Hi Geet-chopadekar,
Your query appeared in this link -
https://www.citehr.com/609091-please...ml#post2418079
"We want to set new policy’s in our company which will applicable from April 2019. Please elaborate Diwali bonus & privilege leave eligibility for salary below 21000 & above".
21st February 2019 From India, Aurangabad
- Tell us about your Co., No.of employees and what Act applicable to your firm.
21st February 2019 From India, Bangalore
kumar.s
mehul-bhavsar Appreciated This Post
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geet-chopadekar
25 skill employee & 10 unskilled employee
22nd February 2019 From India, Aurangabad
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If yours is a factory regd.under the Factories Act, you have to adhere to the stipulations of both the Factories Act & the Payment of Bonus act.
As per the Payment of Bonus Act, there is no 'Dewwali' bonus, but the bonus is payable to all eligible employees within 6 months of the closure of accounts i.e. 31st March happens to be coinciding 'Diwali' season and most of the states in the central & northern parts of the country open traditionally a new year's a/c on 'Diwali day' whether in Oct. or Nov., hence generally called as Diwali bonus. Legally it's a 'statutory annual bonus'. It's a minimum of 8.33% of total wages or a maximum of 20%. There is also statutorily other formula provided in the Act as 'allocable surplus' which you have to follow.
Reg.Privilege Leave rules published by the state govt. as may be applicable has to be followed.
If you would need further clarification on this pl. continue this thread.
From India, Bangalore
1077Your query appeared in this link -
https://www.citehr.com/609091-please...ml#post2418079
"We want to set new policy’s in our company which will applicable from April 2019. Please elaborate Diwali bonus & privilege leave eligibility for salary below 21000 & above".
21st February 2019 From India, Aurangabad
- Tell us about your Co., No.of employees and what Act applicable to your firm.
21st February 2019 From India, Bangalore
kumar.s
mehul-bhavsar Appreciated This Post
-----------
geet-chopadekar
25 skill employee & 10 unskilled employee
22nd February 2019 From India, Aurangabad
------------
If yours is a factory regd.under the Factories Act, you have to adhere to the stipulations of both the Factories Act & the Payment of Bonus act.
As per the Payment of Bonus Act, there is no 'Dewwali' bonus, but the bonus is payable to all eligible employees within 6 months of the closure of accounts i.e. 31st March happens to be coinciding 'Diwali' season and most of the states in the central & northern parts of the country open traditionally a new year's a/c on 'Diwali day' whether in Oct. or Nov., hence generally called as Diwali bonus. Legally it's a 'statutory annual bonus'. It's a minimum of 8.33% of total wages or a maximum of 20%. There is also statutorily other formula provided in the Act as 'allocable surplus' which you have to follow.
Reg.Privilege Leave rules published by the state govt. as may be applicable has to be followed.
If you would need further clarification on this pl. continue this thread.
From India, Bangalore
Statutory Bonus is to be paid within 8 months of closure of accounts as per PB Act /Wage Code.
Leave ( Privilege/Annual) should be either as per Factories Act or S & E Act of the state as per the coverage of the establishment or factory.
S K Bandyopadhyay ( Howrah, WB)
From India, New Delhi
Leave ( Privilege/Annual) should be either as per Factories Act or S & E Act of the state as per the coverage of the establishment or factory.
S K Bandyopadhyay ( Howrah, WB)
From India, New Delhi
Good Evening all ,
recently i was interviewed by a company and they said there will be deduction of exgratia and pf from your ctc,is it mandatory to deduct exgratia amount ;if yes than what could be the % and when it would be paid ?
From Uganda
recently i was interviewed by a company and they said there will be deduction of exgratia and pf from your ctc,is it mandatory to deduct exgratia amount ;if yes than what could be the % and when it would be paid ?
From Uganda
CTC has no legal sanction. It is management tool to control individual employee cost. Every organization shows all cost related to any employee under CTC.
While processing payroll many company starts from CTC and after deducting Employer portion of PF, Exgratia, Statutory Bonus etc. it arrives at monthly gross salary. Then deduct employee portion of PF, ESIC if applicable, Professional Tax, Loan/Advance if any etc. to arrive at net pay.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
While processing payroll many company starts from CTC and after deducting Employer portion of PF, Exgratia, Statutory Bonus etc. it arrives at monthly gross salary. Then deduct employee portion of PF, ESIC if applicable, Professional Tax, Loan/Advance if any etc. to arrive at net pay.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
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Bonus eligibility.xls
Leave Eligibility for Foreign Staffs -ver1501.pdf
Amendment to Payment of Bonus Act 2015.jpg