The payment of bonus (amendment) bill
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This document summarizes the key aspects of the Payment of Bonus (Amendment) Bill of 2015 in India. It discusses that the Bill aims to amend the Payment of Bonus Act of 1965, which requires certain establishments employing 20 or more persons to pay an annual bonus to employees based on profits. It is proposed to increase the eligibility salary threshold for bonus from Rs. 10,000 to Rs. 21,000 per month. The minimum bonus is 8.33% of salary and the maximum including productivity bonus cannot exceed 20% of salary. An employee must have worked for at least 30 days in a year to be eligible for bonus.
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Get minimum 70% refund of investment in factory set up in Gujarat
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Quantum of Incentive: minimum refund of 70% of eligible investment in taluka of category of 3 – additional percentage if set up in category 1 or 2 taluka - subject to certain percentage of net VAT/ SGST reimbursement
Time period for consideration of eligible fixed investment:
The assets acquired and paid on or after 1/1/2015 till the following time:
• MSME: 12 month from Date of Commencement of Production
• Large Industries (more than 10 crore investment): 15 month from DOCP
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• Unit has to employ at least 85% of its total employees domiciled in Gujarat.
• Also employ not less than 60% of managerial and supervisory staff
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We provide service of getting above subsidy from Gujarat Government. We have team of competent professional expertise in providing assistance for getting above subsidy from Gujarat Government and offer various related services to our clients who do not have to make any extra efforts to get above subsidy.
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Payment Of Bonus Act,1965
The Payment of Bonus Act, 1965 applies to factories employing 20 or more people and requires the payment of an annual bonus. It mandates a minimum bonus of 8.33% of salary for employees earning up to Rs. 10,000 per month who worked for at least 30 days. Bonus amount is calculated based on factors like available surplus, allocable surplus, and maximum/minimum bonus percentages. The bonus must be paid within 80 days of the accounting year close and employees can make recovery applications to the government if bonuses are not paid by employers within one year.
Payment of bonus act 1965
The Payment of Bonus Act 1965 aims to provide for the payment of bonus to employees in certain establishments based on profits or productivity. It applies to establishments employing 20 or more persons. Eligible employees must have worked for at least 30 days in an accounting year and earn less than Rs. 3,500 per month. The minimum bonus is 8.33% of salary and the maximum is 20%. Bonus must be paid within 8 months of the accounting year in cash. Employers must maintain registers and file annual returns. Non-compliance can result in fines or imprisonment. Bonus is calculated based on available surplus after accounting for profits, taxes, and other amounts as specified in the Act.
The payment of bonus act
The Payment of Bonus Act, 1965 was enacted to provide for the payment of an annual bonus to employees in certain establishments based on profits or productivity. Some key points of the act include:
- It applies to factories and establishments with 20 or more employees
- Eligible employees must have worked at least 30 days in a year to receive bonus
- Bonus is to be calculated based on a formula and must fall within a minimum and maximum percentage of salary
- The act aims to impose liability on employers to pay bonus and provide mechanisms for addressing disputes.
Payment of bonus act - which talks about payment of bonus
The Payment of Bonus Act, 1965 aims to regulate bonus payments to employees in establishments based on profit and productivity. It applies to establishments with 20 or more employees in India. Bonus is calculated as a percentage of salary or wages depending on allocable surplus and available surplus. Available surplus is gross profits minus permissible deductions like depreciation and taxes. The minimum bonus is 8.33% of salary and maximum is 20%. If surplus is less than minimum, minimum bonus still must be paid. Disputes are resolved through conciliation or referring to the government. Amendments and notifications may change specifics of calculations over time.
Payment of bonus act 1965
The document discusses the Payment of Bonus Act 1965 in India. It provides definitions of key terms like bonus and outlines the aims, applicability, eligibility criteria, minimum and maximum bonus amounts under the Act. It also covers the methods to calculate statutory bonus and available surplus, as well as employers' obligations around payment timelines, registers, returns and penalties for non-compliance. The document answers several questions around entitlement of different employee types and closes with conclusions and bibliography.
The Payment of Bonus act, 1965
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Payment of Bonus Act 1965
This document provides an overview of the Payment of Bonus Act 1965 in India. Some key points:
- The Act requires companies with 20+ employees to pay annual bonuses to eligible employees based on profits or productivity. Eligible employees earn less than 10,000 rupees per month.
