Hello All,
I have joined an organisation as HR, i need suggestion over how to provide a justified appraisal to employees, whereas we are providing fix 15 % annual bonus on the basis of basic salary. want to provide an amount that will fulfill the wishes of employee and they must be happy with that and also employer are happy and agree for the same.
Please suggest me for the same.
Regards,
Monika
From India, Delhi
18I have joined an organisation as HR, i need suggestion over how to provide a justified appraisal to employees, whereas we are providing fix 15 % annual bonus on the basis of basic salary. want to provide an amount that will fulfill the wishes of employee and they must be happy with that and also employer are happy and agree for the same.
Please suggest me for the same.
Regards,
Monika
From India, Delhi
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Ms. Monika,
I presume that annual bonus being paid as statutory benefit is as per calculation under the Payment Of Bonus Act, 1965.The other payment could also be made based on individual's contributions say in the form of Variable Performance Pay .The system is very objective and widely recognized by many futuristic corporate.
If you need any assistance in this regard, you can write separately at my below address.
Regds,
From India, Delhi
I presume that annual bonus being paid as statutory benefit is as per calculation under the Payment Of Bonus Act, 1965.The other payment could also be made based on individual's contributions say in the form of Variable Performance Pay .The system is very objective and widely recognized by many futuristic corporate.
If you need any assistance in this regard, you can write separately at my below address.
Regds,
From India, Delhi
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Annual return Bonus Act.pdf