If anyone has Govt. circular on Bonus amandment for Minimum percentage (11%), Salary limit and Minimum Amount, pls do share me. Thank you!
From India, Ahmadabad
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76From India, Ahmadabad
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For the bonus:
Minimum Percentage
- Minimum percentage: 8.33% of basic (Basic + DA if DA is paid to the employee).
- An employee whose basic salary is up to Rs. 10,000 is eligible for a bonus.
For any further clarification, feel free to write or discuss.
Regards,
From India, Mumbai
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Minimum Percentage
- Minimum percentage: 8.33% of basic (Basic + DA if DA is paid to the employee).
- An employee whose basic salary is up to Rs. 10,000 is eligible for a bonus.
For any further clarification, feel free to write or discuss.
Regards,
From India, Mumbai
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Hi You may go through this attachment and get clear. Regards. Ashwin.
From India, Pune
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From India, Pune
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I have put this discussion because, I show a PDF of same Bill of yr.2010 so If the amendment(s) has made, and have pdf, do share.
From India, Ahmadabad
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From India, Ahmadabad
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For more information, you can refer to the following link: https://www.citehr.com/51955-amendme...ct-1965-a.html
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From India, Visakhapatnam
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From India, Visakhapatnam
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For more information, you can refer to the following link - https://www.citehr.com/51955-amendme...ct-1965-a.html
The site you have shared is about amendments in 2007, e.g., ₹3,500/- and basic + DA to ₹10,000/- p.m., which I am very much aware of. Please read my query and then suggest. I am asking for further amendments and their circular/gazette copy.
From India, Ahmadabad
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The site you have shared is about amendments in 2007, e.g., ₹3,500/- and basic + DA to ₹10,000/- p.m., which I am very much aware of. Please read my query and then suggest. I am asking for further amendments and their circular/gazette copy.
From India, Ahmadabad
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Understanding the 2007 Amendment on Employee Bonuses
Does the amendment of 2007 mean that employees receiving a salary plus DA below Rs. 10,000/- are not eligible for a bonus? Also, kindly explain the meaning of:
"Amendment to section 12: To raise the ceiling for calculation purposes from the salary or wage of Rs. 2500/- to Rs. 3500/- per month."
Thanks very much in advance.
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From India, Coimbatore
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Does the amendment of 2007 mean that employees receiving a salary plus DA below Rs. 10,000/- are not eligible for a bonus? Also, kindly explain the meaning of:
"Amendment to section 12: To raise the ceiling for calculation purposes from the salary or wage of Rs. 2500/- to Rs. 3500/- per month."
Thanks very much in advance.
Regards
From India, Coimbatore
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Amendment to the Payment of Bonus Act, 1965
The Cabinet, in its meeting held on October 1, 2007, approved the Amendments to the Payment of Bonus Act, 1965, which are as follows:
i) Amendment to Section 2(13): To raise the eligibility limit for the payment of bonus from the salary or wage of Rs. 3500/- to Rs. 10,000 per month.
This means Section 2 clause (13) of the Bonus Act, which prescribes the limit of wage or salary, has undergone the required changes. Previously, those who earned up to Rs. 3500 per month were eligible for a bonus. Now, it is increased to Rs. 10,000 per month from Rs. 3500 per month. The maximum limit is Rs. 10,000 per month, and the minimum shall be paid on Rs. 3500, regardless of the salary or wage.
ii) Amendment to section 12: To raise the ceiling for calculation purposes from the salary or wage of Rs. 2500/- to Rs. 3500/- per month.
This means, regardless of the lesser amount you earn, the minimum of Rs. 3500 per month will be considered for bonus calculation. For example, if your salary is Rs. 2000 per month, you are supposed to get Rs. 20 as a bonus. Since the bonus shall be calculated on Rs. 3500 (minimum), an extra bonus on Rs. 1500 will be paid, which is Rs. 15. So, your bonus will be Rs. 35 minimum, calculated on Rs. 3500 per month.
iii) Deletion of section 32(vi): To cover the employees employed through contractors on building operations.
This means Section 32 clause (vi) no longer exists in The Bonus Act.
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From India, Bangalore
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The Cabinet, in its meeting held on October 1, 2007, approved the Amendments to the Payment of Bonus Act, 1965, which are as follows:
i) Amendment to Section 2(13): To raise the eligibility limit for the payment of bonus from the salary or wage of Rs. 3500/- to Rs. 10,000 per month.
This means Section 2 clause (13) of the Bonus Act, which prescribes the limit of wage or salary, has undergone the required changes. Previously, those who earned up to Rs. 3500 per month were eligible for a bonus. Now, it is increased to Rs. 10,000 per month from Rs. 3500 per month. The maximum limit is Rs. 10,000 per month, and the minimum shall be paid on Rs. 3500, regardless of the salary or wage.
ii) Amendment to section 12: To raise the ceiling for calculation purposes from the salary or wage of Rs. 2500/- to Rs. 3500/- per month.
This means, regardless of the lesser amount you earn, the minimum of Rs. 3500 per month will be considered for bonus calculation. For example, if your salary is Rs. 2000 per month, you are supposed to get Rs. 20 as a bonus. Since the bonus shall be calculated on Rs. 3500 (minimum), an extra bonus on Rs. 1500 will be paid, which is Rs. 15. So, your bonus will be Rs. 35 minimum, calculated on Rs. 3500 per month.
iii) Deletion of section 32(vi): To cover the employees employed through contractors on building operations.
This means Section 32 clause (vi) no longer exists in The Bonus Act.
Regards
From India, Bangalore
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THE PAYMENT OF BONUS ACT(with amendments & comments) 1965.docx
The Payment Of Bonus Act, 1965 5 november 2016.pdf