- Calculation of available surplus funds and allocable surplus determine the bonus amount payable. Minimum bonus is 8.33% of wages, maximum is 20%.
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The Payment of Bonus Act, 1965 aims to provide payment of bonus to employees in certain establishments based on profits or productivity. It applies to factories and establishments with 20 or more employees. Eligible employees must have worked for at least 30 days in the year. Bonus is calculated based on the available and allocable surplus of the establishment. The minimum bonus is 8.33% of wages and maximum is 20%. Records must be maintained in Forms A, B, and C. Ex-gratia payments are made voluntarily without legal obligation, often along with bonus payments.
48-payment-of-bonus-act_final1965-ppt-1-1-apalka-bareja.pptx
The Payment of Bonus Act, 1965 was introduced to regulate the payment of bonus to employees based on profits. Key points:
- It applies to establishments with 20+ employees and requires employers to pay a minimum bonus of 8.33% of salary or Rs. 100/month. The maximum bonus is 20% of salary.
- Bonus is calculated based on available surplus which is gross profits less taxes and depreciation. 60% of available surplus is allocable surplus used to calculate bonus amounts.
- Eligible employees include temporary, part-time, and probationary workers. Bonus must be paid within 8 months of the fiscal year end, or 1 month if there is a dispute.
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Payment of bonus act, 1965
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
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The document provides information about payment of bonus under the Payment of Bonus Act, 1965. Some key points:
1. The Act applies to every factory and other establishments employing 20 or more people. It requires payment of minimum bonus of 8.33% of salary or Rs. 100, whichever is higher, even if there are losses or no allocable surplus.
2. If allocable surplus exceeds the minimum bonus amount, employers must pay bonus proportionate to salary, subject to a maximum of 20% of salary. Excess surplus can be carried forward for next 4 years.
3. Bonus must be paid within 8 months of the end of the accounting year. It can be extended up to 2
Payment of Bonus Act, 1965
The Payment of Bonus Act, 1965 makes it mandatory for employers to pay their employees an annual bonus. It aims to provide bonus payments to workers in certain establishments as a way to share profits. Key points:
- The Act defines bonus as a payment beyond normal wages to reward employees. It made bonus a statutory right rather than dependent on company profits or production.
- Employers must pay a minimum annual bonus of 8.33% of wages or 100 rupees, whichever is higher, if an employee worked at least 30 days in a year.
- For higher profits, employers must pay a bonus proportionate to wages up to a maximum of 20% of wages.
- Employees can be
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- The age limit for senior citizens for income tax purposes was reduced from 65 to 60 years and further classified into two categories based on age.
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The Payment of Bonus Act, 1965 applies to factories employing 20 or more people and requires the payment of an annual bonus. It mandates a minimum bonus of 8.33% of salary for employees earning up to Rs. 10,000 per month who worked for at least 30 days. Bonus amount is calculated based on factors like available surplus, allocable surplus, and maximum/minimum bonus percentages. The bonus must be paid within 80 days of the accounting year close and employees can make recovery applications to the government if bonuses are not paid by employers within one year.
Payment of bonus act 1965
The Payment of Bonus Act 1965 aims to provide for the payment of bonus to employees in certain establishments based on profits or productivity. It applies to establishments employing 20 or more persons. Eligible employees must have worked for at least 30 days in an accounting year and earn less than Rs. 3,500 per month. The minimum bonus is 8.33% of salary and the maximum is 20%. Bonus must be paid within 8 months of the accounting year in cash. Employers must maintain registers and file annual returns. Non-compliance can result in fines or imprisonment. Bonus is calculated based on available surplus after accounting for profits, taxes, and other amounts as specified in the Act.
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The Payment of Bonus Act, 1965 was enacted to provide for the payment of an annual bonus to employees in certain establishments based on profits or productivity. Some key points of the act include:
- It applies to factories and establishments with 20 or more employees
- Eligible employees must have worked at least 30 days in a year to receive bonus
- Bonus is to be calculated based on a formula and must fall within a minimum and maximum percentage of salary
- The act aims to impose liability on employers to pay bonus and provide mechanisms for addressing disputes.
