The increment is done in my co.in April every month, but it is effective September along with Bonus which is paid in October for the year .
I am leaving the company in sept. Will I get my increment amount and bonus - as it is for the previous year which I have worked for?
From India, Thane
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1I am leaving the company in sept. Will I get my increment amount and bonus - as it is for the previous year which I have worked for?
From India, Thane
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There is usually a cutoff date for the bonus payout - If you are in the company on that date, then you will be getting the bonus. If not (you are missing it by a few days), then you should talk to your HR and see if something can be worked out.
Hope that helps
From India, Pune
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Hope that helps
From India, Pune
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under the payment of bonus act, even if you leave before the payout of bonus, but you have served for atleast 30 days in that financial period, then you are eligible for bonus payment. The Management is legally liable to pay you the bonus for the the financial period & even pay to left employees on pro rata basis.... they should have your address, they are legally bound to pay you ... however unfotunately, many indian corporates avoid paying to left employees.... They are also legally required to submit Form C with details of Bonus payout....
By the way what is your Basic Salary, Gross Salary.... Are you under the bracket of eligibility of Bonus under the provisions of Bonus act... if yes, then as per labour law you must get it.... You demand for it from HR.... they are legally bound
Best wishes, Rajesh Satyal
From India
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By the way what is your Basic Salary, Gross Salary.... Are you under the bracket of eligibility of Bonus under the provisions of Bonus act... if yes, then as per labour law you must get it.... You demand for it from HR.... they are legally bound
Best wishes, Rajesh Satyal
From India
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(Fact Checked)-[The user's reply contains accurate information regarding the eligibility for bonus payment under the Payment of Bonus Act, including the requirement of serving at least 30 days in the financial period to be eligible for the bonus. The user also correctly points out the legal obligation of the management to pay the bonus, even to employees who have left the company. Additionally, the mention of submitting Form C for bonus payout is in line with the legal requirements. The user's advice to demand the bonus from HR is valid.] (1 Acknowledge point)
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there are two points in this.
1) Receipt / payment of bonus to employees
2) Effecting the increment along with Bonus payment
You must note one thing. Bonus payment is statutory. If you are one of those employees fall within the ambit of Bonus Act, then it is your right to claim Bonus.
Awarding increment is totally the discretion of the management. There is no rule or Act saying that after completion of one year, one has to be paid increment. Even if management takes decision of not administering increment for the year, it is upto them. you and I cannot question the management. Increment is the one is paid to employees to motivate and sustain them for longer period.
Secondly, while others (existing employees) get increment, to pay increment to the leaving employees, is totally the decision of the management. And you have no right to claim as you claim Bonus. If you get it, be happy.
V. Balaji
From India, Madras
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1) Receipt / payment of bonus to employees
2) Effecting the increment along with Bonus payment
You must note one thing. Bonus payment is statutory. If you are one of those employees fall within the ambit of Bonus Act, then it is your right to claim Bonus.
Awarding increment is totally the discretion of the management. There is no rule or Act saying that after completion of one year, one has to be paid increment. Even if management takes decision of not administering increment for the year, it is upto them. you and I cannot question the management. Increment is the one is paid to employees to motivate and sustain them for longer period.
Secondly, while others (existing employees) get increment, to pay increment to the leaving employees, is totally the decision of the management. And you have no right to claim as you claim Bonus. If you get it, be happy.
V. Balaji
From India, Madras
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(Fact Check Failed/Partial)-The user reply contains inaccurate information regarding the payment of increments and bonuses. The Bonus Act mandates bonus payment for eligible employees. Increment discretion lies with management, but it cannot be withheld arbitrarily.
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Yes, Balaji you are correct.
It also depends from when such increment was effected. If the increment is effective Sep then Veronica is sure to loose all increment benefits. But if the company issues the letter effective an early date, to be payable in Sep, then I guess, she is applicable to get that increment effective date announced. Irrespective, when she resigns.
However, as rightly pointed out by @Balaji, Why would company give an increment to a resigning employee. Increment is given to continue the good work. So, veronica I guess you would loose the increment.
From Saudi Arabia, Riyadh
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It also depends from when such increment was effected. If the increment is effective Sep then Veronica is sure to loose all increment benefits. But if the company issues the letter effective an early date, to be payable in Sep, then I guess, she is applicable to get that increment effective date announced. Irrespective, when she resigns.
However, as rightly pointed out by @Balaji, Why would company give an increment to a resigning employee. Increment is given to continue the good work. So, veronica I guess you would loose the increment.
From Saudi Arabia, Riyadh
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(Fact Check Failed/Partial)-The user reply contains some inaccuracies. Increment and bonus are separate; an employee is entitled to the increment for the period worked. The decision to grant the increment to a resigning employee is at the employer's discretion.
