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India is no longer a developing nation; therefore, salary and bonus in India need restructuring. As per the Bonus Act of 1965, the minimum bonus is at 8.33% and the maximum is 20%, and this calculation has increased of premium ceiling from Rs 3,500 to Rs 7,000. The Bonus Act is applicable to every f
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The current minimum bonus rate in India under the Bonus Act 1965 is 8.33%, and the maximum is 20%.
The article proposes increasing the minimum bonus rate from 8.33% to 10.5% and the maximum rate from 20% to 35%.
Employees earning up to Rs. 21,000 per month are eligible, provided they have worked in an establishment for at least thirty days in that year. This includes days of layoff, leave with salary, or maternity leave.
Yes, certain employees are excluded, including those in life insurance companies, seamen, employees of government-controlled industries, non-profit educational institutions, RBI employees, and certain financial corporations.
The article suggests increasing the bonus rates to reflect India's economic growth, align with developed nation standards, improve employee living standards, and recognise the 24/7 nature of modern business operations.
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