Hello Everyone, I would like to know that for a person working as a Vice President in Pvt. Ltd. company, for him company has to pay him Gratuity or Bonus in monthly salary or have to pay separately? like bonus yearly & gratuity after leaving the job (if he completes continues 5 years job)?
From India, Jalalpur
From India, Jalalpur
Hi,
Even Vice President category, if employed on stipulated terms and conditions of the Employer is eligible for Gratuity provided he/she fulfills the eligibility criteria as stipulated by the Gratuity Act. Obviously Gratuity to be paid after exit only.
With regard to Bonus for such Senior level with high salary Bonus will not be applicable. However a lump sum amount may be paid by the employer in the name of ex-Gratia or performance bonus or incentive....
From India, Madras
947Even Vice President category, if employed on stipulated terms and conditions of the Employer is eligible for Gratuity provided he/she fulfills the eligibility criteria as stipulated by the Gratuity Act. Obviously Gratuity to be paid after exit only.
With regard to Bonus for such Senior level with high salary Bonus will not be applicable. However a lump sum amount may be paid by the employer in the name of ex-Gratia or performance bonus or incentive....
From India, Madras
True, about bonus, I would like to put it like this,,,,it is not the level of the employee but salary of the employee which will decide whether bonus is payable to an employee or not and, of course, bonus will not be applicable if the bonus qualifying salary of the so called VP is not more than Rs 21000 per month!
I have seen the salary structure of a very senior level employee employed in one of the Top TEN software companies in India. The CTC structure speaks about a gratuity which is calculated based on his BASIC SALARY which was Rs 13000 per month! If the gratuity qualifying salary of that employee is Rs 13000, as against his fixed remuneration of Rs 1, 37,000, he should get bonus also. This is because, for both purposes, the wages/ salary means the sum total of the amounts that an employee gets as per the contract of employment. If you say that his "salary" is Rs 137,000 and hence he is not eligible to bonus, you should calculate his gratuity also on that "salary". You cannot have two treatment,one for payment of bonus and another for payment of gratuity.
From India, Kannur
I have seen the salary structure of a very senior level employee employed in one of the Top TEN software companies in India. The CTC structure speaks about a gratuity which is calculated based on his BASIC SALARY which was Rs 13000 per month! If the gratuity qualifying salary of that employee is Rs 13000, as against his fixed remuneration of Rs 1, 37,000, he should get bonus also. This is because, for both purposes, the wages/ salary means the sum total of the amounts that an employee gets as per the contract of employment. If you say that his "salary" is Rs 137,000 and hence he is not eligible to bonus, you should calculate his gratuity also on that "salary". You cannot have two treatment,one for payment of bonus and another for payment of gratuity.
From India, Kannur
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