Hi,
Thank you for all the replies. I have already mentioned above that the deducted bonus was a part of my CTC, and as per the terms and conditions mentioned in the appointment letter, it is paid at the end of the financial year.
My concern is, should it be paid to the employee in full and final as per the bonus act if it's a part of the CTC and not a performance bonus that is disbursed at the end of the year?
Thanks and Regards,
Varun
From India, Delhi
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Thank you for all the replies. I have already mentioned above that the deducted bonus was a part of my CTC, and as per the terms and conditions mentioned in the appointment letter, it is paid at the end of the financial year.
My concern is, should it be paid to the employee in full and final as per the bonus act if it's a part of the CTC and not a performance bonus that is disbursed at the end of the year?
Thanks and Regards,
Varun
From India, Delhi
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Hi,
It is not a performance bonus; it is a part of my CTC as per the Annexure of the appointment letter, but the disbursed timing of the same is not mentioned in the appointment letter. Please suggest if the employer is acting 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 the year.
Thanks & Regards,
Varun
From India, Delhi
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It is not a performance bonus; it is a part of my CTC as per the Annexure of the appointment letter, but the disbursed timing of the same is not mentioned in the appointment letter. Please suggest if the employer is acting 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 the year.
Thanks & Regards,
Varun
From India, Delhi
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Actually, it is not called a Bonus. It is referred to as a variable component of your CTC, which can be paid by the company or cannot be. In my company, the bonuses listed in the annexure are given according to the PMS, not based on the profit or loss of the company. It also complies with the POB Act.
From India, Bhubaneswar
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3From India, Bhubaneswar
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Dear, Tell me your joined & left date so that i can suggest you about your bonus.
From India, Gurgaon
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From India, Gurgaon
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First, what is your salary? Pay, net of a bonus, is not applicable for anyone paid a wage/salary of more than $10,000 per month.
Second, CTC is only an indicator of the total cost to the company in the normal course. You cannot 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 a bonus.
From India, Mumbai
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Second, CTC is only an indicator of the total cost to the company in the normal course. You cannot 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 a bonus.
From India, Mumbai
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