Hi,
I have worked in a company for 2 months where yearly bonus was a part of my CTC which was deducted from monthly pay i.e. 643 /- per month. As I have resigned from the company within 2 months with notice period, they are not agreeing to pay the deducted bonus even though it's a part of my CTC.
Please advise if, as per the bonus law, can a company forfeit the employee bonus that is a part of CTC and should be paid at the end of the year.
From India, Delhi
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I have worked in a company for 2 months where yearly bonus was a part of my CTC which was deducted from monthly pay i.e. 643 /- per month. As I have resigned from the company within 2 months with notice period, they are not agreeing to pay the deducted bonus even though it's a part of my CTC.
Please advise if, as per the bonus law, can a company forfeit the employee bonus that is a part of CTC and should be paid at the end of the year.
From India, Delhi
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Usually, if the bonus is part of your salary and is included in the CTC, then the same has to be paid. Check with your appointment letter and share the same with the seniors for a response.
You mention that the bonus is deducted from the salary. Is it shown in the payslip, or are you calculating it from the Salary Annexure provided to you?
Please clarify and provide more details to receive favorable replies from seniors.
From India, Ahmadabad
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787You mention that the bonus is deducted from the salary. Is it shown in the payslip, or are you calculating it from the Salary Annexure provided to you?
Please clarify and provide more details to receive favorable replies from seniors.
From India, Ahmadabad
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The bonus you are referring may not come under POB Act 1965 Varghese Mathew
From India, Thiruvananthapuram
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From India, Thiruvananthapuram
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Dear Sir,
Normally, a bonus will not be part of your settlement. It will be paid only after the bonus is declared by the company and paid to all existing employees. Some organizations call for an application from the employees, requesting them to send the bonus due to them for the period they have worked with the organization.
Regards,
R. Sitaram
From India, Mumbai
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Normally, a bonus will not be part of your settlement. It will be paid only after the bonus is declared by the company and paid to all existing employees. Some organizations call for an application from the employees, requesting them to send the bonus due to them for the period they have worked with the organization.
Regards,
R. Sitaram
From India, Mumbai
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According to Bonus Act the employer has to pay the minimum bonus to the resigned employees. It is mandatory. So you can claim that
From India, Madurai
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From India, Madurai
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Doesn’t yearly bonus mean that the employee should work for a year before he is eligible for it?
From India, Bangalore
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From India, Bangalore
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According to the Bonus Act of 1965, Section 8 states that any employee who works for 30 days in a calendar year is eligible for a bonus payment. Therefore, you can claim this bonus as during the full and final settlement, the company should settle all dues such as the current month's salary, leave encashment, bonus, and gratuity (if the employee has completed 5 years of service).
From India, Hyderabad
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From India, Hyderabad
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Not necessary to work. Yearly calculation from Apr to Mar in the period of time, an employee who works will avail the bonus. The minimum bonus to be paid to employees is at least Rs.100 (for new joiners) or 8.33%.
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From India, Madurai
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I have corrected the spelling and grammar errors in the text provided. I have also ensured proper paragraph formatting with a single line break between paragraphs. The original meaning and tone of the message have been preserved.
From India, Madurai
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Hi,
The statutory bonus is obligatory to be paid if you have served a minimum of 30 days in a calendar year. However, it is not obligatory to pay it along with your FnF. The company declares bonus payment within a maximum of 9 months of the completion of the fiscal year. Upon the declaration, it becomes obligatory to pay you the said bonus.
From Saudi Arabia, Riyadh
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The statutory bonus is obligatory to be paid if you have served a minimum of 30 days in a calendar year. However, it is not obligatory to pay it along with your FnF. The company declares bonus payment within a maximum of 9 months of the completion of the fiscal year. Upon the declaration, it becomes obligatory to pay you the said bonus.
From Saudi Arabia, Riyadh
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