Bonus payment

Max. Basic +DA = Rs. 3500/ for the purpose of calculation of Bonus.

 

Decide the rate of bonus Min. 8.33% Max.20%

 

If the employee has worked for whole of the accounting year i.e. 12 months  and assuming that Min. bonus to be paid is @ 8.33%

 

Rs.3500 * 12 = 42000*8.33% = Rs. 3,500/- per annum.

 

Check if you are paying Bonus or Ex. Gracia and pay accordingly.

 

 

The Accounts Dept or CA or CS of the company would know the details.

well advised by Mr Kumar Doab

Thanks for the reply sir,

I want to know the difference between Bonus an d EX Gracia? and can Diwali bonus can be considered as Statutory bonus.Please guide  on urgent basis.

SIR IAM WORKING IN A CENTRAL GOVERNMENT INSTITUTE WE HIRED 18 CONTRACT EMPLOYEES I CAME TO KNOW , IF THEY SERVED AT LEAST 1 YEAR THEY SHOULD BE PAID MINIMUM BONUS FROM THEIR EMPLOYER AS A PRINCIPAL EMPLOYER IT IS OUR DUTY TO ENSURE THEIR WELFARE. KINDLY LET ME KNOW THE RULE POSITION REGARDING THIS ISSUE ? RAVI