Hi Friends, I just want to know can retention bonus become a part of monthly deduction from the gross salary. Then the complete deducted amount will get payable in year end. Thanks Smita
From India, Mumbai
Acknowledge(0)
Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)
Understanding Retention Bonuses
The very purpose of a retention bonus is to pay a lump sum amount at the end of a specified period, say 1 or 2 years, in order to retain the talent pool. Deducting monthly and paying at the year-end does not sound well.
From India, Lucknow
Acknowledge(0)Amend(0)
616The very purpose of a retention bonus is to pay a lump sum amount at the end of a specified period, say 1 or 2 years, in order to retain the talent pool. Deducting monthly and paying at the year-end does not sound well.
From India, Lucknow
Acknowledge(0)Amend(0)
Retention bonus cannot be deducted from the monthly salary and paid later. It is additional remuneration paid to the employee for their continuous service put up in the company as a recognition of their long service.
The Retention Bonus amount will vary according to the period of stay by the employee, and it will increase as per their period of service in the company.
From India, Kumbakonam
Acknowledge(0)Amend(0)
The Retention Bonus amount will vary according to the period of stay by the employee, and it will increase as per their period of service in the company.
From India, Kumbakonam
Acknowledge(0)Amend(0)
Dear Friends,
Thank you for this valuable information. Here, I would like to have your guidelines on the following issue. We are dealing with a separate case involving one of our employees. We will be deducting a portion of his salary every month and will pay it to him at the end of the year based on his performance. The deducted amount per month will be from his gross salary. I am a bit confused about which category we should show this deduction under.
Thanks & regards,
Smita
From India, Mumbai
Acknowledge(0)Amend(0)
Thank you for this valuable information. Here, I would like to have your guidelines on the following issue. We are dealing with a separate case involving one of our employees. We will be deducting a portion of his salary every month and will pay it to him at the end of the year based on his performance. The deducted amount per month will be from his gross salary. I am a bit confused about which category we should show this deduction under.
Thanks & regards,
Smita
From India, Mumbai
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.
Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc