At the very outset let me clarify that my knowledge in Bonus act/law etc is very poor. However, looking at the practices followed in almost all Companies, the laws stated by learned officer are not easy to digest. Hence, with due respect to Mr Kamal Dutta, I would like to strongly support to Saji’s post.
In continuation to Saji’s request for clarification from the learned Officer, I would like to update my knowledge, about the clause under which employee has choice to accept bonus, as per his wish. (whether to accept 8.33 or declared bonus, whether to accept in f&f or wait till official bonus payment date, etc).
If any related para, from any of the law book/act is quoted, or citation of any judgement from labour court/authority is provided, the matter can be simplified, and confusion avoided.
From India, Mumbai
70In continuation to Saji’s request for clarification from the learned Officer, I would like to update my knowledge, about the clause under which employee has choice to accept bonus, as per his wish. (whether to accept 8.33 or declared bonus, whether to accept in f&f or wait till official bonus payment date, etc).
If any related para, from any of the law book/act is quoted, or citation of any judgement from labour court/authority is provided, the matter can be simplified, and confusion avoided.
From India, Mumbai
Now I have nothing to say about the comment posted by Mr Saji....With due respect, I request you to contact any labour / bonus Inspector in your area with my view and Mr Saji's view...and just take concrete view from him...We are following this rule in Delhi ......Better he will suggest you what is the practice...I agree with Mr Saji....he is not wrong....but our practice is not at all wrong in Delhi....
All the best
From India, Kolkata
All the best
From India, Kolkata
Time limit of bonus is written clearly in the law and it is known to all concerned ,....but there are certain points which is provided to us as a guideline for inspection .....i can not provide you the guideline ...What I posted ,is totally based on the guideline....problem is that we always go with the law without knowing its elaboration and connotation of the law.......that is why law is a dead alphabet and its is freshed by its elaboration.....every departments are having one inspectors guidebook.....they will never provide you that book....if you can manage to get that book ....you will be champion in that field....So many Big shots are working in various concern.....what happens when a labour officer / PF inspector / ESI inspectors visited that organization ???? Their knowledge proves a big Zero in front of that officer.....and you should know very well what happens after that ???I can not say more than that...In my 35 years service career in a labour department...I have seen so many big shots surrender their knowledge in front of that officer....these people choose these types of sites to show their knowledge ...and misguide others by posting irrelevant materials ....I was a small officer with very few knowledge .....
From India, Kolkata
From India, Kolkata
Dear All
In all post I read one thing that Bonus should be 8.33% atleast of total salary but I saw in some company that they paid Rs.3500/- only as a Bonus to whom that there basic is below Rs.10000/- Per Month even after they old more than 5 Years and earning profits every year. Is it correct or Companies are doing wrong practice.
Regards
Madhsudan Mishra
From India, Indore
In all post I read one thing that Bonus should be 8.33% atleast of total salary but I saw in some company that they paid Rs.3500/- only as a Bonus to whom that there basic is below Rs.10000/- Per Month even after they old more than 5 Years and earning profits every year. Is it correct or Companies are doing wrong practice.
Regards
Madhsudan Mishra
From India, Indore
Dear Sir
It seems that emotions are pouring in, no professional will ever assume that they are Big Shots, if anyone think that they are then it is their attitude. With regards to the knowledge proves big zero in front of any Statutory Officer/Inspector, I do not agree with that, if the act does not state anything clear you can fight for the same, I do not want to stretch the topic too long or else it will be a debatable topic. In nutshell I would rather say if any professional surrender in front of any statutory authorities indirectly specifies that either the company or the person is doing anything wrong which fears him/her to do so.
From India, Ahmadabad
It seems that emotions are pouring in, no professional will ever assume that they are Big Shots, if anyone think that they are then it is their attitude. With regards to the knowledge proves big zero in front of any Statutory Officer/Inspector, I do not agree with that, if the act does not state anything clear you can fight for the same, I do not want to stretch the topic too long or else it will be a debatable topic. In nutshell I would rather say if any professional surrender in front of any statutory authorities indirectly specifies that either the company or the person is doing anything wrong which fears him/her to do so.
