Hi, I am on notice period in my current job. It will be completed on 20th July 2019. I am going to ask for my bonus for the financial year 18-19. Are there any rules or laws regarding bonuses so that I can inquire about it with my HR?
From India, Jaipur
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From India, Jaipur
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Time-limit for payment of bonus has been fixed under Section 19 of the Payment of Bonus Act, 1965.
In case of any disputed claim for bonus under the Act, the bonus should be paid within a month from the enforceable date of the award or the date of operation of the settlement relating to the dispute. In any other case, it should be paid within a period of 8 months from the close of the accounting year.
Coming to the query, the accounts of the establishment for the accounting year 2018-19 would have been closed on 31-03-2019 and as such, the employer can have time for payment till 30-11-2019. However, since the poster's formal exit is likely to be effective from 20-07-2019, he can ask for the bonus to be included in his Full and Final settlement. The employer is bound to pay if the quantum of the bonus is decided and declared for the accounting year; if not, the poster has to wait until 30-11-2019.
From India, Salem
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6185In case of any disputed claim for bonus under the Act, the bonus should be paid within a month from the enforceable date of the award or the date of operation of the settlement relating to the dispute. In any other case, it should be paid within a period of 8 months from the close of the accounting year.
Coming to the query, the accounts of the establishment for the accounting year 2018-19 would have been closed on 31-03-2019 and as such, the employer can have time for payment till 30-11-2019. However, since the poster's formal exit is likely to be effective from 20-07-2019, he can ask for the bonus to be included in his Full and Final settlement. The employer is bound to pay if the quantum of the bonus is decided and declared for the accounting year; if not, the poster has to wait until 30-11-2019.
From India, Salem
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If you are drawing a basic salary plus DA below Rs. 21,000/- per month, you are eligible for a minimum bonus amount of Rs. 7,000/- for the whole year or as per the minimum wages applicable to your grade, whichever is higher.
You are eligible for a bonus for the financial year 2018-19 (01.04.2018 to 31.03.2019) on or before 30.11.2019 and a bonus for the period from 01.04.2019 to 20.07.2019 on or before 30.11.2020 (Financial Year 2019-20).
If your company has a policy to pay bonuses to employees through settlement, they may pay you; otherwise, you are entitled as per the above.
Regards, Suresh
From India, Thane
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You are eligible for a bonus for the financial year 2018-19 (01.04.2018 to 31.03.2019) on or before 30.11.2019 and a bonus for the period from 01.04.2019 to 20.07.2019 on or before 30.11.2020 (Financial Year 2019-20).
If your company has a policy to pay bonuses to employees through settlement, they may pay you; otherwise, you are entitled as per the above.
Regards, Suresh
From India, Thane
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Hi, I had a demand for my bonus before my relieving. At that time, the HR and payroll officer of my company told me that if I want to get my bonus, my F&F would get delayed as they will release my F&F with the bonus amount at the time when they will release the bonus for the company. I agreed to the delay, but now without any information, they have released my F&F without the bonus. When I tried to contact them via phone, they did not give me a satisfactory answer. Now, I am going to write an email regarding this. My question is, is there any place, forum, or institution where I can raise my complaint? What is the procedure to get my bonus amount as I worked for my company, and I believe it is my right to receive my bonus amount? Please suggest and brief me on the process.
From India, Jaipur
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From India, Jaipur
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