Payment of Bonus Circular for 2016-17 : Bonus Rate 8.33% of Salary of Bank Employees
(A Govt. of India Undertaking)
Department: HUMAN RESOURCES
Reg: Staff – Payment of Bonus – As per Bonus (Amendment), Act 2015. For the Year 2016-17.
Payment of Bonus Act was amended recently. As per the amended provisions the ceiling on salary and wage has been increased from Rs.10000/- to Rs.21000/- per month. As such, employees whose salary/wage does not exceed Rs.21000/- per month are now eligible for bonus.
It has been decided to pay Bonus at the rate of 8.33% of salary to all the eligible employees for the period 01.04.2016 to 31.03.2017.
Salary for this purpose includes 1) Basic pay (including FPP & PQP) 2) Special Pay 3) Dearness Allowance 4) Special Allowance with DA only.
All the branches / offices may note to disburse the Bonus to all the eligible employees as per the procedure given here under:
Tentative list of eligible employees together with Bonus Calculation as per the data extracted from HRMS shall be provided to all Zones.
Zonal Offices should get the data verified and confirm the correctness of eligibility and amount of Bonus paid and payable.
For any modifications required to be undertaken in the list, Zonal Office should submit the details to HO with suitable justification
On receipt of the “Branch-wise difference and addition of Bonus payable details – as per the format given in Annexure-IV” from the Zonal offices, the Bonus Amount will be credited to the “Cheque Proceeds Account” of the Zonal Office for onward distribution to branches.
Branches should enter details of Bonus paid in the Bonus Register for verification by the Labour Department Officials.
The entire exercise of verification of calculation and Payment of Bonus to eligible employees should be completed by 25.09.2017.
For the information of our branches/offices, the important guidelines and illustrations are given in Annexure-I, II and III
All the salary disbursing authorities are advised to go through the contents of this circular carefully and adhere to the stipulations mentioned without any deviation.
(V B BHAGAVATHI)
General Manager (HR)
Click to view the Annexure I, II and III (Important Guidelines and Illustrations)