19 February 2008
As per Section 15 of Bonus Act, if allocable surplus exceeds the amount of maximum bonus payable to the employees in the establishment under section 11. the excess shall, subject to a limit of 20% of the total salary or wages of the employees employed in the establishment in that accounting year , be carried forward for being set-on inthe succedding accounting year .
I want to know that
what means about Total Salary or wages of the employees - whether only basic or total salary including benefits & perquisites.
If company is already paying 20% bonus then also the same amount shall be c/f .
21 February 2008
Mr Bansal here the term “salary or wage” means all remuneration (other than remuneration in respect of over-time work) capable of being expressed in terms of money, which would, if the terms of employment, express or implied, were fulfilled, be payable to an employee in respect of his employment or of work done in such employment and includes dearness allowance (that is to say, all cash payments, by whatever name called, paid to an employee on account of a rise in the cost of living). This does not includes benefits & perquisites.
If the allocable surplus exceeds the maximium bonus payable, then it will be c/f.
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