Kindly let us know the latest amendments to Payment of Bonus Act 1965 & maximum limit of bonus and salary.
From India, Bhubaneswar
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5From India, Bhubaneswar
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Hi, the limit for calculation of Bonus is Rs 15000/- previously it was Rs 10000/- Regards, Siva Kumar Tata
From India, Hyderabad
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From India, Hyderabad
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Dear Siva Kumar, If it is so plz provide us the amendment notification. Regards, R N KHOLA
From India, Delhi
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From India, Delhi
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Hi friends,
Sorry, Mr. Shivakumar1611, I do not agree with you. In my experience, as per the Bonus Act of 1965 and Bonus Rules of 1975, the bonus calculation is as follows:
BASIC + DA * Service * Percentage. For example, our company only offers 8.33%, so my bonus last year was 4000 * 8.33% * 12 = 3498.
Regarding the rules:
1) One must work at least 30 days in the last financial year.
2) The bonus limit is 3500/- ceiling only.
3) The salary limit is 10000/- only (salaries above 10,000/- are not eligible for a bonus).
4) The limit ranges from a minimum of 8.33% to a maximum of 20% only.
To the best of my knowledge, there have been no recent amendments. If you have a copy of any amendments or other proof, please send it to me.
Regards,
Guru.
From India, Visakhapatnam
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Sorry, Mr. Shivakumar1611, I do not agree with you. In my experience, as per the Bonus Act of 1965 and Bonus Rules of 1975, the bonus calculation is as follows:
BASIC + DA * Service * Percentage. For example, our company only offers 8.33%, so my bonus last year was 4000 * 8.33% * 12 = 3498.
Regarding the rules:
1) One must work at least 30 days in the last financial year.
2) The bonus limit is 3500/- ceiling only.
3) The salary limit is 10000/- only (salaries above 10,000/- are not eligible for a bonus).
4) The limit ranges from a minimum of 8.33% to a maximum of 20% only.
To the best of my knowledge, there have been no recent amendments. If you have a copy of any amendments or other proof, please send it to me.
Regards,
Guru.
From India, Visakhapatnam
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Dear friends,
Our respected friend Mr. Khola has raised a vital point. If there is an amendment in the Bonus Act (which is not yet, as I believe, and many others, including Mr. Khola), the person circulating such information must support it with a document. Otherwise, it will create confusion and bring down the credibility of CITE HR. People take the contents posted on this site very seriously. We all must keep this in mind before posting any information. No intention to hurt anyone.
Regards,
Anil Kaushik
From India, Delhi
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Our respected friend Mr. Khola has raised a vital point. If there is an amendment in the Bonus Act (which is not yet, as I believe, and many others, including Mr. Khola), the person circulating such information must support it with a document. Otherwise, it will create confusion and bring down the credibility of CITE HR. People take the contents posted on this site very seriously. We all must keep this in mind before posting any information. No intention to hurt anyone.
Regards,
Anil Kaushik
From India, Delhi
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The statement of Mr. Guru is correct. The salary limit as of the date is Rs. 10,000/- only. There is a proposal to enhance it to Rs. 15,000/-. However, the amendment has not taken place yet.
D. Phani Kumar
DGM- HR
VASAVADATTA CEMENT
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D. Phani Kumar
DGM- HR
VASAVADATTA CEMENT
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Mr. D. Phani Kumar, is correct. There was a proposal to enhance the salary limit upto Rs. 15000/- for eligibility of bonus but this has not taken place yet.
From India, Lucknow
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From India, Lucknow
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I fully endorse the views expressed by Mr. Anil Kaushik. Unfortunately, people are writing on this site with half-baked information/knowledge with full authority, and such contributions/inputs are creating confusion among readers.
Regards,
Kamal
From India, Pune
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Regards,
Kamal
From India, Pune
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Dear Siva Kumar,
You are discussing ESI while the question was related to Bonus. Earlier, ESI was applicable to employees earning less than 10k, but now it's 15k. Mr. Guru is correct.
Regards,
Raj
Manager-HR
From India, New Delhi
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You are discussing ESI while the question was related to Bonus. Earlier, ESI was applicable to employees earning less than 10k, but now it's 15k. Mr. Guru is correct.
Regards,
Raj
Manager-HR
From India, New Delhi
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Dear Members,
If anybody can please help to know about the new amendment levied to the Bonus Act for the minimum bonus limit to be increased to 11% from the earlier 8.33%? Is this the new amendment, or is it just a proposed bill as yet? Kindly update.
Regards,
Neelam
From India, Pune
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If anybody can please help to know about the new amendment levied to the Bonus Act for the minimum bonus limit to be increased to 11% from the earlier 8.33%? Is this the new amendment, or is it just a proposed bill as yet? Kindly update.
Regards,
Neelam
From India, Pune
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