Bonus for Bank employees : Reasons to cheer

"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) SpecialAllowance with DA only."

Also read :Grant of Non-Productivity Linked Bonus (ad-hoc bonus) to Central Government Employees

Above narration is taken from a circular from Andhra Bank dated 18.08.2017.

Also read :Productivity Linked Bonus for the Financial Year 2021-2022

Click here for full text of the circular