From India, Ahmadabad
Hi Seniors ... Please suggest me to declare the correct one in our organization - whether the below full and final settlement FORMAT & CALCULATIONS are correct or not
First one where company is paying
Second one where company is recovering for notice period buyout
NAME OF THE COMPANY
F U L L & F I N A L S E T T L E M E N T
Name of the Employee : XX Date : 7/11/2013
Employee Number : XX Date of Joining : 6/12/2012
Designation : XX Date of Resignation : 3/10/2013
Date of Leaving : 30/10/2013
Payable Month : November-13 Total Payable Days : 18
Salary Particulars : ( A C T U A L S ) Rs. ( E A R N E D ) Rs.
BASIC : 10000.00 6000.00
HRA : 5000.00 3000.00
Convey. Allow : 800.00 480.00
Special Allow : 10000.00 6000.00
TOTAL Rs. : 25800.00 15480.00
DEDUCTIONS : ( - )
Provident Fund : (Including Encashble leaves) 820.00
TDS : 0.00
Others.. If any 0.00
TOTAL Rs. : 820.00
ADDITIONS : ( + )
No.of Encashble Earn Leaves : 2.5 (PF deductions not shown here) 833.33
Gratuity :
( Eligible No.of years ) 0 0.00
Reversal of PF Deductions 820.00
Other.. If any 0.00
TOTAL Rs. : 1653.33
NOTICE PERIOD / RECOVERY ( - )
Payment in lieu of Notice period 0.00
Recovery Amt towards Damages or if any… 0.00
Other.. If any 0.00
TOTAL Rs. : 0.00
TOTAL AMOUNT ( PAYABLE ) Rs. : 16313.00
(XX Rupees Only )
For Finance & Accounts Department Use :
Paid Amount through : Direct Credit Bank : Bank Name Date : Date Paid
D E C L A R A T I O N
I, ______________________________________________ received the Amount towards my Full & Final Settlement as mentioned above also I checked this statement thoroughly and declare that no complications / complaints regarding this settlement and I will not raise any claim or demands, in regards for pending dues in future. I solemnly declare that I will abide by all the conditions of the signed and accepted agreements by me with the company
SIGNATURE & DATE
__________________________________________________ __________________________________________________ ________________
NAME OF THE COMPANY
F U L L & F I N A L S E T T L E M E N T
Name of the Employee : XX Date : 7/12/2013
Employee Number : XX Date of Joining : 17/8/2012
Designation : XX Date of Resignation: 5/9/2013
Date of Leaving : 21/10/2013
Payable Month : October-13 Total Payable Days : 21
Salary Particulars : ( A C T U A L S ) Rs. ( E A R N E D ) Rs.
BASIC : 10000 6774.19
HRA : 5000 3387.10
Convey. Allow : 800 541.94
Special Allow : 10000 6774.19
TOTAL Rs. : 25800.00 17477.00
DEDUCTIONS : ( - )
Provident Fund : (Including Encashble leaves) 963.00
TDS : 0.00
Loan : 0.00
Salary Advance : 0.00
Others.. If any 0.00
TOTAL Rs. : 963.00
ADDITIONS : ( + )
No.of Encashble Earn Leaves : 3.75 (PF deductions not shown here) 1250.00
Gratuity :
( Eligible No.of years ) 0 0.00
Reversal of PF Deductions 963.00
Other.. If any 0.00
TOTAL Rs. : 2213.00
NOTICE PERIOD / RECOVERY ( - )
Payment in lieu of Notice period 51600.00
Recruitment 5000.00
Background Verification 2000.00
Training charges 1000.00
Recovery Amt towards Damages or if any… 0.00 0.00
Other.. If any 0.00
TOTAL Rs. : 59600.00
TOTAL AMOUNT ( RECOVERABLE ) Rs. : -40873.00
( XX Rupees Only )
For Finance & Accounts Department Use :
Received CASH / DD / CHEQUE from Emp.. DD / CHEQUE Number : XX Bank: XX XX
D E C L A R A T I O N
I, ______________________________________________paid the Amount towards my Full & Final Settlement as mentioned above also I checked this statement thoroughly and declare that no complications / complaints regarding this settlement and I will not raise any claim or demands, in regards for pending dues in future. I solemnly declare that I will abide by all the conditions of the signed and accepted agreements by me with the company
SIGNATURE & DATE
From India, Madras
First one where company is paying
Second one where company is recovering for notice period buyout
NAME OF THE COMPANY
F U L L & F I N A L S E T T L E M E N T
Name of the Employee : XX Date : 7/11/2013
Employee Number : XX Date of Joining : 6/12/2012
Designation : XX Date of Resignation : 3/10/2013
Date of Leaving : 30/10/2013
Payable Month : November-13 Total Payable Days : 18
Salary Particulars : ( A C T U A L S ) Rs. ( E A R N E D ) Rs.
