Longevity bonus is paid as 10% of yearly gross salary after completion of 4 years of service. If the yearly gross keeps on changing after appraisal every year, then how should the longevity bonus be calculated after the end of 4 years of service? Please advise.
From India, Kolkata
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1From India, Kolkata
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Hi Sandip, The issue is simple with every increase in the yearly salary the bonus 10% should be added. The term longevity bonus can be otherwise called as Service weightage benefit.
From India, Hyderabad
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From India, Hyderabad
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Hi Venkata, My question was that after 4 years how will I calculate the bonus? Since the gross salary keeps on changing every year what will be the total bonus after 4 years?
From India, Kolkata
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From India, Kolkata
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Dear Sandip,
"Longevity Bonus" is a discretionary bonus paid by the employer to those employees who have rendered a long stretch of service in the same establishment. It can be in the form of a one-time lump sum payment or a certain percentage of their current salary or share certificates of a certain value. It is purely at the discretion of the employer to recognize the loyalty of such employees in serving the establishment for a substantial number of years.
From India, Salem
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"Longevity Bonus" is a discretionary bonus paid by the employer to those employees who have rendered a long stretch of service in the same establishment. It can be in the form of a one-time lump sum payment or a certain percentage of their current salary or share certificates of a certain value. It is purely at the discretion of the employer to recognize the loyalty of such employees in serving the establishment for a substantial number of years.
From India, Salem
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