Hi All,
Please suggest me regarding Diwali Bonus Payment.
In which month we should pay the bonus of Diwali.
For Example:- If Diwali is in Nov. then-
1.) Should we pay the bonus in November, which is the salary of the month
of October.?
OR
2.) Should we pay the bonus in December i.e the salary of November.?
From India, Jalandhar
1Please suggest me regarding Diwali Bonus Payment.
In which month we should pay the bonus of Diwali.
For Example:- If Diwali is in Nov. then-
1.) Should we pay the bonus in November, which is the salary of the month
of October.?
OR
2.) Should we pay the bonus in December i.e the salary of November.?
From India, Jalandhar
Statutory Bonus ( Payment of Bonus Act ) has to be paid before 08th months from closing of Accounts' Books. Other than statutory bonus it is at your own discretion to disburse the same.
From India, Pune
From India, Pune
Dear Jyoti,
Statutory bonus to be paid within 8 months (at any time based on your preference) from the close of accounting year
In addition to statutory bonus, if you are paying by volunteer mean you can pay before 10 – 15 days from the date of celebration so that individual can plan their purchase accordingly.
Lawrence K
From India, Madras
Statutory bonus to be paid within 8 months (at any time based on your preference) from the close of accounting year
In addition to statutory bonus, if you are paying by volunteer mean you can pay before 10 – 15 days from the date of celebration so that individual can plan their purchase accordingly.
Lawrence K
From India, Madras
Dear Jyoti,
I am unable to understand the ternminology used as Diwali Bonus. Under section 19 of Payment of Bonus Act, 1965, Bonus shall be paid within 8 months from the close of Financial Year i.e. 30th of November and return in form D needs to be sent to the inspector within 30 days after disbursement of Bonus i.e. 31st of December.
Regards,
Manvendra.
From Germany, Frankfurt
I am unable to understand the ternminology used as Diwali Bonus. Under section 19 of Payment of Bonus Act, 1965, Bonus shall be paid within 8 months from the close of Financial Year i.e. 30th of November and return in form D needs to be sent to the inspector within 30 days after disbursement of Bonus i.e. 31st of December.
Regards,
Manvendra.
From Germany, Frankfurt
Can anyone one tell me if i have worked in an organisation and a contract emp for Nov 12 and i have received a new contract from June'13 to May'14. Am i eligible for bonus pay in the month of November'13.
From India, Mumbai
From India, Mumbai
Dear All,
What if the organization is in the initial period of it's start up ie. 5 yrs from the date of establishment?
I think in the initial 5 yrs company is not bound to pay the Bonus?
Is it right?
Regards,
Snehalata
From India, Pune
What if the organization is in the initial period of it's start up ie. 5 yrs from the date of establishment?
I think in the initial 5 yrs company is not bound to pay the Bonus?
Is it right?
Regards,
Snehalata
From India, Pune
Bonus is not,payable if the company has made losses for the first 5 years of the unit.
Remember this is for every unit not for the company. The unit (if there is separate accounts available) must show a loss. Of there is profit, bonus is payable even within the first 5 years
From India, Mumbai
Remember this is for every unit not for the company. The unit (if there is separate accounts available) must show a loss. Of there is profit, bonus is payable even within the first 5 years
From India, Mumbai
Payment of bonus act provides for payment of customary bonus.
Diwali comes under the concept of customary bonus.
From the payment to be made under bonus act, payment made for customary bonus should be deducted and the balance (if any) should be paid.
From India, Mumbai
Diwali comes under the concept of customary bonus.
From the payment to be made under bonus act, payment made for customary bonus should be deducted and the balance (if any) should be paid.
From India, Mumbai
It is -
The company is not bound to pay the bonus for the first 5 years of its establishment or until it becomes profitable (whichever is earlier)
So say if you became profitable in the 2nd year, you're bound to pay bonus for that year... and onwards...
I think the act proposes for set-off and set-on (seniors should be able to guide you better since I have no work experience handling this)
This is so that if in a particular period the company is not profitable or has less funds, the company can manage from the surplus fund set aside for such situations.
So as stated above if your company became profitable in 2nd year, you should ideally also set aside some surplus to pay atleast the minimum bonus as per guidelines next year if the company don't generate enough revenue. (even if it is under loss.)
So a company cannot refrain from paying bonus stating they've not completed their 5 years period of establishment, if they become profitable in any of 1 year in that period.
Seniors, please correct me if i am wrong...
From India, Mumbai
The company is not bound to pay the bonus for the first 5 years of its establishment or until it becomes profitable (whichever is earlier)
So say if you became profitable in the 2nd year, you're bound to pay bonus for that year... and onwards...
I think the act proposes for set-off and set-on (seniors should be able to guide you better since I have no work experience handling this)
This is so that if in a particular period the company is not profitable or has less funds, the company can manage from the surplus fund set aside for such situations.
So as stated above if your company became profitable in 2nd year, you should ideally also set aside some surplus to pay atleast the minimum bonus as per guidelines next year if the company don't generate enough revenue. (even if it is under loss.)
So a company cannot refrain from paying bonus stating they've not completed their 5 years period of establishment, if they become profitable in any of 1 year in that period.
Seniors, please correct me if i am wrong...
From India, Mumbai
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.
Diwali Bonus Survey.doc
Diwali Bonus.jpg