Hello Everyone,
I'm working in IT organization as a software engineer in India, Recently joined new IT organization after staying 5 year's in old organization, In old organization my bonus and performance incentive amount is stuck. I have left old organization on 12 Aug 2013. It's almost 3 and half month. Following are details of amount.
1. Bonus Amount for financial year Apr-2011 To Mar-2012. (B Part of CTC)
2. Bonus Amount for financial year Apr-2012 To Mar-2013. (B Part of CTC)
3. Performance Incentive for Jan-2012 to Mar-2012 and Apr-2012 to Jun-2012 Quarterly basis. Received a mail from Management person. (B OR C Part of CTC)
4. Performance Incentive July-2012 To July-2013 (Not received any mail) (B OR C Part of CTC)
5. Gratuity amount.
These are the details of my unpaid amount.
I have a written a mail to accounts department about my Full and final settlement mentioned the above details. Now I have received a following reply.
"W.r.t bonus, We will definitely keep your point in mind w.r.t. bonus for 2011-12 and 2012-13"
"W.r.t. performance incentives, Organization has been following the policy of releasing only to staff who are present on the rolls at the time of disbursal; this means that even if you were on the rolls at the time of announcement, you will not be eligible unless you are on the rolls when the amount is actually disbursed. Accordingly, you are no longer eligible for the incentives as and when disbursed. "
As old Organization was going through some financial crisis, so they didn't paid above mentioned amount in the respective year, Also one important thing is "they had never declared that amount of bonus or performance incentive is canceled". Above mentioned amount is not yet been paid any any employee from organization.
Is their anything that i will be able to get my unpaid amount? As i have to reply to old organization account department, so what should i reply. i need your assistance.
What is the maximum time for full & final settlement, if yes then does it include bonus?
Does organization can have policies, so they are not bound to pay Bonus /Performance incentive amount mentioned in CTC to employee?
Does Payment of Wages Act and statutory bonus Act is applicable to IT industry?
From India, Pune
I'm working in IT organization as a software engineer in India, Recently joined new IT organization after staying 5 year's in old organization, In old organization my bonus and performance incentive amount is stuck. I have left old organization on 12 Aug 2013. It's almost 3 and half month. Following are details of amount.
1. Bonus Amount for financial year Apr-2011 To Mar-2012. (B Part of CTC)
2. Bonus Amount for financial year Apr-2012 To Mar-2013. (B Part of CTC)
3. Performance Incentive for Jan-2012 to Mar-2012 and Apr-2012 to Jun-2012 Quarterly basis. Received a mail from Management person. (B OR C Part of CTC)
4. Performance Incentive July-2012 To July-2013 (Not received any mail) (B OR C Part of CTC)
5. Gratuity amount.
These are the details of my unpaid amount.
I have a written a mail to accounts department about my Full and final settlement mentioned the above details. Now I have received a following reply.
"W.r.t bonus, We will definitely keep your point in mind w.r.t. bonus for 2011-12 and 2012-13"
"W.r.t. performance incentives, Organization has been following the policy of releasing only to staff who are present on the rolls at the time of disbursal; this means that even if you were on the rolls at the time of announcement, you will not be eligible unless you are on the rolls when the amount is actually disbursed. Accordingly, you are no longer eligible for the incentives as and when disbursed. "
As old Organization was going through some financial crisis, so they didn't paid above mentioned amount in the respective year, Also one important thing is "they had never declared that amount of bonus or performance incentive is canceled". Above mentioned amount is not yet been paid any any employee from organization.
Is their anything that i will be able to get my unpaid amount? As i have to reply to old organization account department, so what should i reply. i need your assistance.
What is the maximum time for full & final settlement, if yes then does it include bonus?
Does organization can have policies, so they are not bound to pay Bonus /Performance incentive amount mentioned in CTC to employee?
Does Payment of Wages Act and statutory bonus Act is applicable to IT industry?
From India, Pune
Hi
Your previous employer can not hold any dues of an employee more than 180 days. Addressing to your queries:
1. For sure they have to pay you the gratuity no exemptions are there
2. if it bonus according to bonus act, yes you are entitled to recieve that
3. If it is performance based incentive/bonus means its based on the company's policy and discretion of the employer/management.
So better write a detailed letter (not mail) to your HR department and seek for an reply, if they are not responding send a reminder letter copy to the labour department and for sure you will get the due amount with out any problem.
183Your previous employer can not hold any dues of an employee more than 180 days. Addressing to your queries:
1. For sure they have to pay you the gratuity no exemptions are there
2. if it bonus according to bonus act, yes you are entitled to recieve that
3. If it is performance based incentive/bonus means its based on the company's policy and discretion of the employer/management.
So better write a detailed letter (not mail) to your HR department and seek for an reply, if they are not responding send a reminder letter copy to the labour department and for sure you will get the due amount with out any problem.
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Full n final settlement.doc