Sir if salary is more than 21000 so how i get bonus in ltd company and wt is the rule of exgratia
From India, New Delhi
From India, New Delhi
Employees whose Basic+DA+VDA is Rs21,000/-PM & below in a financial year only come under the purview of The Payment of Bonus Act,1965
Ex Gratia is left to the discretion of the management.It is not mandatory/Statutory
From India, New Delhi
610Ex Gratia is left to the discretion of the management.It is not mandatory/Statutory
From India, New Delhi
If an employee is getting more than Rs.21000 basic salary, whether the company have to pay bonus or not?
From India
From India
No. The company has no legal obligation to pay bonus to an employee whose basic salary (let it be bonus qualifying salary) is more than Rs 21000 per month. If the employer thinks that it shall be paid to all employees as part of cost to company, naturally, it can be paid. Anything paid to an employee for which the said employee has no legal right is an exgratia. It is upto the management to pay or not to pay.
From India, Kannur
From India, Kannur
In that case, can the company refuse to pay the bonus if it’s part of the CTC offer under the pretext of bonus eligibility criteria? Thanks,
From India, Mumbai
From India, Mumbai
If the bonus figure is put as a part of cost to company as evidenced by a CTC structure in the in the contract of employment, then the employer should pay it to the employee. But in many cases, it would be put as payable 'depending on law in force'. Then it is disputable whether the amount is payable or not. The purpose of adding the amount of bonus to cost to company is to make it fancy and acceptable. But if the employer had expected that the amount shall vary depending upon the law regarding the minimum wages and the Payment of Bonus itself with regard to 'salary' restrictions like 7000 or minimum wages whichever is higher etc then, it can be considered as a flexible amount and is payable to those whose coming under the brackets only. But when the basic salary itself is more than Rs 21000, showing the amount of bonus as part of CTC will lead to make the employer pay the amount without doubt.
From India, Kannur
From India, Kannur
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BONUS CALCULATION RULE (1).pdf