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The Payment of Bonus Act, 1965 provides for a minimum bonus of 8.33 percent of wages. The salary limited fixed for eligibility purposes is Rs. 3,500 per month and the payment is subject to the stipulation that the bonus payable to employees drawing wages or salary not exceeded to Rs.10000 per month would be calculated as if their salary or ...
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Calculation of Bonus as per Bonus Act (Amendment of 2015) If the gross earning of your employees is below Rs.21000 you are eligible to pay a bonus. Calculation of bonus will be as follows: If Basic+DA is below Rs.7000 then the bonus will be calculated on the actual amount. If Basic+DA is above Rs.7000 then the bonus will be calculated on Rs.7000.
THE PAYMENT OF BONUS ACT, 1965. (21 OF 1965) [25th September, 1965.] [An Act to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or on the basis of production or productivity and for matters connected therewith.]
14 Μαρ 2024 · Calculation of bonus as per bonus act. Duties and rights of employer and employee. Exempted establishments. Offences and penalties. The Payment of Bonus Act provides for the payment of bonuses to persons employed in certain established organizations, based on profits, production and productivity and matters related thereto.
6 Δεκ 2019 · The Payment of Bonus Act, 1965 seeks to legally regularise the practice of paying bonus by different establishment. It offers an objective way to calculate the bonus based on profit and productivity. It enables the employees to earn over and above their minimum wages or salary.
The Payment of Bonus Act, 1965 has undergone several amendments. This Act extends to the whole of India The Act is designed to: impose a statutory obligation on an employer of every establishment covered by the Act to pay bonus to employees in the establishment; lay down principle and formula for calculation of bonus;
Bonus Calculation. Bonus will be calculated on basic salary + Dearness Allowances (DA) of employees. Other house rent allowances and incentives are not included in bonus calculation. A minimum of 8.33% of the bonus is mandatory that every employer has to give it to their employees and the maximum percentage in 20%.
