Hi
We are deducting Bonus of Rs.292(considering basic+DA as 3500/- *8.33%) for the employees who have basic+DA.>=3500/-
iS THIS THE RIGHT PRACTICE OR SHOULD WE GO AHEAD WITH CONSIDERING 8.33% ON BASIC PAY , THOUGH IT IS HIGHER THAN 3500/-
We have many employee whose Basic is much more than 3.5k
kindly advice
MK
9901381978
From India, Bangalore
We are deducting Bonus of Rs.292(considering basic+DA as 3500/- *8.33%) for the employees who have basic+DA.>=3500/-
iS THIS THE RIGHT PRACTICE OR SHOULD WE GO AHEAD WITH CONSIDERING 8.33% ON BASIC PAY , THOUGH IT IS HIGHER THAN 3500/-
We have many employee whose Basic is much more than 3.5k
kindly advice
MK
9901381978
From India, Bangalore
Dear M.K
If your company giving Bonus as per GOVT you are dong write. if your company want to give more than as per govt.you can deduct declare %age of basic as per your company policy.but one thing is clear you can not give less than as per govt.
Thanks
(Anil Jangid)
From India, Vadodara
2If your company giving Bonus as per GOVT you are dong write. if your company want to give more than as per govt.you can deduct declare %age of basic as per your company policy.but one thing is clear you can not give less than as per govt.
Thanks
(Anil Jangid)
From India, Vadodara
Dear MK,
Bonus is to be paid to the eligible employees. It is not to be deducted from ther employees. Why are you deducting?
Regards,
R.N.Khola
(Labour Law & Legal Consultants)
09810405361
From India, Delhi
Bonus is to be paid to the eligible employees. It is not to be deducted from ther employees. Why are you deducting?
Regards,
R.N.Khola
(Labour Law & Legal Consultants)
09810405361
From India, Delhi
Dear MK,
What you are doing is not right. You are not supposed to deduct bonus from an employees' salary. It is a statutory right which all eligible employees (gross upto 10,000) are supposed to enjoy once in every year out of company profits and not from an employees own pocket. Please for God's sake, get the HR practices right in the company. Don't say it's the company policy, because if so, then I am sorry to say it's an absolutely ridiculous policy.
Regards
From India, New Delhi
What you are doing is not right. You are not supposed to deduct bonus from an employees' salary. It is a statutory right which all eligible employees (gross upto 10,000) are supposed to enjoy once in every year out of company profits and not from an employees own pocket. Please for God's sake, get the HR practices right in the company. Don't say it's the company policy, because if so, then I am sorry to say it's an absolutely ridiculous policy.
Regards
From India, New Delhi
Dear MK,
I hope you heard RN Khola LOUD & CLEAR.
Bonus is something that's paid FROM the Company's coffers, to express gratitude for the good work done. Not like the jew in Shakespeare's "Merchant of Venice"-take from the employee and give it back to him as if the company is doing a favour!!!
Rgds,
TS
From India, Hyderabad
I hope you heard RN Khola LOUD & CLEAR.
Bonus is something that's paid FROM the Company's coffers, to express gratitude for the good work done. Not like the jew in Shakespeare's "Merchant of Venice"-take from the employee and give it back to him as if the company is doing a favour!!!
Rgds,
TS
From India, Hyderabad
Our advocate friend Yadula Prakash has succinctly put it right. You cannot deduct bonus from anyone’s salary. But you can show it as a component under CTC. S. Krishnamoorthy
From United States, Roslindale
From United States, Roslindale
What if employee is working in bank, then will his/her bonus be deducted from CTC or still employee will get it apart from salary i.e company’s pocket
From India, Mumbai
From India, Mumbai
Dear Awvik What if the employee is working with bank still the bonus will be calculated in CTC or from company’s pocket
From India, Mumbai
From India, Mumbai
Hi everyone.
Thanks for your kind reply.
let me make one issue clear...we are not dedcuting the bonus from employees gross pay, it is part of CTC and for calculation we are considering 3.5k as ceiling and above that we are considering 292/- only for bonus part. Hope this is right?
May I also know few more info about bonus calculations and obligations please...????
Kindly reply.
Manikumar
9901381978
From India, Bangalore
Thanks for your kind reply.
let me make one issue clear...we are not dedcuting the bonus from employees gross pay, it is part of CTC and for calculation we are considering 3.5k as ceiling and above that we are considering 292/- only for bonus part. Hope this is right?
May I also know few more info about bonus calculations and obligations please...????
Kindly reply.
Manikumar
9901381978
From India, Bangalore
Dear Prachi,
Yes it's the same for all employees. Bonus cannot be paid from the employees' pocket. Taking it as a part of the CTC is OK but you cannot deduct the same from the employees' gross salary. It is only a cost component which is borne by the company as employee benefit.
Hope you understand
Regards
From India, New Delhi
Yes it's the same for all employees. Bonus cannot be paid from the employees' pocket. Taking it as a part of the CTC is OK but you cannot deduct the same from the employees' gross salary. It is only a cost component which is borne by the company as employee benefit.
Hope you understand
Regards
From India, New Delhi
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