Hello,
In my offer letter I have a minimum % as bonus off my fixed CTC as payable should I meet the minimum performance parameters. The appraisal in my organisation takes into account of my performance from January to December. Its during December that my ratings are provided to the HR.
I have now resigned and am serving my notice period. Would the bonus basis my ratings be given to me in my full & final settlement?
Any guidance would be helpful
Regards,
Eddie
From India, Delhi
In my offer letter I have a minimum % as bonus off my fixed CTC as payable should I meet the minimum performance parameters. The appraisal in my organisation takes into account of my performance from January to December. Its during December that my ratings are provided to the HR.
I have now resigned and am serving my notice period. Would the bonus basis my ratings be given to me in my full & final settlement?
Any guidance would be helpful
Regards,
Eddie
From India, Delhi
It is not clear whether the bonus shown in CTC is statutory bonus u/bonus Act or performance bonus paid under some contarct or agreement. B.Saikumar Mumbai
From India, Mumbai
1897From India, Mumbai
Hello Sir,
There is no mention of the Bonus Act, all is mentioned is that its a performance bonus, though there is a mention of the following:
"If applicable, payment of discretionary bonus / P4P mentioned in your employment agreement will be
sufficient for discharge of any of your claims to the company for a Bonus (including but not limited to a minimum
bonus required to be paid by the Company as per any statutory requirements)."
Regards,
Eddie
From India, Delhi
There is no mention of the Bonus Act, all is mentioned is that its a performance bonus, though there is a mention of the following:
"If applicable, payment of discretionary bonus / P4P mentioned in your employment agreement will be
sufficient for discharge of any of your claims to the company for a Bonus (including but not limited to a minimum
bonus required to be paid by the Company as per any statutory requirements)."
Regards,
Eddie
From India, Delhi
The clause particularly referring to the words " .....P4P mentioned in your employment agreement will be sufficient discharge of any of your claims to the company for bonus ....." is still not clear to me.
However the genaral position on your right to bonus will be as under ;
1) If it is merely a performance bonus and the payment of such bonus is subject to cetain conditions laid down in your letter of appointment/contract/agreement such as fufilling certain performance parameters or completing a specified tenure in the company etc, then such bonus becomes payable to you only on fulfilling such conditions but not otherwise.
2) If you are eligible for bonus under the Bonus Act, that right cannot be taken away from you even by way of incorporating any clause in the agreemnet to that effect.
B.Saikumar
Mumbai
From India, Mumbai
However the genaral position on your right to bonus will be as under ;
1) If it is merely a performance bonus and the payment of such bonus is subject to cetain conditions laid down in your letter of appointment/contract/agreement such as fufilling certain performance parameters or completing a specified tenure in the company etc, then such bonus becomes payable to you only on fulfilling such conditions but not otherwise.
2) If you are eligible for bonus under the Bonus Act, that right cannot be taken away from you even by way of incorporating any clause in the agreemnet to that effect.
B.Saikumar
Mumbai
From India, Mumbai
Hello Sir,
Thanks for the clarification, I took a good second look at my previous offer letter and the most recent (2012) appraisal letter, there is no mention of Bonus Act and neither a statement mentioning that "the employee needs to be on the payroll of the company to get Bonus". What it does contain is "the bonus is payable at the sole discretion of the management of the Company....."
From India, Delhi
Thanks for the clarification, I took a good second look at my previous offer letter and the most recent (2012) appraisal letter, there is no mention of Bonus Act and neither a statement mentioning that "the employee needs to be on the payroll of the company to get Bonus". What it does contain is "the bonus is payable at the sole discretion of the management of the Company....."
From India, Delhi
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