Hii seniors,
Can you please clarify....
Recently I joined a company with a offer 25000 pm. Today they have given me pay slip and in that they also included my bonus 8.33% of basic.
my doubt is, Is that bonus can be a included in my monthly gross salary pay slip?
From India, Bengaluru
Can you please clarify....
Recently I joined a company with a offer 25000 pm. Today they have given me pay slip and in that they also included my bonus 8.33% of basic.
my doubt is, Is that bonus can be a included in my monthly gross salary pay slip?
From India, Bengaluru
Many company follow the practise of paying bonus on monthly basis, some pay minimum 8.33% of Rs 7.000 i.e Rs 583/- or some 20% of Rs 7,000/- i.e Rs 1,400/- per month.
#They do it for achieving following purpose:
-In hand salary of employee will increase as we are paying statutory bonus up front on monthly basis.
-Company liability of bonus payment is taken care of.
Now the question is whether this is a right practice or not? If you go out to find out answer of this question you will get two opinions as follows:
1.Yes, we can do this as there is no mention in the act that we can not pay it on monthly basis.
2.No, we can not do this. How can company calculate percentage of bonus to be paid in the starting of financial year? Also when you pay any money on monthly basis it becomes part of your salary which means statutory bonus is yet to be paid. ESI will also be deducted on such payments.
In my view, I would not recommend to pay bonus on monthly basis as it can create problem in future and employer need to pay statutory bonus again.
Regards,
Amit
From India, Delhi
138#They do it for achieving following purpose:
-In hand salary of employee will increase as we are paying statutory bonus up front on monthly basis.
-Company liability of bonus payment is taken care of.
Now the question is whether this is a right practice or not? If you go out to find out answer of this question you will get two opinions as follows:
1.Yes, we can do this as there is no mention in the act that we can not pay it on monthly basis.
2.No, we can not do this. How can company calculate percentage of bonus to be paid in the starting of financial year? Also when you pay any money on monthly basis it becomes part of your salary which means statutory bonus is yet to be paid. ESI will also be deducted on such payments.
In my view, I would not recommend to pay bonus on monthly basis as it can create problem in future and employer need to pay statutory bonus again.
Regards,
Amit
From India, Delhi
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc