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Sunday, 27 August 2017

Bonus for Bank Employees for the year 2016-17 as per Bonus amendment Act 2015

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Bonus for Bank Employees for the year 2016-17 as per Bonus amendment Act 2015 – Bonus Rate 8.33% of Salary of Bank Employees

Andhra Bank
(A Govt. of India Undertaking)
Head Office
Circular No.168
Ref No.03/31
Date: 18.8.2017
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.
General Manager (HR)

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