Bonus calculation
This query is : Resolved
12 September 2018
Dear Sir,
How to calculate bonus under the payment of bonus act? On which salary is bonus calculated?
Regards
Pravesh Shukla
How to calculate bonus under the payment of bonus act? On which salary is bonus calculated?
Regards
Pravesh Shukla
12 September 2018
Bonus calculated on basic salary
An employee has to have worked for at least 30 days in that company.
According to the Bonus Act, a minimum of 8.33% up to 20% of his basic (earned) wages is to be paid to the employee.
Note: Bonus is to be paid within 8 months of closing the book of accounts
employees whose salary is less than Rs. 21,000 per month fall under the criteria of bonus. If the salary of an employee exceeds Rs. 7,000, then bonus should be calculated on Rs. 7,000 only. If the salary of an employee is less than Rs. 7,000, then the bonus is to be calculated on the actual amount.
An employee has to have worked for at least 30 days in that company.
According to the Bonus Act, a minimum of 8.33% up to 20% of his basic (earned) wages is to be paid to the employee.
Note: Bonus is to be paid within 8 months of closing the book of accounts
employees whose salary is less than Rs. 21,000 per month fall under the criteria of bonus. If the salary of an employee exceeds Rs. 7,000, then bonus should be calculated on Rs. 7,000 only. If the salary of an employee is less than Rs. 7,000, then the bonus is to be calculated on the actual amount.
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