Hi All,
Please let me know the difference between statutory bonus and performance bonus.
As per my knowledge, statutory bonus is paid to all the employees whose basic salary is less than 10K per month, and the minimum compulsory limit is 8.33% of the basic salary.
Would be great if you can provide further insight.
Regards,
Urvashi
From India, Pune
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Please let me know the difference between statutory bonus and performance bonus.
As per my knowledge, statutory bonus is paid to all the employees whose basic salary is less than 10K per month, and the minimum compulsory limit is 8.33% of the basic salary.
Would be great if you can provide further insight.
Regards,
Urvashi
From India, Pune
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Dear Urvashi,
You know about statutory bonus, as explained by you, is correct. It is paid as per the Payment of Bonus Act 1965. Performance bonus is paid based on company policy and performance; no law applies to it.
Regards,
J. S. Malik
From India, Delhi
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174You know about statutory bonus, as explained by you, is correct. It is paid as per the Payment of Bonus Act 1965. Performance bonus is paid based on company policy and performance; no law applies to it.
Regards,
J. S. Malik
From India, Delhi
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc