Statutory bonus is related only to the minimum number of days (30 days) actually worked by any person falling within the definition of the term "employee" under the Payment of Bonus Act, 1965 in an Accounting Year and it is not related to the nature of his employment such as permanent, probationer, temporary etc.
5th December 2018 From India, Salem
Whether the said employee was eligible to receive the statutory bonus under payment of Bonus act? If he draws less than Rs.21000/month and has worked for minimum 30 days in the financial year he is eligible for the bonus declared for the financial year 1819, payable between the period April 2019 to Nov. 2019.
The minimum statutory bonus would be Rs. 7000 or min wages whichever is higher. Lets us say min wages in your region is Rs.8500, in this case min. bonus shall be Rs. 8500/-. The Bonus calculation will be on actual attendance (pro rata) basis. Here all authorized leaves, offs and holidays are to be considered as presence only unauthorized absence against which wages has been deducted will be considered as absence.
Lets us the for the period 1st June to 31st Dec the employee has full attendance. So his attendance is 214 days. Now the per day rate for Rs 8500 would be Rs. 279.60. Your company has declared min. bonus i.e. 8.33%.
Hope this helps
99 98 97 10 65
5th December 2018 From India, Mumbai
M. J Dhadwal
11th December 2018 From India, Chandigarh
According to section 8 of Bonus Act, 1965 an employee who have worked for 30 days or more in an accounting year for whivh bonus is to be paid to the employees shall be entitled to receive bonus. Section 8 may be read as under.
8. Eligibility for bonus.- Every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisions of this Act, provided he has worked in the establishment for not less than thirty working days in that year.
R N KHOLA
4th January 2019 From India, Delhi
If the employee is on probation, means he may have recently joined, wherein he still needs to be assessed for his performance. Two or three months in the organization is too early to decide on his/her performance.
Hence bonus is not applicable.
4th January 2019 From India, Pune
Bonus is a statutory payment and has nothing to do with the performance of an employee.
As per Bonus Act, an employee who has completed 30 days with an organization is eligible to receive Bonus payment but he will not receive it along with the full and final settlement as in his case he has resigned in the month of December. The bonus is paid in the next financial year preferrably around Diwali time.
If the employee has joined in the month of June, he will receive his bonus payments next year around Diwali.
8th January 2019 From India, Delhi
Firstly please read your email before sending it. My name is misspelled.
also with regards to bonus, if you are talking about non IT industry then you may follow the bonus act. For IT companies, bonus is always and will be performance driven.
I have given the meaning of bonus.
Nevertheless, let us be clear while communicating if it is for Non IT or IT.
I am not convinced, how can you award or be applicable to an employee with bonus in one month.
What value add does the employee bring to the organization, what happens to cost to hire?
8th January 2019 From India, Pune
Payment of Bonus act speaks about grant of Minimum compalsary bonus applicable to eligible employees.
It Also speaks about Bonus that is above minimum laid ceiling where surplus allocations are accounted for.
In view of the above it is to be seen that in this case grant of bonus becomes eligible.
As regards to probation,I would like to know what exactly the probation mean to an employee.
Have the terms and conditions of probations be explained and mentioned in the Offer/joining letter.
Does it include that No statutory compliance or Bonus will be granted.
Can an employer state such terms and conditions for employees probation.
What If an employee is said to be probation and dies on duty, is the Employer not to be held accounted for any compensation just because no compliance be considered in probation.
I presume if there exists an establishment/ company/ where employees and employer relation exists,then there also exist the applicability of all the relevant labour laws and social security obligations
10th January 2019 From India, Vadodara
20th January 2019 From India
I work for an IT company but i never heard of performance driven, in fact i have never heard of individual performance driven bonus, The thing which you are referring is PI that is performance Incentive, Bonus is always at an organisational level, this is decided by the company's performance and usually all It firms give the least that is 8.33%, where as manufacturing can go up to 30%.
23rd January 2019 From India, Bengaluru
16th February 2019 From India, Delhi
#AnonymousIf the candiadate has put 30 days working is eligible.
<a href="https://www.just4dummies.com/gmail-sign-up">gmail sign up</a>
20th March 2019 From Vietnam, Hanoi