The payment of bonus act
This query is : Resolved
13 April 2012
what is the minimum bonus payable to employees:
1) who is above the age of 15yrs
2) who is below the age of 15yrs
1) who is above the age of 15yrs
2) who is below the age of 15yrs
13 April 2012
Hi
Bonus is a sum of money given in addition to regular wages to an employee in appreciation of his good work and good performance. The employee receives this bonus from his employer under the Payment of Bonus Act, 1965. The calculation of bonus is as follows:
Minimum bonus:
Minimum bonus is 8.33 % of the salary or wages of an employee or Rs. 100 in case of employees above 15 years of age and Rs 60 in case of employees below 15 years of age.
Maximum Bonus :
When the allocable surplus exceeds the minimum bonus, the employer should pay bonus in proportion to the salary or wages earned by the employee subject to a maximum of 20% of such salary or wages.
In some special cases where the salary or wage of an employee exceeds Rs. 1600/- per month, minimum or maximum bonus payable to such employee shall be calculated as if his salary or wage were Rs. 1600/- per month.
Regards
Bonus is a sum of money given in addition to regular wages to an employee in appreciation of his good work and good performance. The employee receives this bonus from his employer under the Payment of Bonus Act, 1965. The calculation of bonus is as follows:
Minimum bonus:
Minimum bonus is 8.33 % of the salary or wages of an employee or Rs. 100 in case of employees above 15 years of age and Rs 60 in case of employees below 15 years of age.
Maximum Bonus :
When the allocable surplus exceeds the minimum bonus, the employer should pay bonus in proportion to the salary or wages earned by the employee subject to a maximum of 20% of such salary or wages.
In some special cases where the salary or wage of an employee exceeds Rs. 1600/- per month, minimum or maximum bonus payable to such employee shall be calculated as if his salary or wage were Rs. 1600/- per month.
Regards
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