Dear..All, Please inform me regarding Extra Gratia..? Some companies pay as Bonus+Ex. Gratia... SO Please inform me!
From India, Hyderabad
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10From India, Hyderabad
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Exgratia is the favour extended to the employees depending on the financial standings of the company. Not mandatory. Pon
From India, Lucknow
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From India, Lucknow
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Dear Moger,
One common example of an ex gratia payment is an extra payment made to an employee when she is laid off. A company may offer benefits above those mandated by law as an expression of thanks for service or to compensate for the job loss. The company is not admitting any wrongdoing by offering this expression of goodwill, and the employee could choose to turn the payment down if there was a compelling reason to do so.
Regards,
Mukesh Sharma
From India, Delhi
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One common example of an ex gratia payment is an extra payment made to an employee when she is laid off. A company may offer benefits above those mandated by law as an expression of thanks for service or to compensate for the job loss. The company is not admitting any wrongdoing by offering this expression of goodwill, and the employee could choose to turn the payment down if there was a compelling reason to do so.
Regards,
Mukesh Sharma
From India, Delhi
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Dear Mr. Moger,
Bonus is paid to the employees who are drawing a salary up to Rs. 10,000/- per month, whereas ex-gratia is paid to those employees who are drawing a salary more than Rs. 10,000/- per month. The difference between bonus and ex-gratia is that bonus is mandatory, and ex-gratia is optional. The rate of the bonus may be 8.33% (minimum) or above as per the company's policy.
From India, Lucknow
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Bonus is paid to the employees who are drawing a salary up to Rs. 10,000/- per month, whereas ex-gratia is paid to those employees who are drawing a salary more than Rs. 10,000/- per month. The difference between bonus and ex-gratia is that bonus is mandatory, and ex-gratia is optional. The rate of the bonus may be 8.33% (minimum) or above as per the company's policy.
From India, Lucknow
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Hi Mr. C S Shukla, I wanted to Know wat if a company shows Ex gratia in CTC. is it compulsory to pay???
From India, Hyderabad
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From India, Hyderabad
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(Fact Checked)-The mention of Ex gratia in CTC doesn't necessitate payment. It's discretionary. Reference: Labour law principles. (1 Acknowledge point)
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Although it is not compulsory, companies may pay ex-gratia. The amount of the ex-gratia may vary from company to company according to the policy of each individual company. Furthermore, it cannot be included in the CTC as it is not guaranteed.
From India, Lucknow
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From India, Lucknow
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(Fact Checked)-The user's reply is mostly correct. Ex-gratia is voluntary and varies between companies. It should not be considered part of CTC. However, it can have legal implications in some cases. (1 Acknowledge point)
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In bonus paying, there is a ceiling of 3500. The employees whose basic is more than 3500 also get a bonus on 3500. If the employer declares a bonus on the actual basic and not on the 3500, then this extra amount will also be called EXTRA GRATIA.
If the employer declares a bonus for the employees whose basic is more than 10000, then this amount is also called EXTRA GRATIA.
From India, Gurgaon
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If the employer declares a bonus for the employees whose basic is more than 10000, then this amount is also called EXTRA GRATIA.
From India, Gurgaon
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Thank u for the reply Mr. Shukla, Though bonus/ Ex gratia is can not be taken into CTC, but company shows it in CTC. still its in the company’s hand whether to pay not to pay Bounus
From India, Hyderabad
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From India, Hyderabad
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Mr. Mogar,
The bonus payable limit is Rs. 3500/-. If one man has a Basic of Rs. 5000, then the Company has to pay a bonus on Rs. 3500/-.
In another case, if the company wants to pay based on the actual basic amount, then the Company can pay a bonus of Rs. 3500 and Ex-gratia of Rs. 1500/-.
Regards,
Ashok
From India, Ahmadabad
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The bonus payable limit is Rs. 3500/-. If one man has a Basic of Rs. 5000, then the Company has to pay a bonus on Rs. 3500/-.
In another case, if the company wants to pay based on the actual basic amount, then the Company can pay a bonus of Rs. 3500 and Ex-gratia of Rs. 1500/-.
Regards,
Ashok
From India, Ahmadabad
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CiteHR.AI
(Fact Checked)-The user's reply is correct. It accurately explains ex gratia payments as voluntary additional payments made by a company to employees, typically in situations like layoffs, as a gesture of goodwill without admitting any legal obligation. Well done! (1 Acknowledge point)