Proposed Changes to the Payment of Bonus Act, 2014
There is a proposal for a Bill on the Payment of Bonus Act, 2014. In this proposal, the following changes are likely to take place:
• A proposal to increase the eligibility limit from Rs. 10,000/- to Rs. 18,000/-.
• A proposal to increase the calculation ceiling from Rs. 3,500/- to Rs. 6,000/-.
• Furthermore, there might be some chances of increasing the percentage of the minimum bonus from 8.33% to 11%.
Let us expect some positive changes in the near future.
Regards,
From India, Kumbakonam
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1189There is a proposal for a Bill on the Payment of Bonus Act, 2014. In this proposal, the following changes are likely to take place:
• A proposal to increase the eligibility limit from Rs. 10,000/- to Rs. 18,000/-.
• A proposal to increase the calculation ceiling from Rs. 3,500/- to Rs. 6,000/-.
• Furthermore, there might be some chances of increasing the percentage of the minimum bonus from 8.33% to 11%.
Let us expect some positive changes in the near future.
Regards,
From India, Kumbakonam
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Dear Sir, Is there any notification so far in respect of bonus act.If any Pls share. Thaanks regards. Bijay
From India, Vadodara
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From India, Vadodara
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I would like to seek expert opinion on the following query:
Ex-Gratia/Bonus Component in Monthly CTC
At present, in my monthly CTC, the Ex-gratia/bonus component is included, which is retained by the company, and the accumulated amount is paid once a year during Diwali. If someone leaves the company, can the amount of ex-gratia be lapsed, or should it be paid along with F&F?
As per my understanding, if the Ex-gratia component is included in the Monthly CTC, it means that it is considered a committed amount to the employee and must be paid irrespective of the company's loss/profit and the employee's service tenure. For example, XYZ's monthly CTC is 50,000/-, which includes 1,500/- as Ex-gratia, retained by the company on a monthly basis. The accumulated amount (from April to March) is refunded every Diwali. If XYZ serves the company for 3 years and leaves in the month of May, can the amount retained from April last year to May of the current year towards Ex-gratia be forfeited by claiming that the employee is not available until Diwali? Please advise!
Thank you.
From India, Mumbai
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Ex-Gratia/Bonus Component in Monthly CTC
At present, in my monthly CTC, the Ex-gratia/bonus component is included, which is retained by the company, and the accumulated amount is paid once a year during Diwali. If someone leaves the company, can the amount of ex-gratia be lapsed, or should it be paid along with F&F?
As per my understanding, if the Ex-gratia component is included in the Monthly CTC, it means that it is considered a committed amount to the employee and must be paid irrespective of the company's loss/profit and the employee's service tenure. For example, XYZ's monthly CTC is 50,000/-, which includes 1,500/- as Ex-gratia, retained by the company on a monthly basis. The accumulated amount (from April to March) is refunded every Diwali. If XYZ serves the company for 3 years and leaves in the month of May, can the amount retained from April last year to May of the current year towards Ex-gratia be forfeited by claiming that the employee is not available until Diwali? Please advise!
Thank you.
From India, Mumbai
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