Dear All, Greetings
I have certain queries regarding the payment of bonus.
1. Is it mandatory to pay bonuses to the employees, even when the company makes no profit?
2. What is the eligibility of employees to get bonus under the act.
3. When the bonus should be paid to the employees.
My company is a Pvt. Ltd company. Employee strength is 90+. Location is TN.
Kindly help me to understand
Thanks
From India, Chennai
2I have certain queries regarding the payment of bonus.
1. Is it mandatory to pay bonuses to the employees, even when the company makes no profit?
2. What is the eligibility of employees to get bonus under the act.
3. When the bonus should be paid to the employees.
My company is a Pvt. Ltd company. Employee strength is 90+. Location is TN.
Kindly help me to understand
Thanks
From India, Chennai
Dear Friends,
1. Even though the company don't make profit, 8.33% is to be paid towards bonus.
2.If the salary is Rs. 10,000/- or below, bonus is eligible to the employee.
3.Bonus has to pay within 8 months from the concerned accounting (Accounting year is April - March, hence last date to pay bonus is November 30)
Abbas.P.S
From India, Bangalore
1. Even though the company don't make profit, 8.33% is to be paid towards bonus.
2.If the salary is Rs. 10,000/- or below, bonus is eligible to the employee.
3.Bonus has to pay within 8 months from the concerned accounting (Accounting year is April - March, hence last date to pay bonus is November 30)
Abbas.P.S
From India, Bangalore
Dear Abbasiti Thank you very much for your response. Kindly clarify me, if an employee is drawing 25,000/month, is he not eligible for bonus or is their any slab upto which he is eligible for bonus.
From India, Chennai
From India, Chennai
Apart from what Abbas has replied, it is not mandate to pay Bonus under the Act whose pay is more than Rs. 10,000/- per month. The company is at liberty to pay Ex Gratia in lieu of Bonus if it desires so
From India, Ahmadabad
From India, Ahmadabad
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Online payment of PF mandatory from 1.1.2016.pdf