sir, I have joined a pvt ltd co on 7th of july-2014 ,the co says that I am not entitled for bonus . I have completed 1 year and 3 months and still in service pl clearify whether I am entitled or not
From India, New Delhi
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From India, New Delhi
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Sir, Pl clearify whether I am entitled or not I have completed 1 year and 3 months and I am still working there
From India, New Delhi
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From India, New Delhi
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Eligibility for Bonus Under the Bonus Act
The Bonus Act applies to any employee whose salary (basic + DA) is less than ₹10,000. If your salary is above that, you are not eligible for a statutory bonus.
If you are eligible, you can receive a bonus of 8.33% to 20% of your annual salary, subject to a salary ceiling of ₹3,500 per month. This means that if your salary exceeds ₹3,500, the bonus would be computed only on ₹3,500 per month.
Bonus is payable to employees who have worked for more than 100 days in the previous year.
From India, Mumbai
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2508The Bonus Act applies to any employee whose salary (basic + DA) is less than ₹10,000. If your salary is above that, you are not eligible for a statutory bonus.
If you are eligible, you can receive a bonus of 8.33% to 20% of your annual salary, subject to a salary ceiling of ₹3,500 per month. This means that if your salary exceeds ₹3,500, the bonus would be computed only on ₹3,500 per month.
Bonus is payable to employees who have worked for more than 100 days in the previous year.
From India, Mumbai
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In the Payment of Bonus Act, 1965, it is mentioned that "An employee will be entitled only when he has worked for 30 working days in that year" and "Basic+DA <=10,000, they are eligible".
Regards,
B. Nagendra
From India, Hyderabad
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Regards,
B. Nagendra
From India, Hyderabad
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Understanding Bonus Policies in Organizations
Every organization has its own policy for the payment of bonuses. In general, the payment of bonuses is guided by the Bonus Act, and our friends have cited the conditions of the Bonus Act. However, a few organizations may allow incentive bonuses, profit-sharing bonuses, etc. Therefore, please contact your HR Department and learn about the bonus policy of your organization.
From India, Bangalore
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Every organization has its own policy for the payment of bonuses. In general, the payment of bonuses is guided by the Bonus Act, and our friends have cited the conditions of the Bonus Act. However, a few organizations may allow incentive bonuses, profit-sharing bonuses, etc. Therefore, please contact your HR Department and learn about the bonus policy of your organization.
From India, Bangalore
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The Payment of Bonus Act states that if an employee's basic salary does not exceed Rs 10,000/- as per the latest amendment, the employee is entitled to a bonus at 8.33% on a wage ceiling of Rs 3,500/-, provided that they have worked in the company for not less than 30 days in a financial year starting from April 1st to March 31st of the preceding year. However, a newly set-up organization/company has a three-year infancy protection under this act, and such a company is not required to pay bonuses to its employees if it does not earn a profit within that period. Nevertheless, upon completing five years, the company must pay a minimum bonus of 8.33% to its employees regardless of whether it is earning a profit or not.
Therefore, if your company has infancy protection under this act and is not making a profit, you cannot claim a bonus as a matter of right. However, if other employees are receiving bonuses, you can approach your HR Department and request to be given a bonus on par with them to resolve the matter amicably. Alternatively, you can submit an application to the Deputy Commissioner of Labor or any labor department officials within whose jurisdiction your company falls to obtain the bonus under the Payment of Bonus Act and the related rules.
Regards,
NVRao
Tanuku,
Andhra Pradesh
From India, Hyderabad
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Therefore, if your company has infancy protection under this act and is not making a profit, you cannot claim a bonus as a matter of right. However, if other employees are receiving bonuses, you can approach your HR Department and request to be given a bonus on par with them to resolve the matter amicably. Alternatively, you can submit an application to the Deputy Commissioner of Labor or any labor department officials within whose jurisdiction your company falls to obtain the bonus under the Payment of Bonus Act and the related rules.
Regards,
NVRao
Tanuku,
Andhra Pradesh
From India, Hyderabad
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When you joined on 7th July 2014, how come you have completed 1 year and 3 months? If you joined in July 2013, then yes, as mentioned by other forum members above, if your salary, i.e., basic + DA, is below Rs. 10,000/-, then only you are eligible for the bonus; otherwise, not.
If your salary criteria match and you joined in July 2014, then you are eligible for the bonus next year and not this year. I hope this clarifies your query.
From India, Ahmadabad
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If your salary criteria match and you joined in July 2014, then you are eligible for the bonus next year and not this year. I hope this clarifies your query.
From India, Ahmadabad
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First of all, I would like to know if there is a bonus amount paid to other employees and not paid to you only because you are not eligible for it.
Bonus Eligibility Criteria
As far as bonus applicability is concerned, there are already a few comments that clarify your eligibility. You must have worked at least 30 days in a bonus calculating year, i.e., April to March. Secondly, you must be getting 'wages' as per the wages defined under The Payment of Bonus Act, 1965, to become eligible to receive the bonus. If your company has declared a certain percentage after computing profit and loss to be distributed as a bonus, you will, of course, be eligible to receive the bonus.
So, please check these conditions with yourself. Perhaps, you will get the answer.
Regards,
From India, Sholapur
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Bonus Eligibility Criteria
As far as bonus applicability is concerned, there are already a few comments that clarify your eligibility. You must have worked at least 30 days in a bonus calculating year, i.e., April to March. Secondly, you must be getting 'wages' as per the wages defined under The Payment of Bonus Act, 1965, to become eligible to receive the bonus. If your company has declared a certain percentage after computing profit and loss to be distributed as a bonus, you will, of course, be eligible to receive the bonus.
So, please check these conditions with yourself. Perhaps, you will get the answer.
Regards,
From India, Sholapur
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Mr. Jitenderdhar, in his query, has not stated his position and the nature of his company. Furthermore, it appears he has not ascertained the issues related to the Payment of Bonus. In the absence of such information, all of us are providing general information. Regards.
From India, Bangalore
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From India, Bangalore
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