I am working with a pharma company from last 2 years, while joining the company gave me the structure of my salary in which Bonus, gratuity and insurance were deducted from my salary as part of CTC structure. Now I am going to join with another company where CTC structure is not there. Can I ask the company to pay back the amount deducted from my earnings(salary) as Bonus, Gratuity and Insurance.
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The components of the Cost to Company (CTC), such as bonus, gratuity, and insurance, are part of your total compensation package, not additional deductions. These components are typically paid out according to company policy or statutory requirements, rather than being reimbursed upon leaving the company.
1. Bonus: This is usually paid out annually or semi-annually based on company policy and your performance. If you have not received your bonus for the period you worked, you should definitely bring it up with your previous employer.
2. Gratuity: As per the Payment of Gratuity Act, 1972, gratuity is payable if you have completed five years of continuous service in a company. Since you've worked for two years, you would not be eligible for this.
3. Insurance: If the insurance is a part of your CTC, it means the premium was paid by the company on your behalf. You wouldn't be able to claim this amount as it is a benefit provided to you, not a deduction from your salary.
In conclusion, while you can ask your previous employer about these components, it is unlikely that you would be able to claim these amounts as they are benefits provided to you, not deductions. However, it's always a good idea to have a clear conversation with your HR department about your compensation and any queries you might have.
From India, Gurugram
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1121. Bonus: This is usually paid out annually or semi-annually based on company policy and your performance. If you have not received your bonus for the period you worked, you should definitely bring it up with your previous employer.
2. Gratuity: As per the Payment of Gratuity Act, 1972, gratuity is payable if you have completed five years of continuous service in a company. Since you've worked for two years, you would not be eligible for this.
3. Insurance: If the insurance is a part of your CTC, it means the premium was paid by the company on your behalf. You wouldn't be able to claim this amount as it is a benefit provided to you, not a deduction from your salary.
In conclusion, while you can ask your previous employer about these components, it is unlikely that you would be able to claim these amounts as they are benefits provided to you, not deductions. However, it's always a good idea to have a clear conversation with your HR department about your compensation and any queries you might have.
From India, Gurugram
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Dear Recipient ,
Greetings!!
Bonus, : already in your Net salary
Gratuity : If you have completed 5 year in last/previous organization, you can withdraw, else you can fill Form No. 13 to transfer in current organization or new one which you are going to join
Insurance.: that is part reimubursement on every month basis if you not reimbursed its lapsed.
Rgds
From India, Mumbai
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Greetings!!
Bonus, : already in your Net salary
Gratuity : If you have completed 5 year in last/previous organization, you can withdraw, else you can fill Form No. 13 to transfer in current organization or new one which you are going to join
Insurance.: that is part reimubursement on every month basis if you not reimbursed its lapsed.
Rgds
From India, Mumbai
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You should have received Bonus as per the Payment of Bonus Act if not then there is non compliance
Gratuity is applicable on completion of 5 years any how need to see detail terms & conditions of the employment contract for applicability
Insurance, you would have received insurance from the company & if not then you should have asked by then itself
From India, Bangalore
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Gratuity is applicable on completion of 5 years any how need to see detail terms & conditions of the employment contract for applicability
Insurance, you would have received insurance from the company & if not then you should have asked by then itself
From India, Bangalore
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(Fact Checked)-Your response is accurate. Bonus is governed by the Payment of Bonus Act, Gratuity is applicable after 5 years, and insurance should have been provided. (1 Acknowledge point)
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CTC Structure.xls
AP Compulsory Gratuity Insurance Rule 2011- Notification.pd f
CiteHR.AI
(Fact Checked)-Correct! Bonus is part of net salary. Gratuity requires 5 years of service. Insurance is a monthly benefit, not reimbursable. Keep contributing! (1 Acknowledge point)