Hi, We are in an engineering industry located in Bangalore.
what is the minimum bonus we have to pay.? whether it is 8.33% of Rs.7000 or minimum wages.
Is engineering industry listed under schedules employment in Karnataka?
From India, Bengaluru
what is the minimum bonus we have to pay.? whether it is 8.33% of Rs.7000 or minimum wages.
Is engineering industry listed under schedules employment in Karnataka?
From India, Bengaluru
Dear Asif,
A) The statutory bonus is to be reckoned on the actual wages.
B) When the wages exceed Rs.7000-00 p.m, the bonus has to be calculated as if the wages were Rs.7000-00 p.m only OR the minimum wages fixed for the employment whichever is HIGHER.
Therefore, you have to calculate the minimum bonus of 8.33% on the actual minimum wages fixed when it is higher than the notional wages of Rs.7000-00; when it happens to be less than Rs.7000/=, the calculation shall be 8.33% of Rs.7000-00 p.m only.
This formula is equally applicable to bonus of any percentage more than 8.33% also.
For your last question, try to find the answer from the web site of the Karnataka Govt., Labor Department.
From India, Salem
6018A) The statutory bonus is to be reckoned on the actual wages.
B) When the wages exceed Rs.7000-00 p.m, the bonus has to be calculated as if the wages were Rs.7000-00 p.m only OR the minimum wages fixed for the employment whichever is HIGHER.
Therefore, you have to calculate the minimum bonus of 8.33% on the actual minimum wages fixed when it is higher than the notional wages of Rs.7000-00; when it happens to be less than Rs.7000/=, the calculation shall be 8.33% of Rs.7000-00 p.m only.
This formula is equally applicable to bonus of any percentage more than 8.33% also.
For your last question, try to find the answer from the web site of the Karnataka Govt., Labor Department.
From India, Salem
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