Hi all, If an employee has left the company and demanded his full and final settlement, are we required to pay him the current year bonus? If yes, please suggest which law specifies this requirement and share the law link.
Regards,
Lakhan
From India, Noida
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Regards,
Lakhan
From India, Noida
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If any person serves for 30 days or more during the financial year and his wages/salary are less than Rs. 21,000, then he is eligible to receive his bonus. If your organization is going to pay only an 8.33% bonus, then you can pay the same while giving the F&F settlement itself. However, your organization will finalize the bonus percentage after assessing its profit and may pay a higher amount. In that case, you can make the payment on or before 30 November of the next financial year. This information can be conveyed to the outgoing staff/workers, instructing them to keep their bank accounts active until they receive their bonus in the following financial year.
From India, Kumbakonam
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1189From India, Kumbakonam
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Dear Bhaskar Sir, Please suggest which act this have mention and which clause also if you have any act copy please send . Regards Lakhan
From India, Noida
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From India, Noida
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Hello Lakhan,
Whether or not an employee is entitled to receive a bonus upon leaving a company depends on the terms of their employment contract and any applicable laws or regulations.
Entitlement to Bonus
In general, if the employee has already earned the bonus through their work and it has been agreed upon in their employment contract, they would be entitled to receive it upon leaving the company. However, if the bonus is discretionary or based on future performance, the employee may not be entitled to it.
Legal Considerations
In terms of laws, the entitlement to a bonus upon leaving a company may be governed by employment laws and regulations in your jurisdiction. These laws may vary depending on the country or state/province you are in.
To provide a more specific answer, could you please let me know the country or state/province where your company is located? This will help me to provide more targeted information on the relevant laws and regulations in your area.
From India, Mumbai
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Whether or not an employee is entitled to receive a bonus upon leaving a company depends on the terms of their employment contract and any applicable laws or regulations.
Entitlement to Bonus
In general, if the employee has already earned the bonus through their work and it has been agreed upon in their employment contract, they would be entitled to receive it upon leaving the company. However, if the bonus is discretionary or based on future performance, the employee may not be entitled to it.
Legal Considerations
In terms of laws, the entitlement to a bonus upon leaving a company may be governed by employment laws and regulations in your jurisdiction. These laws may vary depending on the country or state/province you are in.
To provide a more specific answer, could you please let me know the country or state/province where your company is located? This will help me to provide more targeted information on the relevant laws and regulations in your area.
From India, Mumbai
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Full n final settlement.doc