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The Payment of Bonus Act, 1965 aims to regulate bonus payments to employees in establishments based on profit and productivity. It applies to establishments with 20 or more employees in India. Bonus is calculated as a percentage of salary or wages depending on allocable surplus and available surplus. Available surplus is gross profits minus permissible deductions like depreciation and taxes. The minimum bonus is 8.33% of salary and maximum is 20%. If surplus is less than minimum, minimum bonus still must be paid. Disputes are resolved through conciliation or referring to the government. Amendments and notifications may change specifics of calculations over time.
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This document provides an overview of the Payment of Bonus Act 1965 in India. Some key points:
- The Act requires companies with 20+ employees to pay annual bonuses to eligible employees based on profits or productivity. Eligible employees earn less than 10,000 rupees per month.
- Calculation of available surplus funds and allocable surplus determine the bonus amount payable. Minimum bonus is 8.33% of wages, maximum is 20%.
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- The SEBI will allow provident funds to invest 5-15% of funds in equities, and the government cut corporate tax rates by 5% over four years.
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The Payment of Bonus Act, 1965 aims to provide payment of bonus to employees in certain establishments based on profits or productivity. It applies to factories and establishments with 20 or more employees. Eligible employees must have worked for at least 30 days in the year. Bonus is calculated based on the available and allocable surplus of the establishment. The minimum bonus is 8.33% of wages and maximum is 20%. Records must be maintained in Forms A, B, and C. Ex-gratia payments are made voluntarily without legal obligation, often along with bonus payments.
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The Payment of Bonus Act, 1965 was introduced to regulate the payment of bonus to employees based on profits. Key points:
- It applies to establishments with 20+ employees and requires employers to pay a minimum bonus of 8.33% of salary or Rs. 100/month. The maximum bonus is 20% of salary.
- Bonus is calculated based on available surplus which is gross profits less taxes and depreciation. 60% of available surplus is allocable surplus used to calculate bonus amounts.
- Eligible employees include temporary, part-time, and probationary workers. Bonus must be paid within 8 months of the fiscal year end, or 1 month if there is a dispute.
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This document summarizes key changes from the Indian Budget 2017 relating to direct taxes, indirect taxes, and other financial measures. For individuals, the document outlines changes such as reduced income tax rates, increased deduction limits, and simplified income tax returns. For corporates and professionals, it discusses changes like the corporate tax rate and presumptive taxation. The document also summarizes changes to capital gains tax, TDS/TCS provisions, and introduces new penalties for non-compliance. Regarding indirect taxes, it notes that the Goods and Services Tax is expected to be implemented soon and replaces existing service tax and excise duty laws.
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A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
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It outlines that income tax rates, health and education cess rates, and surcharge rates remain unchanged for FY2022-23. It introduces provisions for taxation of virtual digital assets at 30% and mandatory TDS of 1% on transfer of such assets. It also allows individuals to file an updated income tax return within 24 months of the assessment year on payment of additional tax. The document provides details of various deductions available under Chapter VI-A of the Income Tax Act.
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The writeup covers important amendments that impact you directly and consciously we have avoided to mention the amendments which are procedural in nature. This writeup we believe would help you in complying with the law during the new financial year now underway.
Do get back to us if you have any questions and we would be delighted to help you out.
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The document provides information about payment of bonus under the Payment of Bonus Act, 1965. Some key points:
1. The Act applies to every factory and other establishments employing 20 or more people. It requires payment of minimum bonus of 8.33% of salary or Rs. 100, whichever is higher, even if there are losses or no allocable surplus.
2. If allocable surplus exceeds the minimum bonus amount, employers must pay bonus proportionate to salary, subject to a maximum of 20% of salary. Excess surplus can be carried forward for next 4 years.
3. Bonus must be paid within 8 months of the end of the accounting year. It can be extended up to 2
Payment of Bonus Act, 1965
The Payment of Bonus Act, 1965 makes it mandatory for employers to pay their employees an annual bonus. It aims to provide bonus payments to workers in certain establishments as a way to share profits. Key points:
- The Act defines bonus as a payment beyond normal wages to reward employees. It made bonus a statutory right rather than dependent on company profits or production.
- Employers must pay a minimum annual bonus of 8.33% of wages or 100 rupees, whichever is higher, if an employee worked at least 30 days in a year.
- For higher profits, employers must pay a bonus proportionate to wages up to a maximum of 20% of wages.
