Bank Staff – Payment of Bonus @ 8.33% for F.Y. 2016-17 for employees – wage ceiling Rs.21,000/- p.m.

Bank Staff – Payment of Bonus @ 8.33% for F.Y. 2016-17 for employees – wage ceiling Rs.21,000/- p.m. 

Andhra Bank

(A Govt. of India Undertaking) 

Head Office 

HYDERABAD 

Department: HUMAN RESOURCES 

Circular No.168

Ref No.03/31 

Date: 18.8.2017 

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. 

• 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 ofBonus 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.

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)