BONUS PAYMENT AMOUNT
This query is : Resolved
24 October 2024
we are paying bonus as 12 Percent of salary
Now the actual salary amount is 11000
Minimum wages is 11500 for example
Can we pay bonus as per lower of actual salary and minimum wages ?
I.e. 12 Percent of 11000
Now the actual salary amount is 11000
Minimum wages is 11500 for example
Can we pay bonus as per lower of actual salary and minimum wages ?
I.e. 12 Percent of 11000
24 October 2024
No.
In 2010, the Supreme Court of India ruled that the calculation of bonus should be based on the minimum wages as stipulated under the Minimum Wages Act.
In 2010, the Supreme Court of India ruled that the calculation of bonus should be based on the minimum wages as stipulated under the Minimum Wages Act.
25 October 2024
But the act says lower of
1. actual salary or
2. higher of 7000 or minimum wages
Then doesn't it mean if actual salary is lower than minimum wages then bonus to be paid on actual salary.
1. actual salary or
2. higher of 7000 or minimum wages
Then doesn't it mean if actual salary is lower than minimum wages then bonus to be paid on actual salary.
25 October 2024
In fact actual salary cannot be lower of minimum wage.
Secondly why to calculate based on 12%, the bonus act says minimum bonus should be 8.33% while max. can be upto 20%.
Secondly why to calculate based on 12%, the bonus act says minimum bonus should be 8.33% while max. can be upto 20%.
25 October 2024
The company does not want to pay maximum bonus, workers not agreeing at minimum bonus hence paying at 12 percent
25 October 2024
If in case allocable surplus exceeds minimum bonus do we mandatorily need to pay maximum bonus, or can we pay at a percentage higher than minimum bonus and lower than maximum bonus if the workers agree to it
25 October 2024
No need to pay more than minimum bonus of 8.33%, provided workers' union agrees to it.
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