Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Hi,
He is elegible for the bonus
but as per the payment of bonus act, it is not compulsary that we need to pay the bonus for entire Basic+da(4000 in your case), as per act it was restricted to 3500 (max) only irrespective of the basic+da (say 8500 is basic+da)
calculation:
3500*12*8.33% is cent percent correct.
Regards
Sateesh,
HR, UB Group
+91 9949128491

From India , Hyderabad

Thank you for your useful information.... i had one more quarry regarding Bonus :

I gone through few others Bonus reply

Example: 1) As per the payment of bonus act, it was restricted to 3500 max ( basic+DA)

2)salary is Rs.10000/- (basic and DA) and below are eligible for bonus

So calculation will be - Basic+Da(less then 10000.00) x financial year x % (Declared % )

So my Question is ????

Assume that Employee Basic + DA is 12000 will they be consider under Bonus???

If it is yes what is the basic consideration on the 12000(Basic + DA) ???

Regards
Pratima

From India , Bangalore
Dear Friends
Pls help me regarding the minimum eligibility of working days for bonus what the Act says and what usually all the companies are following

Thanks Regards

Munaf Ali.T.L
Dear Friends
Pls help me regarding the minimum eligibility of working days for bonus what the Act says and what usually all the companies are following

Thanks Regards

Munaf Ali.T.L
[quote=munafali1982;2533]Dear Friends
Pls help me regarding the minimum eligibility of working days for bonus what the Act says and what usually all the companies are following

Thanks Regards

Munaf Ali.T.L
Sorry For the Spelling Mistake In the title

From India , Bangalore
As per Bonus Act now 10000/- basic + DA is upper sealing limit and 3500/- is the lower sealing limit.
Upper sealing limit in the sence people who draws below Rs.10000/-(Basic+DA) those employees are eligible for bonus.
Minimum 30 Days attendence is also mandatory for Bonus.
Formula of Minimum Bonus calculation: (BAsic+DA)/12 * 8.33% or Rs.3500/- which ever is lesser.
Formula of Maximum Bonus calculation: (BAsic+DA)/12 * 20%
If any employee crosess 10000/- basic + DA they will come under exgratia.

From India , Mumbai
Hi Joe,
we have checked with labour department on including the bonus in pay struture and pay it monthly. but according to the department, it will be considered as advance against bonus and not bonus. so please let us know whether it is allowed to pay monthly with salry.
Mohan

From India , Bangalore
Is the 8.33% is standard to all concerns for calculating bonus. if it is minimum percentage, then what is the maximum S. Saravanan
From India , Madras
hi, i am kashyap need a sample letter of transfer to home city because of family problem, i understand requirements are their, my spouse and two daughters are living their and studing on higher class,also my wife is bp/sugar pasent need my help. from last 1 yr i have jion this new construction company,pl help me
From India , Jaipur
If Basic Pay is up to Rs 10,000/- pm. the Bonus will be calculated considering it is Rs.3500/-.
If bonus is 20% and attendance is full it will arrive Rs.8400/-max. as per Bonus Act.
And if basic is Rs2210/- conisering full attandance aross the year (Apr to Mar) and bonus declaration is 20% the amout will be (20x2210/100) for each month, the figure will be:wacko: Rs5304 for the year.
Based on attendance. :wacko:

From India , Vasai
Dear Friends,
I am joining in a new job. The employer asked me for three years employement bond. As per the terms & condition incase i want to leave before the bond expires then i have to pay them the left over period full salary. Kindly advice me is this bond only bound the employee, not the employer. Incase he fires me before the expire period what should i do. kindly advice me at this link .
Regards.
Rakesh Kumar

From India , New Delhi
As per last year changes max. bonus emp can get is Rs. 8400. ( 20% ) 8.33 % IS Minum Bonus max is 20 % Salary Limit is for the caluation is Rs. 3500 ( Basic + DA ). 3500 * 12 *20 % = 8400. TAP
From India , Pune

This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2020 Cite.Co™