Dear All,
I have a query on statutory bonus payment. As per the Payment of Statutory Bonus Act, the employer has to pay a bonus to separated employees as well. However, what is the employer supposed to do when ex-employees are not traceable or not available to collect the bonus amount?
Please help me.
Regards,
Amit
From India, New Delhi
Acknowledge(0)
Amend(0)
4I have a query on statutory bonus payment. As per the Payment of Statutory Bonus Act, the employer has to pay a bonus to separated employees as well. However, what is the employer supposed to do when ex-employees are not traceable or not available to collect the bonus amount?
Please help me.
Regards,
Amit
From India, New Delhi
Acknowledge(0)Amend(0)
It is always desirable to maintain an "Unclaimed Bonus Account" for disbursing bonuses to those who had left the organization. Official letters intimating the employees to collect the bonus shall be sent. I think declared bonuses should be claimed within 18 months of the closure of the company's accounts. But it may not be possible to set dates or even follow the law of limitation.
Regards,
Madhu.T.K
From India, Kannur
Acknowledge(0)Amend(0)
Regards,
Madhu.T.K
From India, Kannur
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
BONUS CALCULATION FOR W.B.Govt employee for 2010-2011.xls
59-Employee-Eng agement-Ideas-Y ou-Need-to-Know -About-Bonus.pd f
Amendment to Payment of Bonus Act 2015.jpg