BASIC : 10000.00 6000.00
HRA : 5000.00 3000.00
Convey. Allow : 800.00 480.00
Special Allow : 10000.00 6000.00
TOTAL Rs. : 25800.00 15480.00
DEDUCTIONS : ( - )
Provident Fund : (Including Encashble leaves) 820.00
TDS : 0.00
Others.. If any 0.00
TOTAL Rs. : 820.00
ADDITIONS : ( + )
No.of Encashble Earn Leaves : 2.5 (PF deductions not shown here) 833.33
Gratuity :
( Eligible No.of years ) 0 0.00
Reversal of PF Deductions 820.00
Other.. If any 0.00
TOTAL Rs. : 1653.33
NOTICE PERIOD / RECOVERY ( - )
Payment in lieu of Notice period 0.00
Recovery Amt towards Damages or if any… 0.00
Other.. If any 0.00
TOTAL Rs. : 0.00
TOTAL AMOUNT ( PAYABLE ) Rs. : 16313.00
(XX Rupees Only )
For Finance & Accounts Department Use :
Paid Amount through : Direct Credit Bank : Bank Name Date : Date Paid
D E C L A R A T I O N
I, ______________________________________________ received the Amount towards my Full & Final Settlement as mentioned above also I checked this statement thoroughly and declare that no complications / complaints regarding this settlement and I will not raise any claim or demands, in regards for pending dues in future. I solemnly declare that I will abide by all the conditions of the signed and accepted agreements by me with the company
SIGNATURE & DATE
__________________________________________________ __________________________________________________ ________________
NAME OF THE COMPANY
F U L L & F I N A L S E T T L E M E N T
Name of the Employee : XX Date : 7/12/2013
Employee Number : XX Date of Joining : 17/8/2012
Designation : XX Date of Resignation: 5/9/2013
Date of Leaving : 21/10/2013
Payable Month : October-13 Total Payable Days : 21
Salary Particulars : ( A C T U A L S ) Rs. ( E A R N E D ) Rs.
BASIC : 10000 6774.19
HRA : 5000 3387.10
Convey. Allow : 800 541.94
Special Allow : 10000 6774.19
TOTAL Rs. : 25800.00 17477.00
DEDUCTIONS : ( - )
Provident Fund : (Including Encashble leaves) 963.00
TDS : 0.00
Loan : 0.00
Salary Advance : 0.00
Others.. If any 0.00
TOTAL Rs. : 963.00
ADDITIONS : ( + )
No.of Encashble Earn Leaves : 3.75 (PF deductions not shown here) 1250.00
Gratuity :
( Eligible No.of years ) 0 0.00
Reversal of PF Deductions 963.00
Other.. If any 0.00
TOTAL Rs. : 2213.00
NOTICE PERIOD / RECOVERY ( - )
Payment in lieu of Notice period 51600.00
Recruitment 5000.00
Background Verification 2000.00
Training charges 1000.00
Recovery Amt towards Damages or if any… 0.00 0.00
Other.. If any 0.00
TOTAL Rs. : 59600.00
TOTAL AMOUNT ( RECOVERABLE ) Rs. : -40873.00
( XX Rupees Only )
For Finance & Accounts Department Use :
Received CASH / DD / CHEQUE from Emp.. DD / CHEQUE Number : XX Bank: XX XX
D E C L A R A T I O N
I, ______________________________________________paid the Amount towards my Full & Final Settlement as mentioned above also I checked this statement thoroughly and declare that no complications / complaints regarding this settlement and I will not raise any claim or demands, in regards for pending dues in future. I solemnly declare that I will abide by all the conditions of the signed and accepted agreements by me with the company
SIGNATURE & DATE
From India, Madras
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Full n final settlement.doc