sir, I have joined a pvt ltd co on 7th of july-2014 ,the co says that I am not entitled for bonus . I have completed 1 year and 3 months and still in service pl clearify whether I am entitled or not
From India, New Delhi
From India, New Delhi
Sir, Pl clearify whether I am entitled or not I have completed 1 year and 3 months and I am still working there
From India, New Delhi
From India, New Delhi
Bonus act applies for any employee whose salary (basic + da) is less than ₹10,000
If your salary is above that, you are not eligible for statutory bonus.
If you are eligible, than you can get a bonus of 8.33% to 20% of annual salary as bonus subject to a salary ceiling of ₹3500 per month. Meaning, that if your salary exceeds ₹3500, bonus would be computed only on ₹3500 per month.
Bonus is payable for such employees who has worked for more than 100 days in the previous year.
From India, Mumbai
2395If your salary is above that, you are not eligible for statutory bonus.
If you are eligible, than you can get a bonus of 8.33% to 20% of annual salary as bonus subject to a salary ceiling of ₹3500 per month. Meaning, that if your salary exceeds ₹3500, bonus would be computed only on ₹3500 per month.
Bonus is payable for such employees who has worked for more than 100 days in the previous year.
From India, Mumbai
Dear Saswata Banerjee,
In Payment of Bonus Act, 1965 they are mentioned:
"An employee will be entitled only when he has worked for 30 working days in that year" and "Basic+DA <=10,000, they are eligible".
Regards,
B Nagendra
From India, Hyderabad
In Payment of Bonus Act, 1965 they are mentioned:
"An employee will be entitled only when he has worked for 30 working days in that year" and "Basic+DA <=10,000, they are eligible".
Regards,
B Nagendra
From India, Hyderabad
SPKR
Every Organisation has its own policy for Payment of Bonus. In general, the payment of Bonus is guided by the Bonus Act and our friends have cited the conditions of Bonus Act. However, few organisations may allow incentive Bonus, profit-sharing bonus.Etc. Therefore, please contact your HR Department and know the Bonus policy of your organisation.
From India, Bangalore
Every Organisation has its own policy for Payment of Bonus. In general, the payment of Bonus is guided by the Bonus Act and our friends have cited the conditions of Bonus Act. However, few organisations may allow incentive Bonus, profit-sharing bonus.Etc. Therefore, please contact your HR Department and know the Bonus policy of your organisation.
From India, Bangalore
Dear Mr Jitenderdhar,
Payment of Bonus Act says that if any employee whose basic salary does not exceeds Rs 10000/- as per latest amendment, such employee entitles for bonus at 8.33% on wage ceiling of Rs 3500/- provided that he should work in the company for not less than 30 days in a financial year which commences from 1st April to 31st March of preceding year. However, newly set up organization / company is having infancy protection for a period of 3 yrs under this act and such company need not pay bonus for its employees if it earns no profit within said period. But, on completion of 5 year, such company also requires to pay minimum bonus at 8.33% bonus to its employees whether it is earning profit or not?
So if your company is having any infancy protection under this act and earning no profit, you cannot claim bonus as matter of right. or else if other employees are getting bonus, then you can approach your HR Dept and request them to bonus on par with other employees to settle the issue amicably or else make an application to Dy.Commissioner of Labor / any labor dept officials in whose jurisdiction your company falls to get the bonus under the Payment of Bonus Act and rules made thereunder.
Regards
NVRao
Tanuku
Andhra Pradesh
From India, Hyderabad
Payment of Bonus Act says that if any employee whose basic salary does not exceeds Rs 10000/- as per latest amendment, such employee entitles for bonus at 8.33% on wage ceiling of Rs 3500/- provided that he should work in the company for not less than 30 days in a financial year which commences from 1st April to 31st March of preceding year. However, newly set up organization / company is having infancy protection for a period of 3 yrs under this act and such company need not pay bonus for its employees if it earns no profit within said period. But, on completion of 5 year, such company also requires to pay minimum bonus at 8.33% bonus to its employees whether it is earning profit or not?
So if your company is having any infancy protection under this act and earning no profit, you cannot claim bonus as matter of right. or else if other employees are getting bonus, then you can approach your HR Dept and request them to bonus on par with other employees to settle the issue amicably or else make an application to Dy.Commissioner of Labor / any labor dept officials in whose jurisdiction your company falls to get the bonus under the Payment of Bonus Act and rules made thereunder.
Regards
NVRao
Tanuku
Andhra Pradesh
From India, Hyderabad
When you have joined on 7th July 2014, how come you have completed 1 year and 3 months, if you have joined in July 2013 then yes as said by other forum members above if your salary i.e. basic + DA is below Rs.10,000/- then only you are eligible otherwise not. If your salary criteria matches but if you have joined in July 2014 then you are eligible for bonus next year and not this year. Hope this clarifies your query.
From India, Ahmadabad
From India, Ahmadabad
Hi..
First of all, I would like to know that is there Bonus amount paid to other employees and not paid to you only being you are not eligible for it?
As far as Bonus applicability is concern, already there are few comments which clarifies your eligibility. You must be worked at least 30 days in a Bonus calculating year i.e. Apr to Mar. Secondly you must be getting 'wages' as per the wages defined under The Payment of Bonus Act 1965 for becoming eligible to get the Bonus. If your company have declared some % after computing profit and loss to be declared as Bonus, you will be offcourse eligible for getting bonus.
So, just check these conditions with youself. Perhaps, you will get the answer.
Regards,
From India, Sholapur
First of all, I would like to know that is there Bonus amount paid to other employees and not paid to you only being you are not eligible for it?
As far as Bonus applicability is concern, already there are few comments which clarifies your eligibility. You must be worked at least 30 days in a Bonus calculating year i.e. Apr to Mar. Secondly you must be getting 'wages' as per the wages defined under The Payment of Bonus Act 1965 for becoming eligible to get the Bonus. If your company have declared some % after computing profit and loss to be declared as Bonus, you will be offcourse eligible for getting bonus.
So, just check these conditions with youself. Perhaps, you will get the answer.
Regards,
From India, Sholapur
Dear NV Rao Sir,
Some of the our members have brought out the general provisions of the Act for the entitlement of bonus but missed the provisions contained in Section-15 of the Act,whch you have explained very nicely to which I agree.
One thing was coming to my mind as to whether at the first instance we shouldn't have examined the applicability of the Act to the paticular establishment to which the query of Sh Jitenderdhar relates.Section 1(3) of the Act clearly prescribes that the Act shall be made applicability to:-
a) every factory;
(b) every other establishment in which twenty or more persons are employed on any day during an accounting year or
(c) in special cases where the appropriate govt, notifies that the provisions of the Act shall be made applicable to any establishment or class of establishments employing less than 20.
I would like members to offer their comments.
BS Kalsi
From India, Mumbai
Some of the our members have brought out the general provisions of the Act for the entitlement of bonus but missed the provisions contained in Section-15 of the Act,whch you have explained very nicely to which I agree.
One thing was coming to my mind as to whether at the first instance we shouldn't have examined the applicability of the Act to the paticular establishment to which the query of Sh Jitenderdhar relates.Section 1(3) of the Act clearly prescribes that the Act shall be made applicability to:-
a) every factory;
(b) every other establishment in which twenty or more persons are employed on any day during an accounting year or
(c) in special cases where the appropriate govt, notifies that the provisions of the Act shall be made applicable to any establishment or class of establishments employing less than 20.
I would like members to offer their comments.
BS Kalsi
From India, Mumbai
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