Dear all,
I am working in a advertisement company that is newly start up...we have to make the salary breakup of the new employees. I have a question to ask you that if we will show the bonus in their breakup so are they entitle to get bonus in this year as bonus always paid for the last year working...
plz guide i m fresher in HR i need ur support....
Thanks
Poja
From India, Delhi
1I am working in a advertisement company that is newly start up...we have to make the salary breakup of the new employees. I have a question to ask you that if we will show the bonus in their breakup so are they entitle to get bonus in this year as bonus always paid for the last year working...
plz guide i m fresher in HR i need ur support....
Thanks
Poja
From India, Delhi
Poja, You can show the min. bonus of 8.3% as the rate of bonus is susceptible to change as per the financial standings of your company. Pon
From India, Lucknow
From India, Lucknow
Statutory Bonus as per bonus Act is always paid for the last year ended on 31 March. and will be paid upto 8 month after completion of Financial year.......
From India, Surat
From India, Surat
I think you talking about statutory bonus under Payment of Bonus Act.
Statutory bonus should not be a component of the gross salary, it is a stautory obligation of the employer to pay bonus calculated on the profit/loss of the company, apart from the fixed monthly wages to employees, if applicable.
regards,
Kamal
From India, Pune
Statutory bonus should not be a component of the gross salary, it is a stautory obligation of the employer to pay bonus calculated on the profit/loss of the company, apart from the fixed monthly wages to employees, if applicable.
regards,
Kamal
From India, Pune
Kamal,
Gratuity is also a statutory benefit. Employer contribution of PF is also a statutory benefit. But many companies are including those components into CTC in order to inflate the CTC. In CTC regime, all payouts are included.
Pon
From India, Lucknow
Gratuity is also a statutory benefit. Employer contribution of PF is also a statutory benefit. But many companies are including those components into CTC in order to inflate the CTC. In CTC regime, all payouts are included.
Pon
From India, Lucknow
@PON
I mentioned about gross wages and not CTC. If i m not wrong, Poja is talking about gross salary and not CTC.
Employer contributions to gratuity/pf and esi can be included in annual CTC,, bonus can also be included in CTC but not in monthly gross salary.
From India, Pune
I mentioned about gross wages and not CTC. If i m not wrong, Poja is talking about gross salary and not CTC.
Employer contributions to gratuity/pf and esi can be included in annual CTC,, bonus can also be included in CTC but not in monthly gross salary.
From India, Pune
Dear Kamal we are putting bonus as a part of CTC bt my thread is that if I m appointing an employee this year so at the time of diwali n others so Can he will be entitle to get bonus this year.
From India, Delhi
From India, Delhi
In Oct 2011 you will pay bonus for the financial year April 2010 - March 2011. So anyone appointed after 31st March 2011 will not get bonus.
From India, Pune
From India, Pune
Dear Pooja
The statutory bonus @ 8.33% (minimum) is paid only for the previous financial year and also if the employee has worked for atleast 30 days in previous financial year. If you are paying bonus in November 2011, it will be related to year April 2010 to March 2011. Now if employee is not working till 31.03.2011, there is no question of payment of bonus. He will be paid bonus only in November 2012 or October 2012 (Diwali time). You can show the bonus in CTC of an employee and to be at safer side you can add the note in his letter as "payment of bonus shall be subjected to the provisions of Payment of Bonus Act 1965". This sentence will take care of all your apprehnsions.
From India, Mumbai
The statutory bonus @ 8.33% (minimum) is paid only for the previous financial year and also if the employee has worked for atleast 30 days in previous financial year. If you are paying bonus in November 2011, it will be related to year April 2010 to March 2011. Now if employee is not working till 31.03.2011, there is no question of payment of bonus. He will be paid bonus only in November 2012 or October 2012 (Diwali time). You can show the bonus in CTC of an employee and to be at safer side you can add the note in his letter as "payment of bonus shall be subjected to the provisions of Payment of Bonus Act 1965". This sentence will take care of all your apprehnsions.
From India, Mumbai
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