03 September 2013
My Company comes under bonus act. My basic salary is 7500 and ctc is 25000. Kindly tell me whether I am eligible for bonus. Other conditions are fulfilled.
03 September 2013
Payment of Minimum Bonus : 8.33% of the salary or Rs.100 (on completion of 5 years after 1st Accounting year even if there is no profit). Sec. 10
Eligible Employees: – Employees drawing wages upto Rs.10000/- per month or less. For calculation purposes Rs.3500 per month maximum will be taken even if an employee is drawing upto Rs.3500 per month. (Sec. 12)
Time Limit for Payment of Bonus : Within 8 months from the close of accounting year. (Sec. 19)
04 September 2013
Thanx for replying Aryan Ji. Actually confusion is that wages or salary as per bonus act is basic salary. My basic salary is below 10000. Am I right to get bonus.
04 September 2013
For Bonus purpose - Salary includes DA plus Food Allowance and all free food given by the employer in lieu of Salary.
Salary Doesn't Include-
the value of any house accommodation or of supply of light, water, medical attendance or other amenity or of any service or of any concessional supply of food grains or other articles;
any travelling concession;
any bonus (including incentive, production and attendance bonus);
any contribution paid or payable by the employer to any pension fund or provident fund or for the benefit of the employee under any law for the being in force;
any retrenchment compensation or any gratuity or other retirement benefit payable to the employee or any ex gratia payment made to him;
any commission payable to the employee.
Thanks & Regards
Querist :
Anonymous
Querist :
Anonymous
(Querist)
04 September 2013
All that I know. But my company is paying bonus upto 10000 ctc, which I think is wrong. Please tell how to agree them regarding the above definition. By calculating also, I am getting below 10000 as salary or wage according to bonus act.