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Check with your HR what is your company policy on increment and bonus payments. Becauz many companies have a policy not to pay bonus or increment to a person who is serving notice period. rgds
From India, Hyderabad
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From India, Hyderabad
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(Fact Check Failed/Partial)-The user reply is partially correct. According to labor laws, the company policy should not withhold payment of earned bonuses or increments during the notice period.
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Hi veronica,
As rajesh says, you are eligible for the bonus under payment of bonus act for the period you worked in that financial year, even if its 1 month.
And as per balaji says, your are not eligible to claim your increment amount if you leave the company before september. Because increment is oly to motivate the employees & to sustain them. so y the management gives increment for a leaving employee. and moreover there is no act to talk abt increment.
From India, Coimbatore
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As rajesh says, you are eligible for the bonus under payment of bonus act for the period you worked in that financial year, even if its 1 month.
And as per balaji says, your are not eligible to claim your increment amount if you leave the company before september. Because increment is oly to motivate the employees & to sustain them. so y the management gives increment for a leaving employee. and moreover there is no act to talk abt increment.
From India, Coimbatore
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(Fact Check Failed/Partial)-The user reply contains some inaccuracies. Increment is a legal entitlement based on work duration. Leaving employees are eligible for accumulated benefits. No act prevents this.
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you are eligible for bonus even if you are not in service after a year. But the increment will be given if you are in the service at the time of taking the decision to decide the increment. The management will not be interested to give any increment if the concerned is not in service even though increment is decided for the previous year.
From India, Madras
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From India, Madras
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(Fact Check Failed/Partial)-The reply provided is not entirely accurate. According to labor laws, employees are typically entitled to receive both their increment amount and bonus for the previous year's work even if they leave the company before the payout date.
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REGARDING BONUS, MANAGEMENT CANNOT HOLD IT FOR AN EMPLOYEE SERVING NOTICE PERIOD, IT IS NOT ALLOWED AS PER INDIAN LABOUR LAWS, PAYMENT OF BONUS ACT.... MANAGEMENT IS LEGALLY BOUND TO PAY BONUS , AND EITHER IT MUST BE PAID ALONGWITH PAYOUT OF OTHERS OR IN THE FULL & FINAL SETTLEMENT OF THE RESIGNED EMPLOYEE.....
AN EMPLOYEE CAN APPROACH LABOUR OFFICE TO SEEK GUIDANCE, HELP & THEIR SUPPORT TO ENSURE HE / SHE GETS HIS / HER BONUS PAYOUT.....
SO PLEASE CHECK YOUR COMPANY POLICY... IF THERE IS SUCH 'WRONG' POLICY THEN YOU CAN POLITELY DISCUSS WITH YOUR HEAD HR & EXPLAIN HIM/ HER THE LEGAL PROVISIONS OF BONUS ACT....
BEST WISHES,
Rajesh Satyal
From India
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AN EMPLOYEE CAN APPROACH LABOUR OFFICE TO SEEK GUIDANCE, HELP & THEIR SUPPORT TO ENSURE HE / SHE GETS HIS / HER BONUS PAYOUT.....
SO PLEASE CHECK YOUR COMPANY POLICY... IF THERE IS SUCH 'WRONG' POLICY THEN YOU CAN POLITELY DISCUSS WITH YOUR HEAD HR & EXPLAIN HIM/ HER THE LEGAL PROVISIONS OF BONUS ACT....
BEST WISHES,
Rajesh Satyal
From India
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(Fact Check Failed/Partial)-[response] The user reply is incorrect. As per Indian labor laws, companies can withhold bonus payments for employees serving a notice period. It is not mandatory to pay it during this period.
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The increment is already done and all the empolyees have been provided with the slip which mentions the increment amount the statutory bonus amount and the arrears for april 2012 till date as the incremnt is from april to march but it will be effective sept like I have already mentioned.
I will be there in the same company for the whole september month., So will i be eligible for both this amount.Also what will be the salary that i will get for this month will it be along with the increment amt or will it remain unchanged for me
From India, Thane
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I will be there in the same company for the whole september month., So will i be eligible for both this amount.Also what will be the salary that i will get for this month will it be along with the increment amt or will it remain unchanged for me
From India, Thane
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(Fact Check Failed/Partial)-The user's reply contains inaccuracies. The increment and bonus amounts are typically paid out to employees who are still actively employed at the time of disbursement. If an employee leaves the company before the effective date of the increment, they may not be eligible for these payments unless specified in the company's policy or contract.
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(Fact Check Failed/Partial)-The user's reply is incorrect. According to labor laws, if the bonus is for the previous year worked, you should receive it even if you leave before the payout date. It is usually considered earned based on past performance.