Search results
Jun 27, 2024 · Under the Payment of Bonus Act, 1965, certain categories of employees are entitled to receive a statutory bonus calculated by reference to the employee’s salary and the employer’s profits. The Act applies in respect of factories and establishments with 20 or more employees (or in some states, factories and establishments with 10 or more employees).
The Statutory Bonus Calculator is a free tool developed by Zoho to calculate the amount of statutory bonus that an eligible employee can get in a financial year. It uses the employee's basic and dearness allowance, minimum wage in the state, and the statutory bonus percentage to compute the bonus.
Calculation of Bonus as per Bonus Act (Amendment of 2015) If the gross earning of your employees is below Rs.21000 you are eligible to pay a bonus. Calculation of bonus will be as follows: If Basic+DA is below Rs.7000 then the bonus will be calculated on the actual amount. If Basic+DA is above Rs.7000 then the bonus will be calculated on Rs.7000.
How to Calculate Statutory Bonus in India. The image provides a step-by-step guide to determine the bonus amount an employee is eligible for under the Payment of Bonus Act. Here’s a breakdown: Step 1: Check Eligibility. Salary Cap: The act applies to employees whose basic salary + dearness allowance is less than Rs. 21,000 per month.
Jul 16, 2020 · The statutory bonus calculator in India is a free tool to help you estimate your bonuses. The calculator uses the employee’s basic salary, employee’s dearness allowance and the minimum wage in your state to give you a good idea of how much you can expect to receive.
Statutory Bonus Calculator as per Bonus Act. Online recalcule bonus amount based on minimum wage, payable days and revised basic salary
Mar 14, 2024 · Calculation of bonus as per bonus act. Duties and rights of employer and employee. Exempted establishments. Offences and penalties. The Payment of Bonus Act provides for the payment of bonuses to persons employed in certain established organizations, based on profits, production and productivity and matters related thereto.
THE PAYMENT OF BONUS ACT, 1965. (21 OF 1965) [ 25th September, 1965.] [An Act to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or on the basis of production or productivity and for matters connected therewith.]
The Payment of Bonus Act, 1965 provides for a minimum bonus of 8.33 percent of wages. The salary limited fixed for eligibility purposes is Rs. 3,500 per month and the payment is subject to the stipulation that the bonus payable to employees drawing wages or salary not exceeded to Rs.10000 per month would be calculated as if their salary or ...
- Would you also be interested in evaluating our HRMS, Payroll or Compliance Solutions for your Company? - Subscribe. Statutory Bonus is a mandatory statutory contribution required of Indian companies. Download our statutory bonus calculator to compute your company's statutory bonus liability.
