I joined an NBFC in June 2019 and resigned in April 2021. Currently, the serving notice and last working day are 7th July 2021. The company released variable pay/ stat. bonus today i.e. 30th June 2021 for the last accounting year 20-21. Due to my resignation, I did not get a bonus whereas my colleagues got appx. 35k bonus. Is there any rule which allows the company to not pay my bonus? If not, is there any way through which I can get my bonus as I have worked the whole year for this?
From India
From India
If the poster is otherwise eligible for bonus in terms of the current salary threshold, he can politely address the management in writing that he is entitled to bonus despite his resignation effective from 7th July,2021 as he had worked in the establishment throughout the accounting year 2020- 21 and request to be paid along with his F&F Settlement.
If it is futile, he can make an application for recovery of the unpaid bonus u/s 21 of the Payment of Bonus Act,1965 to the authority under the Act who is normally an Assistant Labor Commissioner for the area where the establishment is located.
From India, Salem
6018If it is futile, he can make an application for recovery of the unpaid bonus u/s 21 of the Payment of Bonus Act,1965 to the authority under the Act who is normally an Assistant Labor Commissioner for the area where the establishment is located.
From India, Salem
Hi, A little correction. I checked salary slip and saw I have 3558 rs. as stat bonus but the rest of company has got 10x of this amount. My company is in Mumbai. Can you please help and provide the calculation for stat bonus after seeing my attached salary slip? Also, I have attached the policy related to appraisal. Please let me know if this permits my company to stop them from paying full stat bonus?
From India
From India
Your Salary is 17,000 a month, so you are still within the limit for statutory bonus.
It appears the company is paying exgratia bonus and not statutory bonus to most of the employees.
Based on the Payment of Wages act, you will be eligible to bonus at 8.33% to 20% (depending on the profit the company made last year) on a salary of ₹ 10,000 (max salary ceiling)
You can approach the management for that part. I have no idea where the ₹ 3,558 came from. You can speak to HR about it and get a clarification. The remaining part is at the discretion of the management. You can to force them unless it was specifically provided in your appointment letter that you will get a performance bonus and the computation is clearly specified.
From India, Mumbai
It appears the company is paying exgratia bonus and not statutory bonus to most of the employees.
Based on the Payment of Wages act, you will be eligible to bonus at 8.33% to 20% (depending on the profit the company made last year) on a salary of ₹ 10,000 (max salary ceiling)
You can approach the management for that part. I have no idea where the ₹ 3,558 came from. You can speak to HR about it and get a clarification. The remaining part is at the discretion of the management. You can to force them unless it was specifically provided in your appointment letter that you will get a performance bonus and the computation is clearly specified.
From India, Mumbai
As per payment of Bonus Act, Calculation will be on maximum 7000/- or minimum wages whichever is higher. As the employee was in the service for the period 2020-21 , he is eligible for bonus for the whole financial year as the employee's salary is below 21,000/- per month.
It appears that there is something wrong in the calculation. Better to clarify from HR about the method/basis of calculation. Whatever % of bonus has been paid by the organization , that must be calculated on the certain amount ( 7000/- or minimum wages or any other amount more than statutory guideline.) The calculation should be yearly amount of the considered value and then % of bonus.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
It appears that there is something wrong in the calculation. Better to clarify from HR about the method/basis of calculation. Whatever % of bonus has been paid by the organization , that must be calculated on the certain amount ( 7000/- or minimum wages or any other amount more than statutory guideline.) The calculation should be yearly amount of the considered value and then % of bonus.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
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