Please help me understand the bonus policy. What bonus do we offer to outsourced non-sales staff, especially in the pharma industry? I am working in this sector, and your help would be greatly appreciated. I am looking forward to your valuable information at the earliest from all seniors and colleagues.
Bonus Payment Guidelines
Regarding the payment of wages and bonus, the amendment of 2010 suggests that the bonus payable should be between 8.33% to 20% of the basic pay (basic + DA), subject to the basic + DA wage being up to Rs. 10,000 per month for those who qualify for such bonus payment. When paying the bonus, the maximum basic pay to be considered should be Rs. 3500 or the actual basic pay if it is less than Rs. 3500 per month. The rate of pay should be a minimum of 8.33% of the basic pay, and this should be paid to employees by the latest October 31st for the previous year's bonus. The condition is that the concerned employee should have completed a minimum of one month in the previous financial year.
Please note that statutory benefits like bonuses do not differentiate between on-rolls and outsourced employees.
Regards,
Eshita