meenakshi srivastava
Hi there,
I would like to know when the bonus has to be released? and, if an employee has resigned and served his/ her notice period can we add bonus amount in their full and final settlement or we are required to release it on Diwali (company policy)?


PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Umakanthan53
Labour Law & Hr Consultant
9466843187
Sr. Executive Hr At Kandhari Beverages Pvt.
+1 Other

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umakanthan53
5885

Dear Ms.Meenakshi,
Pl refer to sec.19 of the Payment of Bonus Act,1965 which sets the time-limit for payment of bonus. As per sec.19(b), all amounts payable to an employee by way of bonus under the Act shall be paid in cash by his employer within a period of 8 months from the date of close of the accounting year. If the F&F settlement occurs after the declaration of bonus for the accounting year, well, you can add up it also to the F&F amount. Otherwise, you can pay it later within the time-limit prescribed.

From India, Salem
9466843187
2

Dear Seniors
1.I would like to know that now the bonus limit is 21000/- and if the salary of an employee is more than 21000/- then what amount will be paid to the employee.
2. Some companies are paying exgretia to the employees exceeding the salary limit as per bonus act. What is the criteria for calculating the exgretia payment

From India, Jalandhar
kprasoon
172

In Maharashtra, Statutory Bonus (under payment of bonus act) can not be paid in cash.
From India, Pune

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