Dear Sir, Can i give the bonus in two part (6-6 month ) in one FY.
From India, Kanpur
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From India, Kanpur
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Hi Vikas,
Yes, you can give a bonus in 2 parts; even monthly is possible. For labor compliance and legal support, our expert team can assist you. Please call for requirements if any.
Regards, KM Sr. Consultant (Labor and HR Compliance) 7708907021
From India, Bengaluru
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17Yes, you can give a bonus in 2 parts; even monthly is possible. For labor compliance and legal support, our expert team can assist you. Please call for requirements if any.
Regards, KM Sr. Consultant (Labor and HR Compliance) 7708907021
From India, Bengaluru
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The bonus is a reward that is paid to an employee for his work dedication towards the organization. The basic objective to give the bonus is to share the profit earned by the organization amongst the employees and staff members.The payment of bonus act applies to the whole of India. The Provision of this act applies to the following factories / establishments / companies:-
The factory defined under clause section 2 of the factories act 1948.
Every establishment in which 20 or more persons employed on any day during an accounting year.
The act also applies to public sectors in some cases.
Part-time employees also included.
Previously, the maximum bonus payable was 20% of Rs 3500 per month. The minimum bonus payment was capped at 8.33% of Rs 3500 per month or Rs 100, whichever is higher. The calculation ceiling of Rs 3500 is currently doubled to Rs 7000 per month “or the minimum wage for the scheduled employment, as fixed by the appropriate Government” (whichever is higher). Therefore, the cost associated with bonus payments could be double, based on the organization’s performance.
From India
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The factory defined under clause section 2 of the factories act 1948.
Every establishment in which 20 or more persons employed on any day during an accounting year.
The act also applies to public sectors in some cases.
Part-time employees also included.
Previously, the maximum bonus payable was 20% of Rs 3500 per month. The minimum bonus payment was capped at 8.33% of Rs 3500 per month or Rs 100, whichever is higher. The calculation ceiling of Rs 3500 is currently doubled to Rs 7000 per month “or the minimum wage for the scheduled employment, as fixed by the appropriate Government” (whichever is higher). Therefore, the cost associated with bonus payments could be double, based on the organization’s performance.
From India
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Dear Mr. Vikas and Mr. KM,
Any such unpaid dues, including bonus amount, that are earned as "wages" must be paid by the employer within eight months from the close of the accounting year, as per Sec. 19(b) of the Payment of Bonus Act. Otherwise, the non-payment of bonus will be treated as non-payment of wages. In that situation, the employer is liable to penalty under the Payment of Wages Act.
Consultant KM has a different opinion. Kindly re-explain your opinion above for the sake of understanding your viewpoints.
Regards,
RDS Yadav
Director, Future Institute of Engineering and Management Technology
Advisor, NAVTARANG HR SERVICES
Email: navtaranghrs@gmail.com
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Any such unpaid dues, including bonus amount, that are earned as "wages" must be paid by the employer within eight months from the close of the accounting year, as per Sec. 19(b) of the Payment of Bonus Act. Otherwise, the non-payment of bonus will be treated as non-payment of wages. In that situation, the employer is liable to penalty under the Payment of Wages Act.
Consultant KM has a different opinion. Kindly re-explain your opinion above for the sake of understanding your viewpoints.
Regards,
RDS Yadav
Director, Future Institute of Engineering and Management Technology
Advisor, NAVTARANG HR SERVICES
Email: navtaranghrs@gmail.com
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As explained by our learned members, the bonus has to be paid after the completion of the financial year with one condition: the bonus has to be paid before the completion of eight months from the close of the financial year (that is before 30.11.2019, to say). It is up to you to pay the accrued bonus in installments but not later than eight months.
From India, New Delhi
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From India, New Delhi
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Hi sir, CAN YOU HELP ME IN FORMING A BONUS POLICY FOR MY COMPANY. MY COMPANY IS PRIVATED LIMITED. I JUST WANT TO KNOW WHAT GENERAL NORM AND CONDITIONS A COMPANY FOLLOWS
From India
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From India
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