Hi,
Please let me know about the eligibility of an employee for getting a bonus - if an employee had joined a Pvt Ltd firm in May '2011, then whether he is eligible for a bonus in November '2012 or not?
Please reply.
Regards,
Hema
From India, Mumbai
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Please let me know about the eligibility of an employee for getting a bonus - if an employee had joined a Pvt Ltd firm in May '2011, then whether he is eligible for a bonus in November '2012 or not?
Please reply.
Regards,
Hema
From India, Mumbai
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NO. you will be eligible for year 2013 as bonus is calculated on financial year base so from date of joining to next financial year March 2013 bonus will be paid on diwali or April onwards.
From India, Ahmadabad
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76From India, Ahmadabad
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oh well, when he joins in may 2011 then he is eligible from May 2011 to March 2012 and get bonus in this year 2012.
From India, Ahmadabad
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From India, Ahmadabad
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Different companies have different cutoff dates to distribute bonuses, such as on Deepawali or on New Year. So, here the main consideration is eligibility. A company can distribute bonuses based on the accrual at the cutoff date.
So simple and clear!!
Chill HR
From India, Gurgaon
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So simple and clear!!
Chill HR
From India, Gurgaon
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As far as eligibility is concerned, every employee who is drawing wages up to and inclusive of Rs. 10,000 (Basic + DA) per month and who has worked for a minimum period of 30 days in a year is entitled to be paid a bonus. It should be disbursed within 8 months from the last date of the financial year, i.e., 31st March every year.
Regards,
Sandesh Sarode
From Australia
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Regards,
Sandesh Sarode
From Australia
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Sandesh Sarode is abslutely right in today scenario of salary structure every thing isincluded in ctc so every body gets bonus
From United States, Chicago
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From United States, Chicago
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Dear Heama Funde,
If a man joins in May 2011, he will be eligible for a bonus. The calculation period will be from May 2011 to March 2012, with the payable date set for 30.11.2012. It is important to note that he/she should not draw a monthly salary exceeding Rs10,000/- per month.
Hope it's clear now.
Thanks & Regards,
VK Sharma
HR, Tarapur
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If a man joins in May 2011, he will be eligible for a bonus. The calculation period will be from May 2011 to March 2012, with the payable date set for 30.11.2012. It is important to note that he/she should not draw a monthly salary exceeding Rs10,000/- per month.
Hope it's clear now.
Thanks & Regards,
VK Sharma
HR, Tarapur
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Hi Hema,
In case of a bonus, there are 2 types of bonuses. One is part of the CTC structure, and the other is a profit-sharing bonus.
In the part of CTC structure, it depends on the concerned company's HR policy as to when they will pay. Most companies usually pay during Diwali for the benefit of employees for Diwali expenses. Some companies also pay the same in April. The eligibility criteria depend on the company's strategies. The bonus calculation is based on 8.33% of the basic salary + D.A. on a prorate basis.
Regarding profit-sharing bonuses, most companies issue them after the completion of the financial year, according to the final balance sheet of the company in April or May, but this is not mandatory. Therefore, most companies issue the bonus as part of the CTC only.
Santosh Kulkarni
HR-Payroll, Aurangabad
From India, Mumbai
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In case of a bonus, there are 2 types of bonuses. One is part of the CTC structure, and the other is a profit-sharing bonus.
In the part of CTC structure, it depends on the concerned company's HR policy as to when they will pay. Most companies usually pay during Diwali for the benefit of employees for Diwali expenses. Some companies also pay the same in April. The eligibility criteria depend on the company's strategies. The bonus calculation is based on 8.33% of the basic salary + D.A. on a prorate basis.
Regarding profit-sharing bonuses, most companies issue them after the completion of the financial year, according to the final balance sheet of the company in April or May, but this is not mandatory. Therefore, most companies issue the bonus as part of the CTC only.
Santosh Kulkarni
HR-Payroll, Aurangabad
From India, Mumbai
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Hello, Hema,
If you are referring to the bonus payable under the Payment of Bonus Act, the employee who joined in May 2011 will be eligible to receive a bonus for the accounting year April 2011 to March 2012, payable by November 2012.
B. Saikumar
Mumbai
From India, Mumbai
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If you are referring to the bonus payable under the Payment of Bonus Act, the employee who joined in May 2011 will be eligible to receive a bonus for the accounting year April 2011 to March 2012, payable by November 2012.
B. Saikumar
Mumbai
From India, Mumbai
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Dear Hema,
Your query is about eligibility for a bonus under the Payment of Bonus Act 1965. Under the provisions of the Act, an employee who works for 30 days in an accounting year is entitled to a bonus. The accounting year means the year commencing from April to March every year. In your case, the employee has worked in the accounting years from May 2011 to March 2012 and as such, he is entitled to a bonus in November 2012. If he continues to be in employment from April 2012 onwards for 30 days or more, then he is also entitled to a bonus for the year April 2012 to March 2013. Hope this will satisfy you. For more clarification, please write to me at ace_placements2007@rediffmail.com or call on 09890752690.
Avinash Kanoray HR & Manpower Consultant and Trainer
From India, Pune
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Your query is about eligibility for a bonus under the Payment of Bonus Act 1965. Under the provisions of the Act, an employee who works for 30 days in an accounting year is entitled to a bonus. The accounting year means the year commencing from April to March every year. In your case, the employee has worked in the accounting years from May 2011 to March 2012 and as such, he is entitled to a bonus in November 2012. If he continues to be in employment from April 2012 onwards for 30 days or more, then he is also entitled to a bonus for the year April 2012 to March 2013. Hope this will satisfy you. For more clarification, please write to me at ace_placements2007@rediffmail.com or call on 09890752690.
Avinash Kanoray HR & Manpower Consultant and Trainer
From India, Pune
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Dear Madhuresh,
Your queries are quite relevant. There is a simple guideline: if any employees whose salary is up to Rs. 10k per month and have worked continuously for at least 30 days in that financial year, they are entitled to a bonus within 8 months of the closing of that financial year under the Payment of Bonus Act.
With regards,
Madhuresh
From India, Kumar
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Your queries are quite relevant. There is a simple guideline: if any employees whose salary is up to Rs. 10k per month and have worked continuously for at least 30 days in that financial year, they are entitled to a bonus within 8 months of the closing of that financial year under the Payment of Bonus Act.
With regards,
Madhuresh
From India, Kumar
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