Bonus calculation

Labour & Industrial 1040 views 4 replies

Dear Sir/Madam, I was working with a Partners ship firm of leading business group, from 18.7.17 to 21.3.18 with starting salary of 20000 and revised salary 25000 from the Nov 2017. There is nothing provided in the appointment letter about the BONUS. The important fact is that while we are calculating the TDS on salary We are taking 8.33% of last year pay as bonus for each and every employee, and that calculated bonus has been claimed as the salary expenses in the profit and losses. Then please tell me Am I eligible for bonus? And now a question is pending, how we will deal with the increased salary from Nov 2017 from 20000 to 25000. my total salary Rs 142070 after ESIC deduction for the above period, It is a very polite request to please help me to arived at the final figure of the bonus to placed before the past employers.



 

Replies (4)
All employees earning up to the wage threshold (increased to INR 21,000 by the Amendments), and who have worked in the establishment for not less than 30 working days in the year are eligible to receive this statutory bonus.
Salary for the purpose of Bonus act means basic salary and D.A. You need to provide your salary structure.

Dear Sir/Madam,

I am waiting for you reply on 2 question as follows. 1. Please tell me Am I eligible for bonus? because my past employer is not interested to release my bonus.

2. how we will deal with the increased salary from Nov 2017 from 20000 to 25000. because I have put the FINAL figure of bonus to employer, otherwise as per employer I will only get Rs. 7000 as a minimum bonus only.

Salary Breakup
  From 18.7.17 to 31.10.17 From 1.11.17 to 21.3.18
BASIC  15100 18750
HAR  3000 3750
VONVEYENCE  1900 2500
D.A.  NO  NO
Total 20000 25000

 

Please guide me at your earliest.

 

1. Yes, you are eligible for bonus as per POB amendment act 2015 as salary as per act does not exceeds 21000 upto 21.03.2018. Salary for bonus purpose mean basic salary + D.A.
2. Minimum bonus 8.33% of 7000 as your basic exceeds 7000 limit.
Bonus= 7000*247/30*8.33%= 4800
Maximum bonus 20% if firm has sufficient accumulated fund.
7000*247/30*20%= 11526

Dear Mr Sunil,

One more thingh is that in my past company the HRD is using a formula to pay bonus as follows.

the actual pay for this period is 142070*8.33=11834.

tell me is it write or wrong?


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