Payment of Bonus
This query is : Resolved
14 November 2008
Dear Sir,
Please tell me the eligiblity of bonus to employees as per Bonus Act ?
and
Wht is the ceiling amt of bonus eligiable is now ?
Dear Sir,
Please tell me the eligiblity of bonus to employees as per Bonus Act ?
and
Wht is the ceiling amt of bonus eligiable is now ?
14 November 2008
October 01, 2007 16:06 IST
Ahead of the festival season, the government on Monday handed a bonanza to millions of industrial workers by approving changes to the Bonus Act, which would make workers drawing up to Rs 10,000 monthly salary eligible for annual bonus.
Hitherto, only those drawing a monthly salary of up to Rs 3,500 were eligible to claim bonus.
The Cabinet has approved the amendment to Section 12 "to raise the eligibility limit for payment of bonus from the salary or wage of Rs 3,500 to Rs 10,000 per month," Labour Minister Oscar Fernandes said.
He said construction workers, even if they have worked for a month with builders or contractors, would also be eligible to avail a proportional bonus from their employers.
The decision would benefit seven per cent of the total workforce in the country, which is working in the organized sector, said the Minister.
The payout proposal is broadly in line with recommendations of the 41st session of the Indian Labour Conference (ILC) held in April this year, and is the result of a long-pending demand of the trade unions, particularly the CPI(M)-affiliated Centre for Indian Trade Unions (CITU).
Sources said since the next session of Parliament would be called in November, government may bring an ordinance for the purpose.
Though the minister declined to comment on the financial implications of the decision, sources said the government had paid between Rs 300 crore (Rs 3 billion) and Rs 350 crore (Rs 3.5 billion) last year on account of ad hoc bonus at a maximum Rs 2,467 per employee
Ahead of the festival season, the government on Monday handed a bonanza to millions of industrial workers by approving changes to the Bonus Act, which would make workers drawing up to Rs 10,000 monthly salary eligible for annual bonus.
Hitherto, only those drawing a monthly salary of up to Rs 3,500 were eligible to claim bonus.
The Cabinet has approved the amendment to Section 12 "to raise the eligibility limit for payment of bonus from the salary or wage of Rs 3,500 to Rs 10,000 per month," Labour Minister Oscar Fernandes said.
He said construction workers, even if they have worked for a month with builders or contractors, would also be eligible to avail a proportional bonus from their employers.
The decision would benefit seven per cent of the total workforce in the country, which is working in the organized sector, said the Minister.
The payout proposal is broadly in line with recommendations of the 41st session of the Indian Labour Conference (ILC) held in April this year, and is the result of a long-pending demand of the trade unions, particularly the CPI(M)-affiliated Centre for Indian Trade Unions (CITU).
Sources said since the next session of Parliament would be called in November, government may bring an ordinance for the purpose.
Though the minister declined to comment on the financial implications of the decision, sources said the government had paid between Rs 300 crore (Rs 3 billion) and Rs 350 crore (Rs 3.5 billion) last year on account of ad hoc bonus at a maximum Rs 2,467 per employee
14 November 2008
Cabinet hikes bonus limit to Rs 10,000/month
BS Reporter / New Delhi October 01, 2007
The Union Cabinet today approved the raising of eligibility limit of payment of bonus for the organised sector labour force. The cabinet approval increased the eligibility limit for availing bonus benefits from a monthly salary level from Rs 3,500 to Rs 10,000.
In addition, the Cabinet also approved an increase in ceiling for calculation of bonus from the earlier salary level of Rs 2,500 per month to Rs 3,500 per month. More over, labourers from the construction sector will also be able to avail bonus benefits.
The Union Cabinet gave its nod for a new sea research vessel for the Geological Survey of India. The new vessel, which will cost Rs 448 crore, will replace the existing ship 'Samudra Manthan'.
The Union Cabinet also approved the creation of the autonomous Gorkha Hill Council in the state of West Bengal.
BS Reporter / New Delhi October 01, 2007
The Union Cabinet today approved the raising of eligibility limit of payment of bonus for the organised sector labour force. The cabinet approval increased the eligibility limit for availing bonus benefits from a monthly salary level from Rs 3,500 to Rs 10,000.
In addition, the Cabinet also approved an increase in ceiling for calculation of bonus from the earlier salary level of Rs 2,500 per month to Rs 3,500 per month. More over, labourers from the construction sector will also be able to avail bonus benefits.
The Union Cabinet gave its nod for a new sea research vessel for the Geological Survey of India. The new vessel, which will cost Rs 448 crore, will replace the existing ship 'Samudra Manthan'.
The Union Cabinet also approved the creation of the autonomous Gorkha Hill Council in the state of West Bengal.
14 November 2008
Dear sir,
I would like to know whether the payment of the bonus is compulsory.
If the compnay wont pay the bonus. what are the implications?
I would like to know whether the payment of the bonus is compulsory.
If the compnay wont pay the bonus. what are the implications?
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