Tips and General guideline for payment of Annual Bonus to the employees.
1) Bonus has no concern with blue or white-collar categories of employees.
2) Any person whose wages/salary is below 21000 (basic & DA) is eligible for bonus.
3) Any employee who work more than 30 days in a previous financial year is entitled for bonus.
4) The bonus is payable on Rs.7000 or minimum wages of that financial year, whichever is higher.
5) The percentage of bonus shall be decided based on allocable surplus in the balance sheet of the related financial year.
6) The set-on/set-off has to be done for the calculation of allocable surplus, which is done by the CA of the company.
7) As per payment of bonus act the last date of disbursement of bonus is 30th of November of every year.
8) Annual return is to submitted to the labour department in “Form D” before 30th December of every year.
9) The payment of bonus to the contract labour shall be paid by the contractor as above but as per his own outcome of balance sheet.