Bonus

This query is : Resolved

KISHORE KUMAR JOSHI (Querist)
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24 September 2019 Sir, I have a staff working in my Company in Kolkata , Please let me know the bonus which I have to pay? Is The Salary I paid him in the financial year 2018-19. Or as per the current salary of financial year 2019-20 which has now been increased.

RAJA P M

RAJA P M (Expert)
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24 September 2019 The bonus will be payable as per Your regular practice as per Your company's procedure...

A.S.SUNDARARAJAN

A.S.SUNDARARAJAN (Expert)
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25 September 2019 I understand that you are asking bonus payable for the FY 2018-19. If so bonus is to be calculated on the wages earned in the FY 2018-19 and current wages is not relevant for bonus

I also wish to know whether you are liable to pay under payment of bonus act . if so bonus to be calculated on the earned wages as per minimum wages act specified to your business / company. The minimum bonus to be paid is 8,33% and maximum is 20% based on the availability of allocable surplus as per bonus act

Aditya Kiran

Aditya Kiran (Expert)
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25 September 2019 Hi Kishore,
Bonus is payable to an employee if he/ she
(i) has worked for at least 30 days and
(ii) earned Salary up to ₹ 21000 per month.
(only the Basic and Dearness Allowance to be considered)

Bonus is payable to the employee between 8.33% (minimum) & 20% (maximum) as per availability of Allocable Surplus.

Bonus is to be paid on the salaries paid for the relevant financial year. If you intend to pay bonus for FY 2018-19 then salaries paid for the same period are to be considered.

Best,
Aditya
www.iravya.com

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