Kapoorrr
Advisor(hr)
Skhr07
Hr Advisor

Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Can we give statutory bonus monthly. If yes, what would be % and what is the procedure? If no, explain in details to educate my team members.
Statutory Bonus payable under Payment of Bonus Act, is based on the profitability and is after set on and set off, procedures applied, as laid out in the act. This is payable once in a year after the Balance sheet made.
Hi Babu, Most of the companies are paying it as monthly component which is why I wanna know about as it will reduce lot of manual work. Regards Sampathkumar S
%age of bonus can be calculated once the balance sheet is prepared and depending upon the available surplus arrived at on set on set off formula. As suggested by learned colleague above, bonus is paid with in 8 months after the completion of balance sheet. Yes you are right, many companies pay bonus @ 20% from the beginning of the company and it paid during the infancy period as a part of CTC and accordingly you can also pay bonus(which would be called ex gratia payment)
R R Kapoor
Vadodara

This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2020 Cite.Co™