+3 Others
Dear All, Please help if an employee join our company on dated 18/03/2013. Can he is eligible for bonus during that financial year. ?
From India, Delhi
From India, Delhi
Dear Satish, those who are completed one month in organization he/she is eligible for bonus.
From India, Mumbai
From India, Mumbai
Dear Mr. Satishsorout,
Bonus is eligible to an employee as per Payment of Bonus Act, completed 30 days in a previous year. Bonus is usually paid as 11% to 20% of allocable surplus (allocable surplus is some part of profit which is taken out by company) in which reference to the management's discretion, the percentage is distributed to the employees.
From India, Visakhapatnam
Bonus is eligible to an employee as per Payment of Bonus Act, completed 30 days in a previous year. Bonus is usually paid as 11% to 20% of allocable surplus (allocable surplus is some part of profit which is taken out by company) in which reference to the management's discretion, the percentage is distributed to the employees.
From India, Visakhapatnam
Dear Madam Sharmila ji, To my knowledge till date minimum bonus payable at 8.33% and maximum at 20%. It is not paid usually. It is paid by law. You may correct me if I am wrong.
From India, Mumbai
From India, Mumbai
Dear sarishsorout,
Simple answer to your simple question is - No.
The employee joins on 18.03.2013. During the accounting year 2012-13 his working days are less than 30 days. Therefore, he is not eligible for bonus for 202-13.
From India, Mumbai
Simple answer to your simple question is - No.
The employee joins on 18.03.2013. During the accounting year 2012-13 his working days are less than 30 days. Therefore, he is not eligible for bonus for 202-13.
From India, Mumbai
Dear Mr. Korgaonkar,
It is not under a circumstance that 11% should be minimally paid.. according to the Bonus Act it is 8.33% as minimum. Therefore, it always depends on the employer paying the minimum hence maximum is at 20%.
Trust this satisfies the context to my post.
From India, Visakhapatnam
It is not under a circumstance that 11% should be minimally paid.. according to the Bonus Act it is 8.33% as minimum. Therefore, it always depends on the employer paying the minimum hence maximum is at 20%.
Trust this satisfies the context to my post.
From India, Visakhapatnam
Dear Madam Sharmila ji, I am not convinced with your response and I am sure professionals like me will agree with me. With due respect to you madam, I submit this.
From India, Mumbai
From India, Mumbai
You haven't read my post clearly, have you? Well, the Bonus Act serves in payment of 8.33% as minimum. Depending on the surplus or the profit earned by any organization (many companies) pay at 11% at its minimum [which depends on the management]. Although professionals or myself would definitely go by the books of law.
From India, Visakhapatnam
From India, Visakhapatnam
Hi,
The eligibility criteria as the Payment of Bonus Act is that employee has to work in organization for 30 days during the financial year. Since he is joined 18.03.2013 he is not entitled for bonus legally. Howerver, it is management's discreation if they want to pay bonus same can be disbursed.
bv sudhakar
From India
The eligibility criteria as the Payment of Bonus Act is that employee has to work in organization for 30 days during the financial year. Since he is joined 18.03.2013 he is not entitled for bonus legally. Howerver, it is management's discreation if they want to pay bonus same can be disbursed.
bv sudhakar
From India
Dear Sharmila Das,
I did not understand yr posting that "Bonus is eligible to an employee as per Payment of Bonus Act, completed 30 days in a previous year."
Eligibility is decided on the basis of days worked in the current financial year and not previous year. Well bonus can be paid in the next 8 months from the closing of that particular financial year.
regards,
Kamal
From India, Pune
I did not understand yr posting that "Bonus is eligible to an employee as per Payment of Bonus Act, completed 30 days in a previous year."
Eligibility is decided on the basis of days worked in the current financial year and not previous year. Well bonus can be paid in the next 8 months from the closing of that particular financial year.
regards,
Kamal
From India, Pune
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