HR Professionals pls advise me about Bonus Payment half yearly. Is it possible that the company will pay bonus after the completion of six month, two times in a year at the rate of minimum bonus (8.33%). I know bonus calculation and payment annually but i want to know is an option to pay half yearly. Pls provide me the best way to pay bonus.
I have not come across any provision under the Payment of Bonus Act or under the Rules that backs the view that bonus can be paid at half yearly intervals. The interim or advance bonus referred in Form-C, in my view, is what an employer may pay to an employee pending disbursement of the bonus under the Act and such payment towards final bonus, in my view, has to be adjusted agaisnt the bonus under the Act when paid to employees. Itcannot be construed that the bonus is under the Act is pauable at half yearly intervals.
HR & Labour Law advsior
Puja Bonus or customary bonus is not the bonus that is to be calculated in the manner prescribed and paid under the Act. therefore it si not to be mistaken for statutory bonus under the Act.if such puja bonus etc, has been paid by the employer, the same can be adjusted agisnt the statutory bonus payable under the Act. Therefore it can not be construed that the statutory bonus can be paid in two instalments.
HR & Labour Law Advsior
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