@ Vijay Steven - Please do not communicate incorrect information on the portal. In case you are not sure about the answer it's better to not post on threads.
Bonus is a statutory payment and has nothing to do with the performance of an employee.
As per Bonus Act, an employee who has completed 30 days with an organization is eligible to receive Bonus payment but he will not receive it along with the full and final settlement as in his case he has resigned in the month of December. The bonus is paid in the next financial year preferrably around Diwali time.
If the employee has joined in the month of June, he will receive his bonus payments next year around Diwali.
Regards,
Shweta Gehlot
From India, Delhi
8Bonus is a statutory payment and has nothing to do with the performance of an employee.
As per Bonus Act, an employee who has completed 30 days with an organization is eligible to receive Bonus payment but he will not receive it along with the full and final settlement as in his case he has resigned in the month of December. The bonus is paid in the next financial year preferrably around Diwali time.
If the employee has joined in the month of June, he will receive his bonus payments next year around Diwali.
Regards,
Shweta Gehlot
From India, Delhi
Firstly please read your email before sending it. My name is misspelled.
also with regards to bonus, if you are talking about non IT industry then you may follow the bonus act. For IT companies, bonus is always and will be performance driven.
I have given the meaning of bonus.
Nevertheless, let us be clear while communicating if it is for Non IT or IT.
I am not convinced, how can you award or be applicable to an employee with bonus in one month.
What value add does the employee bring to the organization, what happens to cost to hire?
From India, Pune
Paymet of Bonus act is applicable to all types of companies where there are employees and employer relationship exists.
Payment of Bonus act speaks about grant of Minimum compalsary bonus applicable to eligible employees.
It Also speaks about Bonus that is above minimum laid ceiling where surplus allocations are accounted for.
In view of the above it is to be seen that in this case grant of bonus becomes eligible.
As regards to probation,I would like to know what exactly the probation mean to an employee.
Have the terms and conditions of probations be explained and mentioned in the Offer/joining letter.
Does it include that No statutory compliance or Bonus will be granted.
Can an employer state such terms and conditions for employees probation.
What If an employee is said to be probation and dies on duty, is the Employer not to be held accounted for any compensation just because no compliance be considered in probation.
I presume if there exists an establishment/ company/ where employees and employer relation exists,then there also exist the applicability of all the relevant labour laws and social security obligations
From India, Vadodara
Payment of Bonus act speaks about grant of Minimum compalsary bonus applicable to eligible employees.
It Also speaks about Bonus that is above minimum laid ceiling where surplus allocations are accounted for.
In view of the above it is to be seen that in this case grant of bonus becomes eligible.
As regards to probation,I would like to know what exactly the probation mean to an employee.
Have the terms and conditions of probations be explained and mentioned in the Offer/joining letter.
Does it include that No statutory compliance or Bonus will be granted.
Can an employer state such terms and conditions for employees probation.
What If an employee is said to be probation and dies on duty, is the Employer not to be held accounted for any compensation just because no compliance be considered in probation.
I presume if there exists an establishment/ company/ where employees and employer relation exists,then there also exist the applicability of all the relevant labour laws and social security obligations
From India, Vadodara
It depends on the company policy and procedure. However practice is bonus to my understanding generally has frequency associated to it. What I mean is if it is quarterly and employee has completed that part of time then he is eligible for that previous quarter. I have actual precedence when in an MNC my bonus was secured in monthly compensation. Thanks.
From India
From India
Dear Vijaya Madam,
I work for an IT company but i never heard of performance driven, in fact i have never heard of individual performance driven bonus, The thing which you are referring is PI that is performance Incentive, Bonus is always at an organisational level, this is decided by the company's performance and usually all It firms give the least that is 8.33%, where as manufacturing can go up to 30%.
From India, Bengaluru
I work for an IT company but i never heard of performance driven, in fact i have never heard of individual performance driven bonus, The thing which you are referring is PI that is performance Incentive, Bonus is always at an organisational level, this is decided by the company's performance and usually all It firms give the least that is 8.33%, where as manufacturing can go up to 30%.
From India, Bengaluru
If in a mfg. industry all employee getting bonus. If an employee having monthly salary 21100/-(basic 16100+hra 3000+conveyance 2000) whether he is eligible to get bonus or not.
From India, Bhogpur
From India, Bhogpur
Yes he is eligible for bonus if he has worked for more than 30 days and Basic Salary is not more than 21000/ per month.
From India, Pune
From India, Pune
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc