Hi All, If an employee left the company and has demanded his full & final, so in this case, we are required to pay him Current year bonus if yes please suggest on which law can say this requirement. also share the LAW Link
Regards
Lakhan
From India, Noida
Regards
Lakhan
From India, Noida
If any person serves for 30 days or more during the financial year, his wages/salary is less than Rs. 21000, then he is eligible to get his bonus.
If your organisation is going to pay only 8.33% Bonus, then you can pay the same while giving F&F Settlement itself. But your organisation will finalise the Bonus %age after seeing its profit and may pay maximum, then you can make the payment on or before 30 November of next financial year. The same can be conveyed to the outgoing staff/workmen and ask him to keep the bank account alive till he gets his Bonus in next financial year.
From India, Kumbakonam
1168If your organisation is going to pay only 8.33% Bonus, then you can pay the same while giving F&F Settlement itself. But your organisation will finalise the Bonus %age after seeing its profit and may pay maximum, then you can make the payment on or before 30 November of next financial year. The same can be conveyed to the outgoing staff/workmen and ask him to keep the bank account alive till he gets his Bonus in next financial year.
From India, Kumbakonam
First I would request members to please draft your question property with spelling error and grammar. This is an HR related web exchange of information and seek guidance. But many question does not give any value to the language and and how to draft a question. This is primary. If your seriousness is in asking question without any spelling error and re-writing and editing our question will help others to improve their vocabulary. Please be a part of well built community of peoples. This will uplift you in your life. I am not insisting or expecting total perfection- as typing error or small errors do happen. But when while writing there are red underline appearing why are people not correcting the spelling with the help available in every computer and ignore it??
Now first you have to see your employment contract. What does it says.
Now as far as total package, does it include bonus at 8.33%? Is there a wording it will be paid as and when declared or decided?
Presently many make a mistake of joining a corporate having worked from a medium level company. That is your old company might be paying you a good take home salary, plus as and when leave and bonus or ex-gratia or other is an additional amount that get paid as per company policy or festive.
Now they never do home work what are the emoluments they received in hand from all sources plus the company contributing on your behalf to PF and other facilities like Insurance premium etc. paid directly by the company.
Sit and workout your cost to the company where you are presently working. Then keep that in mind your Annual Package and Monthly what you are taking home.
Your take home salary is a must to know as you have to live as before immaterial of old or new company.
Now when you attend an interview they will ask you, what is your expectation? Keep this in mind that the annual package you worked out plus add 25% and quote and also tell them - a figure of your old take home salary plus 25%. Then it will come for negotiation. Keep your border line not to cross below it.
Ask the company to give you package they are offering.
Then delete all the company contribution out of it, and arrive the annual actual salary divided by 12 to monthly take home. (Here TDS should be considered but to be mentioned and explained that your take home salary as Rs.55,000.00 after deduction of Rs.5,000.00 as TDS you need to be paid Rs.50,000.00).
Many people see the attractive annual package and fall upon the trap and repent later.
Now coming to your bonus:
Some company has a Good Management, Good HR, Good relationship.
Many Company keep the HR under their Management and final decision they make to add what is to be paid from Finance.
So also good HR recommend to the management to pay all.
Many Management tell the HR to calculate everything due to the employee till his date of working and submit their working. They go through it and decide at the Board level meeting and settle the employee generously.
So read you package offered and accepted by you and accept the fact.
Many company do also tell the employee that as and when Bonus or ex-gratia is declared we will pay all the ex-employee.
Here beware as per income Tax angle either accrued or on receive basis or cash basis you can treat the amount.
But if the amount is large, your TDS will be there.
Sit and check your company policy and what and where you stand.
From Saudi Arabia
Now first you have to see your employment contract. What does it says.
Now as far as total package, does it include bonus at 8.33%? Is there a wording it will be paid as and when declared or decided?
Presently many make a mistake of joining a corporate having worked from a medium level company. That is your old company might be paying you a good take home salary, plus as and when leave and bonus or ex-gratia or other is an additional amount that get paid as per company policy or festive.
Now they never do home work what are the emoluments they received in hand from all sources plus the company contributing on your behalf to PF and other facilities like Insurance premium etc. paid directly by the company.
Sit and workout your cost to the company where you are presently working. Then keep that in mind your Annual Package and Monthly what you are taking home.
