Hi there,
I would like to know when the bonus has to be released? and, if an employee has resigned and served his/ her notice period can we add bonus amount in their full and final settlement or we are required to release it on Diwali (company policy)?
I would like to know when the bonus has to be released? and, if an employee has resigned and served his/ her notice period can we add bonus amount in their full and final settlement or we are required to release it on Diwali (company policy)?
Dear Ms.Meenakshi,
Pl refer to sec.19 of the Payment of Bonus Act,1965 which sets the time-limit for payment of bonus. As per sec.19(b), all amounts payable to an employee by way of bonus under the Act shall be paid in cash by his employer within a period of 8 months from the date of close of the accounting year. If the F&F settlement occurs after the declaration of bonus for the accounting year, well, you can add up it also to the F&F amount. Otherwise, you can pay it later within the time-limit prescribed.
From India, Salem
5967Pl refer to sec.19 of the Payment of Bonus Act,1965 which sets the time-limit for payment of bonus. As per sec.19(b), all amounts payable to an employee by way of bonus under the Act shall be paid in cash by his employer within a period of 8 months from the date of close of the accounting year. If the F&F settlement occurs after the declaration of bonus for the accounting year, well, you can add up it also to the F&F amount. Otherwise, you can pay it later within the time-limit prescribed.
From India, Salem
Dear Seniors
1.I would like to know that now the bonus limit is 21000/- and if the salary of an employee is more than 21000/- then what amount will be paid to the employee.
2. Some companies are paying exgretia to the employees exceeding the salary limit as per bonus act. What is the criteria for calculating the exgretia payment
From India, Jalandhar
1.I would like to know that now the bonus limit is 21000/- and if the salary of an employee is more than 21000/- then what amount will be paid to the employee.
2. Some companies are paying exgretia to the employees exceeding the salary limit as per bonus act. What is the criteria for calculating the exgretia payment
From India, Jalandhar
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Notice of Employee Change.doc