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Payment of bonus act - which talks about payment of bonus
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The document discusses psychometric testing and provides information on various types of psychometric tests. It begins with an introduction to psychometric testing, noting that such tests scientifically measure mental capabilities and behavioral styles to assess a candidate's suitability for a role. It then provides details on specific tests, including the Myers-Briggs Type Indicator (MBTI) personality test, Locus of Control test measuring internal vs. external attribution, a self-esteem test, and tests measuring leadership, conflict management, and other skills. The document concludes that psychometric tests objectively measure behavior and are widely used by HR professionals to aid selection and assessment.
An industrial visit report on amar ujala
The industrial visit report summarizes Amar Ujala Publications Ltd., a leading Hindi newspaper based in Noida, India. The report discusses the company's organizational structure, departments, products, and divisions. Key points include that Amar Ujala has 11 departments and follows a tall organizational structure. Its major products are the Amar Ujala newspaper, website, and mobile apps. Major divisions include digital, Touch Point, and books and magazines. The report also provides a brief SWOT analysis and overview of the recruitment process.
nestle case study
This document contains an assignment on business ethics and the business environment submitted by Navan Sodhi. It includes answers to 5 questions:
1. Sustainable development is defined as economic development conducted without exhausting natural resources and ensuring economic and environmental benefits are available to all.
2. Additional measures Nestle could take to protect the environment include improving manufacturing eco-efficiency, conserving water resources, and investing in reducing waste and resource consumption.
3. An organization that works towards sustainable development will matter more in the future because it ensures human potential and prosperity while protecting the planet for present and future generations through responsible consumption, production, and action on climate change.
glocal approach
Global companies should analyze local markets and customer needs before developing branding and marketing campaigns. They should communicate directly with local customers in their own language to understand preferences and promote their brand. Companies should set specific, measurable goals for local markets and develop taglines and campaigns that appeal to local customer emotions and culture based on regular customer feedback.
coca-cola vietnam case study
The document provides information about Coca-Cola's CSR initiatives in Vietnam related to water conservation. It discusses Coca-Cola's goals to return the equivalent amount of water used in its beverages to local communities by 20% reducing water usage in plants by 2012. It also notes that Coca-Cola undertook the initiatives to protect its brand image from criticism about large water usage, and to ensure sustainable local communities and ecosystems that its business relies on. The document then examines Coca-Cola's stakeholders in Vietnam and risks of using NGO partners to interact with communities instead of direct engagement.
rating scale method
This document discusses performance appraisal techniques, specifically rating scales. It provides an overview of performance appraisals, their purpose for companies, and some common techniques used, including rating scales. Rating scales are then discussed in more detail, including the advantages and disadvantages. Three specific types of rating scales are outlined: graphic rating scales, global rating scales, and behaviorally anchored rating scales (BARS). The document provides examples of how companies use graphic rating scales and what BARS assess. It concludes with a brief discussion of potential biases in rating methods.
Case Study - Coolex
The document discusses the strategy planning issues facing Coolex, an air conditioning company. Coolex has seen its market share decline from 55% to 40% as competitor Airtemp has grown to 15% share. Coolex currently uses a traditional, reactive approach focused on external competition rather than building on its core competencies. The document recommends that Coolex evolve its strategy by focusing on building and exploiting its own resources and core competencies to take a proactive, competence-based approach rather than solely reacting to competitors and the external environment.
business definition
Business definition is a strategic process where firms select unique positions in their industry to gain competitive advantages. It involves creatively defining the firm's focus and objectives. Successful business definition results in the firm concentrating its efforts on key areas while avoiding unnecessary activities. It also provides direction and motivation for other strategic decisions. Over time, the optimal focus may need to shift from narrow to broad as industries mature and the competitive landscape changes, requiring periodic reevaluation and redefinition of the business.
Indian business leader
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Authorities of industrial dispute act, 1947
The document summarizes key aspects of the Industrial Disputes Act, 1947 in India. It defines an industrial dispute and outlines various authorities established under the Act to resolve disputes, including Works Committees, Conciliation Officers, Boards of Conciliation, Courts of Inquiry, Labour Courts, Industrial Tribunals, and a National Tribunal. Each authority is described in terms of its composition, appointment process, duties, and procedures for handling disputes referred to it and submitting reports or awards. The overall purpose of the Act and these authorities is to facilitate the amicable settlement of disputes related to employment and work conditions in industry.
