Hi Oindrila,
This policy is completely under your company's domain, its your company policy which will decide as to how and when you have to disperse the bonus. Its very much a feasible option if you candidates working for only this client. But if you have multiple clients and a lot of people are employed, you will have to bring in your accounts department into the discussion.
Although its better to check with your management if they would avail just the employees working for this particular client to add bonus to their monthly pay though this is risky as it might create issues among your employees.
Regards,
AJ
From India, Thana
97This policy is completely under your company's domain, its your company policy which will decide as to how and when you have to disperse the bonus. Its very much a feasible option if you candidates working for only this client. But if you have multiple clients and a lot of people are employed, you will have to bring in your accounts department into the discussion.
Although its better to check with your management if they would avail just the employees working for this particular client to add bonus to their monthly pay though this is risky as it might create issues among your employees.
Regards,
AJ
From India, Thana
Hi srinivas,
Please note that the company has to adhere to their apointment order and hence the payment has to be done yearly basis.
Though the payment decision is completely upto the company policies if they havnt mentioned such a thing in the appointment letter.
Regards,
AJ
From India, Thana
Please note that the company has to adhere to their apointment order and hence the payment has to be done yearly basis.
Though the payment decision is completely upto the company policies if they havnt mentioned such a thing in the appointment letter.
Regards,
AJ
From India, Thana
Bonus is basically for the class iv employees who draws a basic salary of less than rs. 3500 per month. this bonus is mandatory by law i.e. statutory bonus. Other bonus these days companies call it as Performance Bonus or Variable Pay..which is a much better way to express...company normally gives %age of the same and does not add cost to the CTC...This pay is actually over and above the normal earning you get as this is directly linked to achieved of certain desired objectives and KRAs....hope this will clear the air for bonus now....
From United Kingdom
From United Kingdom
Dear Team,
Kindly help me on below query.
Assumed my CTC has a part of Flexible B.( Flexible benefit plan), i was use to show petrol,Driver salary from my flexible which was non taxable, i just came to know that from next month onwards the maximum amount i can declare Rs. 1200 against pertrol & 600 against driver salary.
can u pls clarify here ?
Thanks in advance for your support.
Regards
Sachin
From India, Delhi
Kindly help me on below query.
Assumed my CTC has a part of Flexible B.( Flexible benefit plan), i was use to show petrol,Driver salary from my flexible which was non taxable, i just came to know that from next month onwards the maximum amount i can declare Rs. 1200 against pertrol & 600 against driver salary.
can u pls clarify here ?
Thanks in advance for your support.
Regards
Sachin
From India, Delhi
Would like to know elligibility of Bonus & Exgratia amount to an employee drawing basic of Rs. 25000.00 pm
From India, New Delhi
From India, New Delhi
As per Payment of Bonus Act, an employee drawing a basic salary of Rs 25000 per month is not eligible to get bonus. But if the establishment is willing to pay bonus irrespective of salary, then you can pay it.
For new establishments, though the Act has given protection not to pay it for the first three years, if the establishment is willing to pay bonus, it can pay bonus.
Regards,
Madhu.T.K
From India, Kannur
For new establishments, though the Act has given protection not to pay it for the first three years, if the establishment is willing to pay bonus, it can pay bonus.
Regards,
Madhu.T.K
From India, Kannur
Hi,
I had a query which I wanted to discuss. Our company (Omnilink Systems) is a start-up company in Bangalore. We started operations from December 2009 onwards and got ourselves registered in February 2010. In US, Omnilink has been established for the past 5 years. Curently we have 6 permanent employees and 2 consultants (payroll of another consulting firm). Recruitment is going on and definitely the team size would be increasing to 15+ in 2 months. Our top management (in US) has thought of providing Deferred Bonus to all our permanent employees - i.e 15% or 20% of CTC as bonus to be distributed over a period of 4-5 years. We are not planning to include Bonus amount in CTC.
So can we go ahead and mention in the appointment letter for these existing permanent employees and new employees (as and when they join) that "YOU SHALL BE ENTITLED TO BONUS THAT WOULD BE DISTRIBUTED EQUALLY OVER A PERIOD OF FOUR YEARS"?
is it mandatory to get registered for payment of Bonus Act?
Kindly advise me...
Thanks
Lakshmi
Email:
or 
From India, Mumbai
I had a query which I wanted to discuss. Our company (Omnilink Systems) is a start-up company in Bangalore. We started operations from December 2009 onwards and got ourselves registered in February 2010. In US, Omnilink has been established for the past 5 years. Curently we have 6 permanent employees and 2 consultants (payroll of another consulting firm). Recruitment is going on and definitely the team size would be increasing to 15+ in 2 months. Our top management (in US) has thought of providing Deferred Bonus to all our permanent employees - i.e 15% or 20% of CTC as bonus to be distributed over a period of 4-5 years. We are not planning to include Bonus amount in CTC.
So can we go ahead and mention in the appointment letter for these existing permanent employees and new employees (as and when they join) that "YOU SHALL BE ENTITLED TO BONUS THAT WOULD BE DISTRIBUTED EQUALLY OVER A PERIOD OF FOUR YEARS"?
is it mandatory to get registered for payment of Bonus Act?
Kindly advise me...
Thanks
Lakshmi
Email:
From India, Mumbai
When you fix a bonus as per Bonus Act you are expected to pay it within a certain period of time, ie, within eight months of close of financial year. Therefore, payment of a certain amount, say 15% of the CTC or Salary or whatever amount, over a period of five years will not satisfy the statutory obligations of an employer towards payment of bonus. When you can avail the infancy protection available in the Payment of Bonus Act why should you indulge yourself in to troubles?
There is no registration but you have to send some returns to the Labour Authorities.
Regards,
Madhu.T.K
From India, Kannur
There is no registration but you have to send some returns to the Labour Authorities.
Regards,
Madhu.T.K
From India, Kannur
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