Hi,
I am working in public listed company . Earlier I was getting 25000/- Gross salary.
Now Company changed my salary structure . They reduce my HR amount (due to it my income tax calculation effected ) and add same amount it to head of Interim Statutory Bonus in it. After that I am getting the same amount 25000/-. Here 22500/- is salary and 2500/- Interim Statutory Bonus.
My question 1. is it possible to add Interim Statutory Bonus as a part of monthly salary 2. Can company reduce your earlier decided gross salary and add Interim Statutory Bonus in to it , so that you get same amount as earlier.
Thanks.
From India, Delhi
I am working in public listed company . Earlier I was getting 25000/- Gross salary.
Now Company changed my salary structure . They reduce my HR amount (due to it my income tax calculation effected ) and add same amount it to head of Interim Statutory Bonus in it. After that I am getting the same amount 25000/-. Here 22500/- is salary and 2500/- Interim Statutory Bonus.
My question 1. is it possible to add Interim Statutory Bonus as a part of monthly salary 2. Can company reduce your earlier decided gross salary and add Interim Statutory Bonus in to it , so that you get same amount as earlier.
Thanks.
From India, Delhi
Bonus under the Payment of Bonus Act,1965 pertaining to an accounting year is based on the annual performance of the establishment and the annual earnings of the employee under the head of " salary or wages" as defined u/s 2(21) of the Act. So, restructuring of the salary or wages of the employee by altering the quantum of any allowance other than D.A can not have any impact on the quantum of the bonus under the Act apart from the application of ceiling on salary.
Statutory bonus whether interim or final can not form part of monthly salary. Normally, the Company should not reduce the existing salary by way of such restructuring. How ever, since the poster escapes salary limit even after the restructuring there will not be any change in his quantum of bonus.
From India, Salem
6016Statutory bonus whether interim or final can not form part of monthly salary. Normally, the Company should not reduce the existing salary by way of such restructuring. How ever, since the poster escapes salary limit even after the restructuring there will not be any change in his quantum of bonus.
From India, Salem
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