Your take home salary is a must to know as you have to live as before immaterial of old or new company.
Now when you attend an interview they will ask you, what is your expectation? Keep this in mind that the annual package you worked out plus add 25% and quote and also tell them - a figure of your old take home salary plus 25%. Then it will come for negotiation. Keep your border line not to cross below it.
Ask the company to give you package they are offering.
Then delete all the company contribution out of it, and arrive the annual actual salary divided by 12 to monthly take home. (Here TDS should be considered but to be mentioned and explained that your take home salary as Rs.55,000.00 after deduction of Rs.5,000.00 as TDS you need to be paid Rs.50,000.00).
Many people see the attractive annual package and fall upon the trap and repent later.
Now coming to your bonus:
Some company has a Good Management, Good HR, Good relationship.
Many Company keep the HR under their Management and final decision they make to add what is to be paid from Finance.
So also good HR recommend to the management to pay all.
Many Management tell the HR to calculate everything due to the employee till his date of working and submit their working. They go through it and decide at the Board level meeting and settle the employee generously.
So read you package offered and accepted by you and accept the fact.
Many company do also tell the employee that as and when Bonus or ex-gratia is declared we will pay all the ex-employee.
Here beware as per income Tax angle either accrued or on receive basis or cash basis you can treat the amount.
But if the amount is large, your TDS will be there.
Sit and check your company policy and what and where you stand.
From Saudi Arabia
Dear Bhaskar Sir, Please suggest which act this have mention and which clause also if you have any act copy please send . Regards Lakhan
From India, Noida
From India, Noida
DEAR ALL,
KINDLY SEND ME THE FORMAT OF WAGES REGISTER., ATTENDANCE REGISTER, LOAN & RECOVERY REGISTER, WAGE REGISTER, AND EMPLOYEE REGISTER LEAVE REGISTER IS THIS NECESSARY TO MAINTAIN WAGES REGISTER MANUALLY. I WANT TO MAININTING IN EXCEL. AS REQUIERED FOR PUNJAB GOVERNMENT FORMATS.
PLS PROVIDE DATA AND SUGGESTIONS AS WELL AS BECAUSE TOMORROW SUBMISSIONS LAST DAY
From India, Ahmedabad
KINDLY SEND ME THE FORMAT OF WAGES REGISTER., ATTENDANCE REGISTER, LOAN & RECOVERY REGISTER, WAGE REGISTER, AND EMPLOYEE REGISTER LEAVE REGISTER IS THIS NECESSARY TO MAINTAIN WAGES REGISTER MANUALLY. I WANT TO MAININTING IN EXCEL. AS REQUIERED FOR PUNJAB GOVERNMENT FORMATS.
PLS PROVIDE DATA AND SUGGESTIONS AS WELL AS BECAUSE TOMORROW SUBMISSIONS LAST DAY
From India, Ahmedabad
Hello Lakhan,
Whether or not an employee is entitled to receive a bonus upon leaving a company depends on the terms of their employment contract and any applicable laws or regulations.
In general, if the employee has already earned the bonus through their work and it has been agreed upon in their employment contract, they would be entitled to receive it upon leaving the company. However, if the bonus is discretionary or based on future performance, the employee may not be entitled to it.
In terms of laws, the entitlement to a bonus upon leaving a company may be governed by employment laws and regulations in your jurisdiction. These laws may vary depending on the country or state/province you are in.
To provide a more specific answer, could you please let me know the country or state/province where your company is located? This will help me to provide more targeted information on the relevant laws and regulations in your area.
From India, Mumbai
Whether or not an employee is entitled to receive a bonus upon leaving a company depends on the terms of their employment contract and any applicable laws or regulations.
In general, if the employee has already earned the bonus through their work and it has been agreed upon in their employment contract, they would be entitled to receive it upon leaving the company. However, if the bonus is discretionary or based on future performance, the employee may not be entitled to it.
In terms of laws, the entitlement to a bonus upon leaving a company may be governed by employment laws and regulations in your jurisdiction. These laws may vary depending on the country or state/province you are in.
To provide a more specific answer, could you please let me know the country or state/province where your company is located? This will help me to provide more targeted information on the relevant laws and regulations in your area.
From India, Mumbai
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Full n final settlement.doc