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Armaan Started The Discussion:

Hi to all Can anybody suggest who is eligble for bonus ? Whether a person who has joined the company 04 months back only is eligible for bonus ? Note:-company has employed more than 20 employees.

sai prasad.r -  Member Since: Sep 2007
Accprding to The Payment of Bonus Act ,1965

Every employee receiving salary or wages upto RS. 3,500 p.m. and engaged in any kind of work whether skilled, unskilled, managerial, supervisory etc. is entitled to bonus for every accounting year if he has worked for at least 30 working days in that year.

nilendrachand -  Member Since: Aug 2007
I Disagree, the ceiling has been raised from 3500 to 10000 with retrospective effect from April 2006. Pl clarify the same at your end Regards, Nilendra

divaakar -  Member Since: Oct 2007
Eligibility Ceiling is upto 10000,Effective from Apr1,2006

Bonus Paid on the Ceiling 3500 from 2500,effective from Aper1,2006

Eligibility:30 Working Days in an year starting from 1st Jan to 31st Dec

Ref: Indian Press bureau , Dated Octo 29th

Armaan -  Member Since: Sep 2007
Hi to all

Appreciate all of you for your response towards this question.

I agree that wage ceiling limits has been enhanced to Rs.10,000/- p.m.
However, my question is from a different perspective.

I repeat the question-
An employee who has joined the company four month back only (i.e. in the month of July,2007) is he entiled to bonus or not ?

Early response awaited.

Thanks

Armaan

Hiten Parekh -  Member Since: Jul 2007
Hi Armaan !

The bonus which is paid during Diwali 2007 (actually it is six months from finalizing the balance sheet for fin year 2006-07) is for earnings of an employee in the year 2006-07 i.e. upto 31.03.2007.

If some one has joined in July 07 or 1.04.2007 onwards, he / she will not be eligible for payment of bonus in the year 2007 (say diwali)

Bonus is payable after completion of financial year. and after balance sheet is finalized

so in your case, the bonus will be payable in Oct 2008

Hope this brings clarity to you.

Do let me have feedback.

- Hiten

nimish1981 -  Member Since: Jul 2007
Hi Armaan,

What Hiten Parekh mentioned in his reply is correct.

I think the bonus is paid before completing the 8 months,once balance sheet is finalised.

E.g: Balance sheet finalised in March 2006-07 , then bonus is paid in or before 30 th November 2007. In your mentioned case, the individual will be paid bonus nextyear.

Regards,
Nimish Joshi
09969526325

D.Ram Reddy -  Member Since: Sep 2010
Quote:
Originally Posted by Armaan View Post
Hi to all

Appreciate all of you for your response towards this question.

I agree that wage ceiling limits has been enhanced to Rs.10,000/- p.m.
However, my question is from a different perspective.

I repeat the question-
An employee who has joined the company four month back only (i.e. in the month of July,2007) is he entiled to bonus or not ?

Early response awaited.

Thanks

Armaan

Hay,

Stick to the basics Men, First Let him Complete his Probation Period, Then he is Eligible.... Immediately After joining know one is eligible for bonus.

If your company is paying it on monthly bases. Even though he/she need to complete probation period.... ok

avaishnavi -  Member Since: May 2010
Hi All, I have joined a company on 15th April 2012, the bonus will be issued in this month (January 2013). could any one tell me am I eligible for bonus? Regards Vaishnavi

HR Hiral Mehta -  Member Since: Aug 2011
Quote:
Originally Posted by avaishnavi View Post
Hi All,

I have joined a company on 15th April 2012, the bonus will be issued in this month (January 2013). could any one tell me am I eligible for bonus?

Regards
Vaishnavi
Dear Vaishnavi,
By now am sure after reading the posts above you are aware about the eligibility. Any employee with Basic less then equal to Rs. 10000/- & served 30 days in the accounting year is eligible for Bonus on Rs. 3500/-

Can you pl mention what is your Basic & the Bonus being distributed in January is for which accounting year. You can rather speak to your HR department directly for the same.




 
 
 
 





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