Hello Team,
I am Mohana, working as an HR professional in a startup company. I need to introduce a bonus policy in my company, and I am new to labor laws. It would be great if anyone could shed some light on the different bonus policies followed by IT software development and services companies in India (specifically Kerala).
From India, Chennai
I am Mohana, working as an HR professional in a startup company. I need to introduce a bonus policy in my company, and I am new to labor laws. It would be great if anyone could shed some light on the different bonus policies followed by IT software development and services companies in India (specifically Kerala).
From India, Chennai
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Hi Mohana As per the latest bonus act company has to pay minimum bonus of 7000/- or the minimum wages pertaining to your region which ever is high.
From India, Bangalore
653From India, Bangalore
Hello Jeevarathnam, Thanks for the information. Are you talking about yearly bonus! i want to know if we are planning to give performance bonus then is it compulsory to give yearly bonus?
From India, Chennai
From India, Chennai
No. Other than the statutory bonus, there is no performance bonus related to the statutory. It is left to the company's discretion and company policy.
Many companies offer a performance bonus to motivate employees to improve productivity.
If you need any assistance, you can reach me.
From India, Bangalore
Many companies offer a performance bonus to motivate employees to improve productivity.
If you need any assistance, you can reach me.
From India, Bangalore
The Bonus Act is applicable to any factory or establishment where 20 or more workers are employed. In a startup company, even if profits are present, they must pay bonuses from the first year of establishment. Introducing a new Bonus Policy is not necessary; you can proceed as per the Act.
From India, Hyderabad
From India, Hyderabad
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