I have a little query about bonuses. I have been working in a manufacturing company since October 10, 2010. My last working date in this company was March 7, 2013. My company usually gives bonuses during Diwali. Can I claim my bonus? Is there any labor act like the Payment of Bonus Act, 1965?
Thanks,
From Uttarakhand
From India, Dehra Dun
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Thanks,
From Uttarakhand
From India, Dehra Dun
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As it is not a statutory bonus hence you can not claim the same and there is no act related to deewali bonus.
From India, Kota
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142From India, Kota
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Sir, I am not talking about only diwali bonus ..i am talking about the bonus which employee gets normally from company if salary is below 10001-Per month.
From India, Dehra Dun
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From India, Dehra Dun
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As per my knowledge, all the payments due are to be made at the time of the Full and Final Settlement. Kindly check with your HR whether your Full & Final Payment Cheque includes your Bonus Payment or not.
Regards,
Anubhav
From India, Pune
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Regards,
Anubhav
From India, Pune
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If the financial year of your company ends in March and your salary is not more than Rs 10,000 per month, and if you have worked for at least 30 days in the year ending 2012-13, then you will receive a bonus as per the Payment of Bonus Act, 1965.
Regards,
Varghese Mathew
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From India, Thiruvananthapuram
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Regards,
Varghese Mathew
[Phone Number Removed For Privacy Reasons]
From India, Thiruvananthapuram
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I fully agree with Mr. Govind Singh Negi, but I would like to add one point to his answer regarding the payment of bonuses based on company profitability. If a company incurs losses for 5 years, it will still have to pay a bonus after the completion of those 5 years. However, if the company is profitable from the very first year, then the bonus is mandatory from the first year itself.
Additionally, the payment of the bonus will depend on the company's policy for calculating it. As per the act, it will be calculated based on (Rs. 3500 * number of days present) divided by the number of days in a year.
Regards,
Saurabh
From India, Calcutta
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Additionally, the payment of the bonus will depend on the company's policy for calculating it. As per the act, it will be calculated based on (Rs. 3500 * number of days present) divided by the number of days in a year.
Regards,
Saurabh
From India, Calcutta
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The time limit for paying bonus under payment of Bonus Act is 8 months from the close of accounting year and not 9 months as posted by Mr Govindsingh Negi . ( Sec 19(b) ) Varghese Mathew 9961266966
From India, Thiruvananthapuram
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From India, Thiruvananthapuram
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Yes, Mr. Varghese Mathew is correct in this regard, i.e., it is statutory to pay the bonus by the 30th of November after the completion of the previous financial year. The employer cannot delay up to the final settlement if it is done after November.
Regards,
Abbas. P. S
From India, Bangalore
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Regards,
Abbas. P. S
From India, Bangalore
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