Calculation of statutory bonus in india

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House Rent Allowance, or commonly known as HRA, is an amount which is paid by employers to employees as a part of their salaries to employees for paying their house rent. This allowance is on the basis that the employee is renting a place for accommodation for his work purpose. Copyright © 2021 Labour Law Advisor. All rights reserved. Why do you want to learn Payroll Processing? Adding New SkillCareer Growth & PromotionStarting consultancy(Labour Law, Payroll Processing)Knowledge & Upgradation

Your Email (required) Ans per Section 39 of Code on Wages – “All amounts payable to an employee by way of bonus under this Code shall be paid by crediting it in the bank account of the employee by his employer within a period of eight months from the close of the accounting year” Appropriate governments specify a wage limit above which statutory bonus is not mandatory. This limit is known as the Bonus Applicability Limit.

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