Good morning everyone. Please help me to answer the following 2 questions.
1. What is the current salary limit of ESIC? Has it been increased from 15000/- to 25000/-?
2. When does the company start giving bonuses to employees? How many old employees in the company are eligible for bonuses? What percentage of employees are eligible for a bonus?
3. What is the current salary/Basic limit of PF? Has it increased from 6500/- to 15000/-?
From India, Mumbai
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1. What is the current salary limit of ESIC? Has it been increased from 15000/- to 25000/-?
2. When does the company start giving bonuses to employees? How many old employees in the company are eligible for bonuses? What percentage of employees are eligible for a bonus?
3. What is the current salary/Basic limit of PF? Has it increased from 6500/- to 15000/-?
From India, Mumbai
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Solution for:
Q1. The wage ceiling for ESI is Rs. 15,000 (Gross salary). Rs. 25,000 is for people who are differently abled.
Q2. According to the Bonus Act, a newly established company is exempted from giving a bonus for 5 years. However, if the company incurs any profit within these 5 years, they have to provide a bonus to their employees.
- The bonus percentage is a minimum of 8.33% and a maximum of 20%. If an employer wishes, they can give more than 20%.
- The ceiling for the bonus is Rs. 10,000 (Basic + DA), of which Rs. 3,500 is fixed for calculating the bonus.
Q3. As far as PF is concerned, the ceiling has been raised to Rs. 15,000 (Basic + DA) from Rs. 6,500.
From India, Bangalore
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23Q1. The wage ceiling for ESI is Rs. 15,000 (Gross salary). Rs. 25,000 is for people who are differently abled.
Q2. According to the Bonus Act, a newly established company is exempted from giving a bonus for 5 years. However, if the company incurs any profit within these 5 years, they have to provide a bonus to their employees.
- The bonus percentage is a minimum of 8.33% and a maximum of 20%. If an employer wishes, they can give more than 20%.
- The ceiling for the bonus is Rs. 10,000 (Basic + DA), of which Rs. 3,500 is fixed for calculating the bonus.
Q3. As far as PF is concerned, the ceiling has been raised to Rs. 15,000 (Basic + DA) from Rs. 6,500.
From India, Bangalore
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Current Salary Limit for ESIC
1. The current salary limit for ESIC is up to ₹15,000 only. It has not yet been increased to ₹21,000. It is still under consideration and has not been amended yet.
Employee Eligibility and Bonus Payment
2. If the employee strength in an organization is more than 10, an employee will be eligible if their salary is less than ₹10,000. You should total the wages for the last financial year and pay a minimum of 8.33% to a maximum of 20% of the sum, with a maximum of ₹3,500 to be paid within 8 months of the financial year, approximately at Diwali. For example, the FY 2014-15 bonus has to be paid before the 30th of November 2015.
From India, Chennai
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1. The current salary limit for ESIC is up to ₹15,000 only. It has not yet been increased to ₹21,000. It is still under consideration and has not been amended yet.
Employee Eligibility and Bonus Payment
2. If the employee strength in an organization is more than 10, an employee will be eligible if their salary is less than ₹10,000. You should total the wages for the last financial year and pay a minimum of 8.33% to a maximum of 20% of the sum, with a maximum of ₹3,500 to be paid within 8 months of the financial year, approximately at Diwali. For example, the FY 2014-15 bonus has to be paid before the 30th of November 2015.
From India, Chennai
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Employee Benefits.doc