Esfj personality type
The document describes the ESFJ (Extraverted Sensing Feeling Judging) personality type. ESFJs are helpful, tactful, compassionate, and orderly. They place high value on getting along with others and enjoy organizing people and tasks. However, their weaknesses can include being too inflexible, needy, selfless, reluctant to innovate, and worried about social status. Potential strengths of ESFJs include setting up effective procedures, strong people skills, decisiveness, and building consensus. In the workplace, ESFJs make loyal and hardworking subordinates and effective managers. Common career paths for ESFJs involve areas like healthcare, education, and customer service. Famous ESFJ personalities include
Minimum wages for states across
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Globalisation and its impact on international business environment
Globalization has integrated international trade, investment, technology and cultures, making international business easier through increased cross-border trade. International business involves importing/exporting goods/services and foreign investment to acquire resources, increase market size, and minimize risks. It accounts for over half of India's GDP and attracts investment in sectors like transportation, travel, finance and technology. Globalization benefits international businesses through greater competition, economies of scale, investment, and resource efficiency while saving on foreign exchange costs. It has had a large, positive impact on international business and trade.
Changing role of Human Resources
Changes in the environment of Human Resource Management
Diversity in the changing role of Human Resources
Cadbury - Market Analysis
Cadbury India produces chocolate, snacks, candy and other food products. It owns several major brands like Cadbury Dairy Milk and Bournvita. Cadbury operates in over 60 countries and employs around 45,000 people globally. A SWOT analysis identified brand equity, successful marketing campaigns and famous brands as strengths, while controversies and competitive pressure from other companies were seen as weaknesses and threats. Cadbury competes against Mars, Hershey's and Nestle in India. Its Shubh Aarambh campaign was aimed at consumers aged 15-35 and helped reestablish Cadbury's image. Evaluation of the Joytree YouTube video found it gained over 800,000 views quickly and increased Twitter followers. Brand linkage
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at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar KanvariaLAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UP
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environment for investigating the changes in vegetation cover dynamics. Our study utilizes
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significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
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'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
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centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
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Accurate understanding of land use and cover is imperative for the development planning
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9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
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occur natural.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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The payment of bonus (amendment) bill
- 1. THE PAYMENTOF BONUS (AMENDMENT) BILL, 2015 Presented by: Navan Sodhi (PGDM – HR)
- 2. THE PAYMENTOF BONUSACT, 1965 The Payment of Bonus Act, 1965 provides for the payment of bonus to persons employed in certain establishments, employing 20 or more persons, on the basis of profits or on the basis of production or productivity and matters connected there with.
- 3. The minimum bonus of 8.33% is payable by every industry and establishment under section 10 of the Act. The maximum bonus including productivity linked bonus that can be paid in any accounting year shall not exceed 20% of the salary/wage of an employee under the section 31 A of the Act.
- 5. The Bill will come into force on April 1, 2015. The Act provides for the annual payment of bonus to employees of certain establishments (including factories and establishments employing 20 or more persons). Under the Act, bonus is calculated on the basis of the employee’s salary and the profits of the establishment.
- 6. SECTION 2 (13) "EMPLOYEES ELIGIBLE FOR BONUS" Any person (other than an apprentice) employed on a salary or wage not exceeding 21,000/- rupees per month in any industry to do any skilled or unskilled manual, supervisory, managerial, administrative, technical or clerical work for hire or reward, whether the terms of employment be express or implied; (2007 amendment)
- 7. S.No Year Of Amendment Eligibility Limit (Rs. Per Month) Calculation Ceiling (Rs. Per Month) 1. 1965 Rs. 1600 Rs.750 2. 1985 Rs.2500 Rs. 1600 3. 1995 Rs. 3500 Rs. 2500 4. 2007 Rs. 10000 Rs. 3500 5. 2015 Rs. 21000 Rs. 7000 Or the minimum wage for scheduled employment, as fixed by the appropriate Government, whichever is higher.
- 8. ELIGIBILITY FOR BONUS. [SEC 8] An employee will be entitled only when he has worked for 30 working days in that year. (2007 amendment)
- 9. CALCULATION OF BONUS [SEC 12] Where the salary or wage of an employee exceeds Rs.7,000/- per mensem, the bonus payable to such employee under Sec.10, or as the case may be, under Sec.11, shall be calculated as if his salary or wage were Rs.7,000/- per mensem. The Government has decided to enhance the eligibility limit for payment of bonus 3500/- per month (2015 amendment)
- 10. THANKYOU