Hi,
Thanks for all the replies. I have already mentioned above that deducted bonus was a part of my CTC and as per the terms and conditions mentioned in appointment letter, it is paid at the end of the financial year.
My concern was if should it paid to the employee at full & final as per the bonus act if it's a part of the CTC not a performance bonus which is disbursed at the end of year.
Thanks and Regards,
Varun
From India, Delhi
Thanks for all the replies. I have already mentioned above that deducted bonus was a part of my CTC and as per the terms and conditions mentioned in appointment letter, it is paid at the end of the financial year.
My concern was if should it paid to the employee at full & final as per the bonus act if it's a part of the CTC not a performance bonus which is disbursed at the end of year.
Thanks and Regards,
Varun
From India, Delhi
Hi,
It is not a performance bonus, it is a part of my CTC as per the Annexure of appointment letter but the disbursed timing of the same is not mentioned in appointment letter.
Please suggest if the employer is doing against the law as it's part of my monthly salary and not based on performance which should be paid only after the end of year.
Thanks & Regards,
Varun
From India, Delhi
It is not a performance bonus, it is a part of my CTC as per the Annexure of appointment letter but the disbursed timing of the same is not mentioned in appointment letter.
Please suggest if the employer is doing against the law as it's part of my monthly salary and not based on performance which should be paid only after the end of year.
Thanks & Regards,
Varun
From India, Delhi
Actually it is not called as Bonus. It is called as a Variable component of your CTC which can be paid by company or cant be. In my company also the bonus which are in Annexure is given according to PMS not according to Profit or Loss of the Company. It also compile with POB Act.
From India, Bhubaneswar
3From India, Bhubaneswar
Dear, Tell me your joined & left date so that i can suggest you about your bonus.
From India, Gurgaon
From India, Gurgaon
First, what is your salary ?
Pay,net of bonus is not applicable for anyone paid wage / salary of more than 10,000 per month.
Second, ctc is only an indicator of total cost to company in normal course. You can not enforce ctc unless specified in the appointment letter as a component of your salary.
Third, it was never deducted from your salary. It is a part of the ctc but not a part of gross pay as it is not a monthly wage component. Most probably, you are not eligible for bonus.
From India, Mumbai
Pay,net of bonus is not applicable for anyone paid wage / salary of more than 10,000 per month.
Second, ctc is only an indicator of total cost to company in normal course. You can not enforce ctc unless specified in the appointment letter as a component of your salary.
Third, it was never deducted from your salary. It is a part of the ctc but not a part of gross pay as it is not a monthly wage component. Most probably, you are not eligible for bonus.
From India, Mumbai
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc