Hi,
HR Professionals pls advise me about Bonus Payment half yearly. Is it possible that the company will pay bonus after the completion of six month, two times in a year at the rate of minimum bonus (8.33%). I know bonus calculation and payment annually but i want to know is an option to pay half yearly. Pls provide me the best way to pay bonus.
From India, New Delhi
HR Professionals pls advise me about Bonus Payment half yearly. Is it possible that the company will pay bonus after the completion of six month, two times in a year at the rate of minimum bonus (8.33%). I know bonus calculation and payment annually but i want to know is an option to pay half yearly. Pls provide me the best way to pay bonus.
From India, New Delhi
Dear mukesh.kumar_1161983,
According to the payment of Bonus Act, 1965 even if the employee serves the company for a period of 30 days that employee is said to be eligible for bonus. The bonus is paid yearly and there is no provision for paying half- yearly.
Hope this satisfies your query.
From India, Visakhapatnam
990According to the payment of Bonus Act, 1965 even if the employee serves the company for a period of 30 days that employee is said to be eligible for bonus. The bonus is paid yearly and there is no provision for paying half- yearly.
Hope this satisfies your query.
From India, Visakhapatnam
Dear Mukesh
the Bonus u/Payment of Bonus Act is to be paid within 8 months from the close of accounting year and teh Act does not provide for payment of it in instalmenst.
B.Saikumar
HR & Labour Law advsior
Mumbai
From India, Mumbai
the Bonus u/Payment of Bonus Act is to be paid within 8 months from the close of accounting year and teh Act does not provide for payment of it in instalmenst.
B.Saikumar
HR & Labour Law advsior
Mumbai
From India, Mumbai
Mukesh
I have not come across any provision under the Payment of Bonus Act or under the Rules that backs the view that bonus can be paid at half yearly intervals. The interim or advance bonus referred in Form-C, in my view, is what an employer may pay to an employee pending disbursement of the bonus under the Act and such payment towards final bonus, in my view, has to be adjusted agaisnt the bonus under the Act when paid to employees. Itcannot be construed that the bonus is under the Act is pauable at half yearly intervals.
B.Saikumar
HR & Labour Law advsior
Mumbai
From India, Mumbai
I have not come across any provision under the Payment of Bonus Act or under the Rules that backs the view that bonus can be paid at half yearly intervals. The interim or advance bonus referred in Form-C, in my view, is what an employer may pay to an employee pending disbursement of the bonus under the Act and such payment towards final bonus, in my view, has to be adjusted agaisnt the bonus under the Act when paid to employees. Itcannot be construed that the bonus is under the Act is pauable at half yearly intervals.
B.Saikumar
HR & Labour Law advsior
Mumbai
From India, Mumbai
Dear All Bonus can be paid in two installment in first u can pay like pooja bonus or any other type and after calculating in yearly u can deduct it from yearly calculation and can maintain Form - C
From India, Faridabad
From India, Faridabad
Mr.Mahesh
Puja Bonus or customary bonus is not the bonus that is to be calculated in the manner prescribed and paid under the Act. therefore it si not to be mistaken for statutory bonus under the Act.if such puja bonus etc, has been paid by the employer, the same can be adjusted agisnt the statutory bonus payable under the Act. Therefore it can not be construed that the statutory bonus can be paid in two instalments.
B.Saikumar
HR & Labour Law Advsior
Mumbai
From India, Mumbai
Puja Bonus or customary bonus is not the bonus that is to be calculated in the manner prescribed and paid under the Act. therefore it si not to be mistaken for statutory bonus under the Act.if such puja bonus etc, has been paid by the employer, the same can be adjusted agisnt the statutory bonus payable under the Act. Therefore it can not be construed that the statutory bonus can be paid in two instalments.
B.Saikumar
HR & Labour Law Advsior
Mumbai
From India, Mumbai
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