Is that Ok, in case of we are merging yearly bonus in monthly salary. As per law/act, is there any issue ? Please advice
From India, Pune
From India, Pune
How that is possible? Bonus is a payment to employees, as their share of profit , in the case of company isyielding profit. Even if it incur loss
statutorily you have to pay minimum bonus, as stipulated in the Payment of Bonus Act. If an individual is employed in your company for
a minimum period of 30 days, he is entitled to receive bonus for that particular financial year.
Thanks
R K Nair
From India, Aizawl
625statutorily you have to pay minimum bonus, as stipulated in the Payment of Bonus Act. If an individual is employed in your company for
a minimum period of 30 days, he is entitled to receive bonus for that particular financial year.
Thanks
R K Nair
From India, Aizawl
Hello Anand, It is impossible to show bonus in monthly breakup. Bonus has to be a part of ctc ie the yearly package and the thread by RK nair is also true. Regards Namita
From India, Pune
From India, Pune
No, You can not pay bonus monthly basis because bonus is a profit sharing option as a end of FY..
From India, Jaipur
From India, Jaipur
For the purpose of escalation of CTC, you can show Bonus amount in your CTC sheet, attached to the Offer of appointment
to employees/candidates.
But coming to the context of payment, Bonus is different and salary is different.
Both needs to be paid to employees, as per relevant provisions of Payment of Wages Act and Payment of Bonus Act. separately.
Trust by now, the matter is clearred to you.
Thanks
R K Nair
From India, Aizawl
to employees/candidates.
But coming to the context of payment, Bonus is different and salary is different.
Both needs to be paid to employees, as per relevant provisions of Payment of Wages Act and Payment of Bonus Act. separately.
Trust by now, the matter is clearred to you.
Thanks
R K Nair
From India, Aizawl
According to me, and logical.
Bonus is part of CTC. as long as it has mentioned in Fixed cost, employer is bound to pay the same, even it's loss to the company (considering bonus act).
I had discussed with labour commisioner in mumbai, according to him as long as it's been paid to employee regularly, and recorded in the payment register duly signed by employee, it's should not have any issue.
Regards,
Nilesh C B
From India, Mumbai
Bonus is part of CTC. as long as it has mentioned in Fixed cost, employer is bound to pay the same, even it's loss to the company (considering bonus act).
I had discussed with labour commisioner in mumbai, according to him as long as it's been paid to employee regularly, and recorded in the payment register duly signed by employee, it's should not have any issue.
Regards,
Nilesh C B
From India, Mumbai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc