Dear Seniors..! I am very New to HR. I have a doubt in Payment of Bonus eligibility.
As per the Payment of Bonus Act 1965, if employee Worked an Organization for thirty days in an Accounting year, He/She will be eligible for Payment of Bonus.
So in this Connection, if employee joined on April and resigned in the month of June, he/she will be eligible. Then we have to pay Payment of Bonus to the Particular Employee. am i right..?
if i am wrong. please correct me by providing your valuable comments.
thanks in advance for your great help.
From India, Chennai
As per the Payment of Bonus Act 1965, if employee Worked an Organization for thirty days in an Accounting year, He/She will be eligible for Payment of Bonus.
So in this Connection, if employee joined on April and resigned in the month of June, he/she will be eligible. Then we have to pay Payment of Bonus to the Particular Employee. am i right..?
if i am wrong. please correct me by providing your valuable comments.
thanks in advance for your great help.
From India, Chennai
Dear, As per the Payment of Bonus Act 1965, after 30 days from his date of joining employee will be eligible for the bonus . Regards Atul
From India, Delhi
18From India, Delhi
Bonus becomes payable only after its determination at the close of the relevant accounting year. Therefore, if an employee leaves the establishment in the middle of the accounting year, it is not necessary that proportionate bonus has to be paid along with FF Settlement.
From India, Salem
From India, Salem
Hi,
You are right. The guidelines of the Payment of Bonus Act are as Follows:
1)Eligibility: The employee should have worked for 30 days in a year.
2)Applicability: From the 6th accounting year of the company from the date of commencement OR
From the 1st Profit Making Year of the Company.
3)PAYABLE: when BASIC + DA < or = Rs.10000
If all the above are met then you have to bonus even if the employee has worked only 32 days
Regards,
Priya
From India, Mumbai
You are right. The guidelines of the Payment of Bonus Act are as Follows:
1)Eligibility: The employee should have worked for 30 days in a year.
2)Applicability: From the 6th accounting year of the company from the date of commencement OR
From the 1st Profit Making Year of the Company.
3)PAYABLE: when BASIC + DA < or = Rs.10000
If all the above are met then you have to bonus even if the employee has worked only 32 days
Regards,
Priya
From India, Mumbai
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THE PAYMENT OF BONUS ACT.doc