Dear Seniors, I want to know about bonus rule /act, and calculation method. can any one provide current bonus rule, eligibility, calculation. Regards Mukesh Singh
From India, New Delhi
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9From India, New Delhi
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Eligibility
He/she has to work a minimum of 30 physical working days in an accounting year.
Calculation Example
If the salary is ₹7500 per month:
- Basic: ₹2000 per month
- DA: ₹1500 per month
- HRA: ₹4000 per month
Basic + DA: (₹2000 + ₹1500) * 8.33% * 12 months = ₹3500 per annum (Min Bonus)
Basic + DA: (₹2000 + ₹1500) * 20% * 12 months = ₹8400 per annum (Max Bonus)
Bonus payment should not be less than the Min Bonus.
For rules, you have to go through the Payment of Bonus Act 1965.
Regards
From India, Rajamahendri
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He/she has to work a minimum of 30 physical working days in an accounting year.
Calculation Example
If the salary is ₹7500 per month:
- Basic: ₹2000 per month
- DA: ₹1500 per month
- HRA: ₹4000 per month
Basic + DA: (₹2000 + ₹1500) * 8.33% * 12 months = ₹3500 per annum (Min Bonus)
Basic + DA: (₹2000 + ₹1500) * 20% * 12 months = ₹8400 per annum (Max Bonus)
Bonus payment should not be less than the Min Bonus.
For rules, you have to go through the Payment of Bonus Act 1965.
Regards
From India, Rajamahendri
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Thanks Mr. Vinay M. I have another one question. whom is not eligible for bonus from salary point of view. like if any one salary in 25000/- ( Basic 15000, Hra 7500, DA 2500/- )
From India, New Delhi
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From India, New Delhi
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He is eligible if any one salary component is ₹25,000/- (Basic ₹15,000, HRA ₹7,500, DA ₹2,500/-). However, you must comply with statutory rules. In this case, the maximum bonus he is eligible for is ₹8,400/- per annum (₹3,500/- X 20% X 12 Months).
Regards,
From India, Rajamahendri
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Regards,
From India, Rajamahendri
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf