Dear Sir,
I have been working in my company since August-2012. I got my Bonus for 2012-13 on October-2013. I am going to resign my job on coming Feburary-2013. Our company give Settlement (Salary + EL) within 7 days. But Bonus for resigned Employee is given by October month of every year. Any chance to get Bonus for 2013-14 with my Settlement?. Any Law is applicaple for this situation?.
Warm Regards,
Rajan.
From India, Mumbai
3I have been working in my company since August-2012. I got my Bonus for 2012-13 on October-2013. I am going to resign my job on coming Feburary-2013. Our company give Settlement (Salary + EL) within 7 days. But Bonus for resigned Employee is given by October month of every year. Any chance to get Bonus for 2013-14 with my Settlement?. Any Law is applicaple for this situation?.
Warm Regards,
Rajan.
From India, Mumbai
First of all I want to make one correction, that you are going to resign on February-2014 or February-2013, If you resign on February-2013 your question does not logically validate regarding your bonus calculation.
If you resign on February-2014, then you will get Bonus for 11 months for the financial year 2013-2014, but it depends upon company to company, whether they give Bonus to the resigned employee at the full & final settlement.
From India, Bardhaman
If you resign on February-2014, then you will get Bonus for 11 months for the financial year 2013-2014, but it depends upon company to company, whether they give Bonus to the resigned employee at the full & final settlement.
From India, Bardhaman
Dear Member,
As pointed out , Bonus is mandatory with ceiling limit of Rs 10,000/- for all in case they have worked for 30 or more days in the financial year.
In case you meet both the requirements, bonus can not be denied.
Yes , they will delay the payment to coincide the date of payment with date of payment when they pay bonus to all employees but that has to be by Nov for the preceding financial year.
Regards,
Suresh Rathi
From India, Delhi
As pointed out , Bonus is mandatory with ceiling limit of Rs 10,000/- for all in case they have worked for 30 or more days in the financial year.
In case you meet both the requirements, bonus can not be denied.
Yes , they will delay the payment to coincide the date of payment with date of payment when they pay bonus to all employees but that has to be by Nov for the preceding financial year.
Regards,
Suresh Rathi
From India, Delhi
As per the prevailing practice and law, if you want your bonus at the time of your full & final payment , you have to accept bonus @ 8.33%. But if you want bonus as declared by the company, you have to wait till Oct 2014.. Because can only declare bonus after the financial year ending... If your company is paying bonus @ 8.33% every year then take it now with your full and final settlement.
Reg
Kamal
From India, Kolkata
Reg
Kamal
From India, Kolkata
What I told you is the Bible ....It is law....Dear friends....please do not confuse him.... Mr Rajan please go ahead with this law....
From India, Kolkata
From India, Kolkata
Even on resigned employee’s request, that 8.33% is acceptable to him, I have a doubt, whether it is binding on Company to release such payment with F&F settlement. It is an option to Management to accept employee’s such request or not.
Bonus is always related to previous financial year. Though minimum 8.33% is guaranteed, at the most the amount can be released after the financial year is over. No need to wait till October 2014.
One more thing I would like to add. Many of our friends have said that Bonus is applicable if salary is upto 10000/-. This is absolutely correct. At the same time, while fixing your CTC, if company has shown ‘bonus’, as one of the earnings, you are eligible for ‘Bonus’, irrespective of ceiling of Rs.10000/-.
From India, Mumbai
Bonus is always related to previous financial year. Though minimum 8.33% is guaranteed, at the most the amount can be released after the financial year is over. No need to wait till October 2014.
One more thing I would like to add. Many of our friends have said that Bonus is applicable if salary is upto 10000/-. This is absolutely correct. At the same time, while fixing your CTC, if company has shown ‘bonus’, as one of the earnings, you are eligible for ‘Bonus’, irrespective of ceiling of Rs.10000/-.
From India, Mumbai
As mentioned by other members, if the Bonus Payable is as per Bonus Act then it is at the company's discretion to pay at the time of F&F or at the time of Bonus disbursement. If the bonus payable is covered under CTC then the employer has to pay at the time of F&F, since it is a part of Salary and wages.
From India, Ahmadabad
From India, Ahmadabad
What I just told is the law.....bonus is declared after the financial year...That is why at the time of full & final settlement in the middle of the year...Minimum rate of 8.33% is applicable to him as the bonus is not declared....There is no doubt....if's & but's my dear friend....I am a govt Labour Officer, and I was a bonus inspector also....Please do not confuse him...
Second point is ....bonus can be given to an employee with his full & final payment on his request..in that case 8.33% is applicable to him...In other case if he is ready to take bonus after it is declared, in that case...declared bonus percentage is applicable to him.....
Mr Rajan...you can opt any one of the above..it's your choice...Dear friends please do not confuse him...
From India, Kolkata
Second point is ....bonus can be given to an employee with his full & final payment on his request..in that case 8.33% is applicable to him...In other case if he is ready to take bonus after it is declared, in that case...declared bonus percentage is applicable to him.....
Mr Rajan...you can opt any one of the above..it's your choice...Dear friends please do not confuse him...
From India, Kolkata
Dear Labor Officer/Bonus Inspector
It seems that you are confused, please read the time limit for payment of Bonus as per act which is mentioned herein below, which is self explanatory. Nowhere in the Act it is written that the payment of Bonus as per Act has to be given at a minimum rate on F&F, if I have skipped out please mention the wordings of the Act, where I have skipped.
Time-limit for payment of bonus.- 1*[All amounts] payable to an employee by way of bonus under this Act shall be paid in cash by his employer--
(a) where there is a dispute regarding payment of bonus pending before any authority under section 22, within a month from the date on which the award becomes enforceable or the settlement comes into operation, in respect of such dispute;
(b) in any other case, within a period of eight months from the close of the accounting year:
Provided that the appropriate Government or such authority as the appropriate Government may specify in this behalf may, upon an application made to it by the employer and for sufficient reasons, by order, extend the said period of eight months to such further period or periods as it thinks fit; so, however, that the total period so extended shall not in any case exceed two years.
I hope that the above clarifies your need.
From India, Ahmadabad
It seems that you are confused, please read the time limit for payment of Bonus as per act which is mentioned herein below, which is self explanatory. Nowhere in the Act it is written that the payment of Bonus as per Act has to be given at a minimum rate on F&F, if I have skipped out please mention the wordings of the Act, where I have skipped.
Time-limit for payment of bonus.- 1*[All amounts] payable to an employee by way of bonus under this Act shall be paid in cash by his employer--
(a) where there is a dispute regarding payment of bonus pending before any authority under section 22, within a month from the date on which the award becomes enforceable or the settlement comes into operation, in respect of such dispute;
(b) in any other case, within a period of eight months from the close of the accounting year:
Provided that the appropriate Government or such authority as the appropriate Government may specify in this behalf may, upon an application made to it by the employer and for sufficient reasons, by order, extend the said period of eight months to such further period or periods as it thinks fit; so, however, that the total period so extended shall not in any case exceed two years.
I hope that the above clarifies your need.
From India, Ahmadabad
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Full n final settlement.doc