How to calculate bonus
This query is : Resolved
01 November 2011
DEAR MEMBERS I WANT TO KNOW THAT HOW CAN I CALCULATE BONUS IN A PVT COMPANY.
04 November 2011
Payment of minimum bonus.—Subject to the other provisions of this Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent of the salary or wage earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year:
Provided that where an employee has not completed fifteen years of age at the beginning of the accounting year, the provisions of this section shall have effecting relation to such employee as if for the words “one hundred rupees”, the words “sixty rupees” were substituted
. Payment of maximum bonus.—(1) Where in respect of any accounting year referred to in section 10, the allocable surplus exceeds the amount of minimum bonus payable to the employees under that section, the employer shall, in lieu of such minimum bonus, be bound to pay to every employee in respect of that accounting; year bonus which shall be an amount in proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage.
In computing the allocable surplus under this section, the amount set on or the amount set off under the provisions of section 15 shall be taken into account in accordance with the provisions of that section
Where an employee has not worked for all the working days in an accounting year, the minimum bonus of one hundred rupees or, as the case may be, of sixty rupees, if such bonus is higher than 8.33 per cent, of his salary or wage for the days he has worked in that accounting year, shall be proportionately reduced
Provided that where an employee has not completed fifteen years of age at the beginning of the accounting year, the provisions of this section shall have effecting relation to such employee as if for the words “one hundred rupees”, the words “sixty rupees” were substituted
. Payment of maximum bonus.—(1) Where in respect of any accounting year referred to in section 10, the allocable surplus exceeds the amount of minimum bonus payable to the employees under that section, the employer shall, in lieu of such minimum bonus, be bound to pay to every employee in respect of that accounting; year bonus which shall be an amount in proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage.
In computing the allocable surplus under this section, the amount set on or the amount set off under the provisions of section 15 shall be taken into account in accordance with the provisions of that section
Where an employee has not worked for all the working days in an accounting year, the minimum bonus of one hundred rupees or, as the case may be, of sixty rupees, if such bonus is higher than 8.33 per cent, of his salary or wage for the days he has worked in that accounting year, shall be proportionately reduced
04 November 2011
BUT I JOIN COMPANY ON 15TH OF JULY. MY TOTAL SALARY AS ON 31ST MARCH 2011 IS 67,500/- AS PER BONUS ACT MY BONUS WILL BE 5623/- (8.33%)
BUT COMPANY SAID TO ME THAT IF YOU JOINED 1ST APRIL 2010 AND WORKED TILL 31ST MARCH THEN BONUS IS GIVEN TO ME.
THEY SAID THAT IF ANY WORKER WORKS APRIL TO MARCH THE HE IS OWNER OF BONUS.
BUT COMPANY SAID TO ME THAT IF YOU JOINED 1ST APRIL 2010 AND WORKED TILL 31ST MARCH THEN BONUS IS GIVEN TO ME.
THEY SAID THAT IF ANY WORKER WORKS APRIL TO MARCH THE HE IS OWNER OF BONUS.
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