Co xyz takes back bonus and ex-gratia (whatever they have paid within 1 yr of resigning) from the employess who are resigning.
is it illegal and can we go to any court or any legal authority against this?
From India, Tiruchchirappalli
9is it illegal and can we go to any court or any legal authority against this?
From India, Tiruchchirappalli
Hello Sarvesh,
Could you pl bring more clarity into your query?
You mentioned '........within 1 yr of resigning........'. Was it supposed to be 'within 1 yr of joining'? Pl clarify.
Also it would ensure you get the right responses if you give whatever more details about the specific case in question.
Rgds,
TS
From India, Hyderabad
Could you pl bring more clarity into your query?
You mentioned '........within 1 yr of resigning........'. Was it supposed to be 'within 1 yr of joining'? Pl clarify.
Also it would ensure you get the right responses if you give whatever more details about the specific case in question.
Rgds,
TS
From India, Hyderabad
if an employee at any point of time resigning from services then Bank is taking back the bonus and ex-gratia they have given within 1 yr from the date of resigning?????
eg. abc has resigned today then he will have to pay back all the bonus and ex-gratia he has recieved since 10/10/2010. ie 1 yr.
From India, Tiruchchirappalli
eg. abc has resigned today then he will have to pay back all the bonus and ex-gratia he has recieved since 10/10/2010. ie 1 yr.
From India, Tiruchchirappalli
Part (A)To the best of my knowledge Bonus payment is mandatory to all empl drawing Rs 15000 or less as per the new ammendment.This is min 8 % of basic limited to Rs 5000.
This needs to be paid 8 months after the close of the financial year.
Part (B)Now what bonus are the paying. Is it a performance bonus that is payable in between as a retention tool and based on annual performance
What is the time period of consideration
Has there been any written agreement between the employer & the employee that the employee needs to pay back the bonus amount if he/she leaves the organisation in a stipulated time after receiving the Bonus.
If the answer is as per Part (A) then the bank is indulging in a malpractice and should be discussed in writing with the HR or a internal redressal committee
If it is Part (B) then the points of agreement need to be verified. In any case to the best of my knowledge the bank is indulging in unfair and unethical HR practices
As for ex-gratia or Gratuity the same is paid on completion of 4 years and 10 months service as per the Payment of Gratuity act with a maximum limit of Rs 350,000 (non taxable) calculated as 15 days Basic salary X no of years worked.
Unless this has been paid stating it to be gratuity money in advance and the empl has technically not completed 4 years 10 months of continous service
From India, Mumbai
This needs to be paid 8 months after the close of the financial year.
Part (B)Now what bonus are the paying. Is it a performance bonus that is payable in between as a retention tool and based on annual performance
What is the time period of consideration
Has there been any written agreement between the employer & the employee that the employee needs to pay back the bonus amount if he/she leaves the organisation in a stipulated time after receiving the Bonus.
If the answer is as per Part (A) then the bank is indulging in a malpractice and should be discussed in writing with the HR or a internal redressal committee
If it is Part (B) then the points of agreement need to be verified. In any case to the best of my knowledge the bank is indulging in unfair and unethical HR practices
As for ex-gratia or Gratuity the same is paid on completion of 4 years and 10 months service as per the Payment of Gratuity act with a maximum limit of Rs 350,000 (non taxable) calculated as 15 days Basic salary X no of years worked.
Unless this has been paid stating it to be gratuity money in advance and the empl has technically not completed 4 years 10 months of continous service
From India, Mumbai
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