I joined an NBFC in June 2019 and resigned in April 2021. Currently, the serving notice and last working day are 7th July 2021. The company released variable pay/statutory bonus today, i.e., 30th June 2021, for the last accounting year 20-21. Due to my resignation, I did not get a bonus, whereas my colleagues got approximately 35k bonus. Is there any rule that allows the company to not pay my bonus? If not, is there any way through which I can get my bonus as I have worked the whole year for this?
From India
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From India
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If the poster is otherwise eligible for a bonus in terms of the current salary threshold, he can politely address the management in writing that he is entitled to a bonus despite his resignation effective from 7th July 2021, as he had worked in the establishment throughout the accounting year 2020-21 and request to be paid along with his F&F Settlement.
If it is futile, he can make an application for the recovery of the unpaid bonus under Section 21 of the Payment of Bonus Act, 1965, to the authority under the Act, who is normally an Assistant Labor Commissioner for the area where the establishment is located.
From India, Salem
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6185If it is futile, he can make an application for the recovery of the unpaid bonus under Section 21 of the Payment of Bonus Act, 1965, to the authority under the Act, who is normally an Assistant Labor Commissioner for the area where the establishment is located.
From India, Salem
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Hi,
A little correction: I checked my salary slip and noticed that I have 3558 INR as a statutory bonus, whereas the rest of the company has received 10 times this amount. My company is located in Mumbai. Could you please assist me in calculating the statutory bonus after reviewing my attached salary slip? Additionally, I have included the policy concerning appraisals. Kindly advise if this allows my company to withhold the full statutory bonus payment.
Thank you.
From India
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A little correction: I checked my salary slip and noticed that I have 3558 INR as a statutory bonus, whereas the rest of the company has received 10 times this amount. My company is located in Mumbai. Could you please assist me in calculating the statutory bonus after reviewing my attached salary slip? Additionally, I have included the policy concerning appraisals. Kindly advise if this allows my company to withhold the full statutory bonus payment.
Thank you.
From India
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Your salary is ₹17,000 a month, so you are still within the limit for statutory bonus. It appears the company is paying ex-gratia bonus and not statutory bonus to most of the employees. Based on the Payment of Wages Act, you will be eligible for a bonus ranging from 8.33% to 20% (depending on the profit the company made last year) on a salary of ₹10,000 (max salary ceiling).
You can approach the management for that part. I have no idea where the ₹3,558 came from. You can speak to HR about it and get clarification. The remaining part is at the discretion of the management. You can't force them unless it was specifically provided in your appointment letter that you will get a performance bonus and the computation is clearly specified.
From India, Mumbai
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You can approach the management for that part. I have no idea where the ₹3,558 came from. You can speak to HR about it and get clarification. The remaining part is at the discretion of the management. You can't force them unless it was specifically provided in your appointment letter that you will get a performance bonus and the computation is clearly specified.
From India, Mumbai
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It appears that they have paid you approximately 20% of just one month's salary. They have to pay statutory bonus on the annual salary. Please check what the regular employees received and stake a claim for the remaining amount.
Thank you.
From India, Mumbai
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Thank you.
From India, Mumbai
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As per the Payment of Bonus Act, the calculation will be based on the maximum of 7000/- or the minimum wages, whichever is higher. Since the employee was in service during the period 2020-21, they are eligible for a bonus for the entire financial year as their salary is below 21,000/- per month.
It seems there may be an issue with the calculation. It would be advisable to seek clarification from HR regarding the method/basis of the calculation. The percentage of bonus paid by the organization should be calculated on a specific amount (7000/-, minimum wages, or any other amount exceeding the statutory guideline). The calculation should consider the yearly amount of the designated value and then apply the bonus percentage.
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions
From India, New Delhi
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It seems there may be an issue with the calculation. It would be advisable to seek clarification from HR regarding the method/basis of the calculation. The percentage of bonus paid by the organization should be calculated on a specific amount (7000/-, minimum wages, or any other amount exceeding the statutory guideline). The calculation should consider the yearly amount of the designated value and then apply the bonus percentage.
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions
From India, New Delhi
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