Hi Sir, Greetings! I have been working with an MNC company with financial year starting from February - January. I have been with this concern from 2005 and am plannning to move on to another organization by mid April 2011 and have submitted my resignation. I have received my full and final settlement statement which does not include bonus. when i raised a querry i was informed that as the company has not declared bonus yet generally our bonus is spilit into two 25% at time of Diwali and balance 75% by end April - i have received 25% of my bonus during Diwali and am being told that am not eligible to get balance 75% as I have resigned and company has also not declared.
My querry here is will i be eligible for the bonus when it declared latter when am not in service with the company as i consider bonus is for the completed period of service and i have completed 12 full months after the previous bonus period. I will be greatful to have some expert advise on this. Also pls do let me know if my querry carried a clarity or should i furnish some more details
From India, Coimbatore
My querry here is will i be eligible for the bonus when it declared latter when am not in service with the company as i consider bonus is for the completed period of service and i have completed 12 full months after the previous bonus period. I will be greatful to have some expert advise on this. Also pls do let me know if my querry carried a clarity or should i furnish some more details
From India, Coimbatore
Hi,
I am facing a similar issue, currently working in an IT company and serving the notice period. The variable pay / prformance bonus for Jan - Dec 2010 is paid to all employees in march 2011 salary. However, all employees who have resigned and are serving their notice period have not been given their bonus. There is a clause in the FAQ document for performance bonus on the company's website "The bonus may / may not be paid to the employees who have resigned / current on notice period as per the Organizations decision." Is it legal to not pay the bonus for Jan - Dec 2010 to employees just because they have resigned? Who should we approach in this case?
Almost all IT companies in India cheat employees by not paying their bonus which they have earned for the last FY just becasu they have resigned. This is no reason to hold back someones earnings when they have duly earned it. What is the right approach to sort this matter?
Regards,
RK
From India
I am facing a similar issue, currently working in an IT company and serving the notice period. The variable pay / prformance bonus for Jan - Dec 2010 is paid to all employees in march 2011 salary. However, all employees who have resigned and are serving their notice period have not been given their bonus. There is a clause in the FAQ document for performance bonus on the company's website "The bonus may / may not be paid to the employees who have resigned / current on notice period as per the Organizations decision." Is it legal to not pay the bonus for Jan - Dec 2010 to employees just because they have resigned? Who should we approach in this case?
Almost all IT companies in India cheat employees by not paying their bonus which they have earned for the last FY just becasu they have resigned. This is no reason to hold back someones earnings when they have duly earned it. What is the right approach to sort this matter?
Regards,
RK
From India
Dear All, if your salary is Rs 10,000/-( basic + DA), then you are elligible to get the statutory bonus at the rate of 8.33%, if you have worked in an establishment for 30 days or more then 30 days. This statutory bonus which is protected and secure by Payment of Bonus Act is mandotory payable.
instead of that if you are not covered under the above said Act, then what ever name it called like incentive bonus, production bonus, attendance bonus etc depends on your company policy.
87instead of that if you are not covered under the above said Act, then what ever name it called like incentive bonus, production bonus, attendance bonus etc depends on your company policy.
Thanks for the prompt response. All IT companies have the Shop & Establishment Act that applies to them. For the benefit of business the notice period has chnaged from one month to 3 months over a period of time to protect the companies. Is there no way one can request for an amendment in the Act to protect the employees, so that they get their bonus?
Regards,
RK
From India
Regards,
RK
From India
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