Eligibility For Getting Diwali Bonus

Hi....
Please let me know abt the elegibility of an employee for getting bonus - if an employee had joined a Pvt Ltd firm in May '2011 then whether he is liable for Bonus in November '2012 or Not?...
Pls reply
Regards
Hema

NO. you will be eligible for year 2013 as bonus is calculated on financial year base so from date of joining to next financial year March 2013 bonus will be paid on diwali or April onwards.

oh well,
when he joins in may 2011 then he is eligible from May 2011 to March 2012 and get bonus in this year 2012.

Different companies have different cutoff date of distribute bonus like on Deepawali or on new year.. so here the matter is eligibility.. well company can distribute bonus whatever is accrual at the cutoff date.
So simple and clear !!
Chill HR

As far as eligibility is concern every employee who is drawing wages upto & inclusive of Rs. 10000 (Basic + DA) p.m. & who has worked for minimum period of 30 days in a year is entitled to be paid Bonus. It should be disbursed within 8 months from the last date of financial year i.e. 31st March every year.
Regards,
Sandesh Sarode

Sandesh Sarode is abslutely right in today scenario of salary structure every thing isincluded in ctc so every body gets bonus

Dear Heama Funde,
If a man joins in May 2011. He will be eligble for Bonus. The calculation period will be May 2011 to March 2012. The payable date is 30.11.2012. The important thing is that He/she should not draw monthly salary more than Rs10,000/- pm.
Hope its clear now,
Thanks & Regards
VK Sharma
HR, Tarapur

Hy hema,
in case bonus there are 2 types of bonus .. One is part of ctc structre,iind is a profit sharing bonus.
In part of ctc structure , it is depend upon concern company's hr policy when they will pay.
Most of company pays normaly in diwali period in order to employee benift for diwali expences.
Some of company pays the same in april month also.the eligibility criteria is depend on company
strategies. And the same bonus calculation base will be as 8.33% on basic salary + d.a. On prorate
basis.
Iind profit share bonus .
Most of company issues the same after completion of financial year ,according to final balance
sheet of company in the month of april or may. But which is not mandatory.
So most of company issue the bonus as part of ctc only
santosh kulkarni
hr -payroll aurangabad

Hello ,Hema
if you are referring to bonus payable under he Payament of Bomnus Act, the emplyee who joined in May 2011 will be eligible to recive bonus for teh Accounting year April.2011 to March 2012, payable by November 2012.
B.Saikumar
Mumbai

Dear Hema,
Your query is about eligibility for bonus under the Payment of Bonus Act 1965. Under the provisions of Act, an employee who works for 30 days in an accounting year is entitled for bonus. The accounting year means year commencing from April to March every year. In your case the employee has worked in accounting years from May 2011 to March 2012 and as such he is entitled for bonus in Nov, 2012. If he continue to be in employment from April 2012 on wards for 30 days or more then also he is entitled for bonus for the year April, 2012 to March 2013. Hope this will satisfy you. For more clarification please write tome on [Login to view] or call on 09890752690.
Avinash Kanoray
HR & Manpower Consultant and Trainer