Hi,
In my organisation we are currently wanting to introduce a Bonus Schme, where in the inputs would be considered from the Performance Appraisal. The title of the Bonus is also to do with the long service so the entire bonus amount will be split in four years.
Now my question to the members is:
1. What for the employees who have already served for four years ( as many yrs as the company is in existance)
2. Also should the employees who have served more years should get more OR it should be one time payment to all who have served two + years irrespective of the number of yrs of each employee.
Please give in your thoughts on this for the clarity.
Cordially,
preet
From India, Bangalore
3In my organisation we are currently wanting to introduce a Bonus Schme, where in the inputs would be considered from the Performance Appraisal. The title of the Bonus is also to do with the long service so the entire bonus amount will be split in four years.
Now my question to the members is:
1. What for the employees who have already served for four years ( as many yrs as the company is in existance)
2. Also should the employees who have served more years should get more OR it should be one time payment to all who have served two + years irrespective of the number of yrs of each employee.
Please give in your thoughts on this for the clarity.
Cordially,
preet
From India, Bangalore
Hi,
The title of the policy should be Performance cum long Service Bonus.
In my opinion the Bonus should be given only to those who have been consistent in performance (Very good/Excellent) over a period of 2-3 yrs and are continuing with the company.
The same should apply to new joinees
Daleep
The title of the policy should be Performance cum long Service Bonus.
In my opinion the Bonus should be given only to those who have been consistent in performance (Very good/Excellent) over a period of 2-3 yrs and are continuing with the company.
The same should apply to new joinees
Daleep
Daleep,
YEs, the name is abbreviated that way but then if we start the policy now then what who have alreday lived a life of 4+yrs with the company. A good tenure by any standard for an IT company. SO pay out plan for them other then this new policy- which still is being worked out
Memebers, please give in more thoughts.
COrdially,
preet
From India, Bangalore
YEs, the name is abbreviated that way but then if we start the policy now then what who have alreday lived a life of 4+yrs with the company. A good tenure by any standard for an IT company. SO pay out plan for them other then this new policy- which still is being worked out
Memebers, please give in more thoughts.
COrdially,
preet
From India, Bangalore
Hi,
while formulating the policy, the effective date has to be mentioned. Noramlly in these cases where you have performing people with you for a long time, as a special case the rewards are paid in lump sum. and thereafter they will also be covered under the same policy. It is very essential to reward them to keep their motivation level high
Daleep
while formulating the policy, the effective date has to be mentioned. Noramlly in these cases where you have performing people with you for a long time, as a special case the rewards are paid in lump sum. and thereafter they will also be covered under the same policy. It is very essential to reward them to keep their motivation level high
Daleep
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
Amendment to Payment of Bonus Act 2015.jpg
Death while in service letter for pf death claim.docx
Bonus act amendment gazette copy.pdf