Bonus and its Determination
Bonus meaning:
Something given or paid in addition to what is usual or expected. a. A sum of money or an equivalent given to an employee in addition to the employee's usual compensation.
b. A sum of money in addition to salary that is given to a professional athlete for signing up with a team.
Definition of 'Bonus'
1. Additional compensation given to an employee above his/her normal wage. A bonus can be used as a reward for achieving specific goals set by the company, or for dedication to the company.
2. Bonuses are one of the ways employers reward their employees for a job well done. And offering regular, significant bonuses is a way to keep your best people from looking elsewhere for a job.
3. Bonuses are usually determined as a percentage of annual salary, though giving all employees the same monetary bonus is also an option
Eligibility and determination of bonus
Every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisions of this Act, provided he has worked in the establishment for not less than thirty working days in that year.
Where an employee has not worked for all the working days in an accounting year, the minimum bonus of one hundred rupees or, as the case may be, of sixty rupees, if such bonus is higher than 8.33 per cent of his salary or wage for the days he has worked in that accounting year, shall be proportionately reduced.....
Bonus under the payment of bonus act cannot be claimed by workers as a matter of right. The bonus formula under the act rest on calculation of the available surplus and the following steps Computation of available surplus. The available surplus in respect of any accounting year shall be the gross profits for that year after deducting there from the sums referred to in section 6 : Provided that the available surplus in respect of the accounting year commencing on any day in the year 1968 and in respect of every subsequent accounting year shall be
Something given or paid in addition to what is usual or expected. a. A sum of money or an equivalent given to an employee in addition to the employee's usual compensation.
b. A sum of money in addition to salary that is given to a professional athlete for signing up with a team.
Definition of 'Bonus'
1. Additional compensation given to an employee above his/her normal wage. A bonus can be used as a reward for achieving specific goals set by the company, or for dedication to the company.
2. Bonuses are one of the ways employers reward their employees for a job well done. And offering regular, significant bonuses is a way to keep your best people from looking elsewhere for a job.
3. Bonuses are usually determined as a percentage of annual salary, though giving all employees the same monetary bonus is also an option
Eligibility and determination of bonus
Every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisions of this Act, provided he has worked in the establishment for not less than thirty working days in that year.
Where an employee has not worked for all the working days in an accounting year, the minimum bonus of one hundred rupees or, as the case may be, of sixty rupees, if such bonus is higher than 8.33 per cent of his salary or wage for the days he has worked in that accounting year, shall be proportionately reduced.....
Bonus under the payment of bonus act cannot be claimed by workers as a matter of right. The bonus formula under the act rest on calculation of the available surplus and the following steps Computation of available surplus. The available surplus in respect of any accounting year shall be the gross profits for that year after deducting there from the sums referred to in section 6 : Provided that the available surplus in respect of the accounting year commencing on any day in the year 1968 and in respect of every subsequent accounting year shall be