What is the Legal requirement of Bonus at a time of Full & Final?

PRABHAT RANJAN MOHANTY

588

Dear Friend,
It is unnecessary things are being streched rather to wrap within the dictation of law & rules. As per the Act that all amounts payable to an employee by the way of bonus are to be paid within 8 months from the close of the accounting year. For example year 2016-17, the bonus should be paid to the employees any day between 1.04.2017 to 30.11.2017.
If an employee leaves job by 31.03.2017, his/her bonus can be paid on 1.4.2017 with his F & F settlement @8.33%. By doing this one will invite another problem that employee may not agree for 8.33%. As a cultural practice organisations are declareing bonus during the major festival of the state(Durga Puja or Diwali) after consultation with union. So full & Final and Bonus are two different aspects it should not be wrapped in one pocket, bonus to be paid only when it is due & to be paid within the date.
27th November 2017 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.