist. Try to post authentic opinions only to avoid confusion to the learners/freshers
Regards
PVVB.KUMAR
From India, Kakinada
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