Those joined on 15/3/24 and still in job as of July, 2024, will bonus act applicable for FY 23-24? Do I need to pay bonus for last year?
From India, Meerut
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From India, Meerut
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In order to be entitled to a bonus, a person should have worked for at least 30 days in the financial year. In this case, the financial year is 2023-24, and the employee has only worked for 15 days. Hence, no bonus is payable to him now. Next year, he should be paid a bonus even if he has left the company in the meantime, based on his work in the financial year 2024-25.
From India, Kannur
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4526From India, Kannur
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Those who joined on 15/3/24 are not eligible because the bonus is paid for the period 1st April 2023 to 31/03/2024. To become eligible, one should have a minimum of 30 days during the aforementioned period. In your case, employees have not worked for 30 days, and the law does not provide for proportionate grounds.
From India, Mumbai
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From India, Mumbai
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf