Dear Seniors,
I'm little bit confused of bonus rules, can anybody tell me that if a company is continuously giving the bonus and extra bonus (Ex-Gratia) from several years on yearly profit rising.
so now the company don't wants to pay the extra bonus (Ex-Gratia) to employees although the company has gained around 10% growth in net profit.
Please suggest if is there any legal rule which bound the company to do so.
Regards,
Sorabh Gupta
From India, Jaipur
I'm little bit confused of bonus rules, can anybody tell me that if a company is continuously giving the bonus and extra bonus (Ex-Gratia) from several years on yearly profit rising.
so now the company don't wants to pay the extra bonus (Ex-Gratia) to employees although the company has gained around 10% growth in net profit.
Please suggest if is there any legal rule which bound the company to do so.
Regards,
Sorabh Gupta
From India, Jaipur
Dear Sorabh Gupta,
Whether profits or no profits, minimum bonus payable is 8.33%; maximum bonus payable is up to 20% when the allocable surplus exceeds the minimum bonus subject to the condition that the amount of set-on and set-off has to be taken into account while determining the allocable surplus for the accounting year.
Ex-gratia can not be claimed as a matter of right.
From India, Salem
6018Whether profits or no profits, minimum bonus payable is 8.33%; maximum bonus payable is up to 20% when the allocable surplus exceeds the minimum bonus subject to the condition that the amount of set-on and set-off has to be taken into account while determining the allocable surplus for the accounting year.
Ex-gratia can not be claimed as a matter of right.
From India, Salem
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.
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Hello Seniors.doc