It is my extreme pleasure to share with all of you as HR professionals. Could any one of you please help me with the bonus policy at the earliest? I'll appreciate it and thank you for this act of kindness.
Regards,
Mahfooz-ur-Rahman
HR Manager
Homex-Alesayi
Jeddah, KSA
From Saudi Arabia, Jiddah
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Regards,
Mahfooz-ur-Rahman
HR Manager
Homex-Alesayi
Jeddah, KSA
From Saudi Arabia, Jiddah
Acknowledge(0)Amend(0)
Dear Mahfooz-ur-Rahman,
I would suggest that there is no need to formulate a bonus policy because the policy is framed by the employer. However, in the case of bonuses, you have to adhere to the bonus rules as per The Payment of Bonus Act. For example, the amount of bonus to be distributed is calculated by the set on and set off rules, and the percentage is also a minimum of 8.33% and a maximum of 20%, which is applicable to all employees earning below Rs. 10,000.
Of course, you can create a policy on incentives.
From India, Pune
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5I would suggest that there is no need to formulate a bonus policy because the policy is framed by the employer. However, in the case of bonuses, you have to adhere to the bonus rules as per The Payment of Bonus Act. For example, the amount of bonus to be distributed is calculated by the set on and set off rules, and the percentage is also a minimum of 8.33% and a maximum of 20%, which is applicable to all employees earning below Rs. 10,000.
Of course, you can create a policy on incentives.
From India, Pune
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Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc