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Bonus calculation

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(Querist)
12 September 2018 Dear Sir,

How to calculate bonus under the payment of bonus act? On which salary is bonus calculated?


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Pravesh Shukla
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
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.
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