13-06-2008, 11:28 PM
|  | | | Join Date: Sep 2007 Location: Navi Mumbai
Posts: 249
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Dear Chanda,
As seems this case is diffrent from other cases, where the employer is paying bonus depends on calculations of productivity, may be the part of any contract or a general understanding between employer and employees, the percentage of bonus can be increased and that can be fixed by the agreement as you asked that an Executive HR is being paid 25%, whereas the Managers are getting upto 50%. So insuch cases you may refer to the below section of Payment of Bonus Act 1965:
31-A. Special provision with respect to payment of bonus linked with production or productivity - Notwithstanding anything contained in this Act, -
(i) Where an agreement or a settlement has been entered into by the employees with their employer before the commencement of the Payment of Bonus (Amendment) Act, 1976 (23 of 1976), or (ii) Where the employees enter into any agreement with their employer after such commencement, For payment of an annual bonus linked with production or productivity in lieu of bonus based on profits payable under this Act, then, such employees shall be entitled to receive bonus due to them under such agreement or settlement, as the case may be :
[(Note: Ins. by Act 66 of 1980, (w.e.f. 21st August, 1980)) Provided that any such agreement or settlement whereby the employees relinquish their right to receive the minimum bonus under Sec.10 shall be null and void in so far as it purports to deprive them of such right :]
[(Note: Subs. by ibid) Provided further that] such employees shall not be entitled to be paid such bonus in excess of twenty per cent, of the salary or wage earned by them during the relevant accounting year.]
Please let me know, if this matter seems yet to be confused, will try out for the best result.
__________________ With Love & Regards Deepak Dwivedi..........  ================ "Do you dare to think beyond the limit, I do..." |
17-06-2008, 03:17 PM
|  | | | Join Date: Jun 2007 Location: India
Posts: 21
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Hi deepak,
In our company we have score card for evaluation, depending on % we have scored we get the bonus. would like to hear your comments on this.
Rgds,
deeps |
17-06-2008, 03:23 PM
|  | Senior Member | | Join Date: Mar 2006 Location: kakinada, India
Posts: 533
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Dear Chanda ji,Please see the attachment for "Payment of Bonus Act check list" it may clarify your doubts.REgard,PBS KUMAR
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17-06-2008, 03:29 PM
| | | | Join Date: Apr 2007 Location: rourkela
Posts: 9
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hi chanda
its not that you r getting bonus twice its your performance reward. bonus is paid once in a year and its minimum is 8.33% and maximum is 20 5 for all.
with regards
sikata |
17-06-2008, 03:49 PM
| | | | Join Date: Sep 2007 Location: Mysore
Posts: 773
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Dear Friends,
I guess its all the simple matter but still confusing.
Deepak: First of all thanks a lot for sharing valuable information about Bonus. But still what i feel is the bonus linked with production is different with what our friend Chanda is mentioning in this post.
And according to me the Bonus act doesnt speak about different slabs for different people in the organisation. Correct me if i am wrong.
Regards
Amith R. |
17-06-2008, 03:52 PM
| | | | Join Date: Sep 2007 Location: Mysore
Posts: 773
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Dear Hayram,
I have attached one excel file containing calculation of Gratuity, hope it will be of some use for you.
Regards
Amith R.
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17-06-2008, 04:09 PM
| | | | Join Date: Jun 2008
Posts: 76
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Dear All,
i think Chanda is taking about performance bonus laid down by company having linked with deliverables etc.and not Bonus under Payment of Bonus Act 1965.
Regards,
ACCHR |
17-06-2008, 04:36 PM
| | | | Join Date: Aug 2007 Location: Ahmedabad
Posts: 260
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Max.Limit of Bonus is 20% |
17-06-2008, 04:44 PM
| | | | Join Date: Sep 2007 Location: Navi Mumbai
Posts: 249
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Dear Amit/Deepali,  May be I have given a bit far answer from the right querry, but i tried a lot to understand the query first. At a moment I felt it's something related with performance Bonus, but later on made corrected with reason like it is calculated on productivity, evaluating the performance, which again clarifies it Performance Bonus.......but seems matter yet to be more elaborated by the thread owner. secondly as Deepali has asked to give comments, would like to clarify one thing, whether a company fixes the percentage of Bonus or it may depends on various techniques as Scorecard, Appraisals, or performance growth of the company, it never goes beyond the fixed limit of 20% isn't it??
__________________ With Love & Regards Deepak Dwivedi.......... ================ "Do you dare to think beyond the limit, I do..." |
17-06-2008, 05:15 PM
| | | | Join Date: Mar 2008 Location: ahmedabad
Posts: 66
| | Bonus Table
Dear Friends,
This tabel is ueful for you.Please find the attached file herewith.
Thanks & Regards,
Dipali Lakhani
Last edited by zill_dipali; 17-06-2008 at 05:18 PM.
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