I would like to know that if employee joins in June and he is on probation period till December and after he quit the job in that case will he be eligible for the Bonus or not. And suggest me also criteria of Bonus with formula.
From India, Bagpat
3From India, Bagpat
Dear Jyoti,
Statutory bonus is related only to the minimum number of days (30 days) actually worked by any person falling within the definition of the term "employee" under the Payment of Bonus Act, 1965 in an Accounting Year and it is not related to the nature of his employment such as permanent, probationer, temporary etc.
From India, Salem
Statutory bonus is related only to the minimum number of days (30 days) actually worked by any person falling within the definition of the term "employee" under the Payment of Bonus Act, 1965 in an Accounting Year and it is not related to the nature of his employment such as permanent, probationer, temporary etc.
From India, Salem
Dear Jyoti
Whether the said employee was eligible to receive the statutory bonus under payment of Bonus act? If he draws less than Rs.21000/month and has worked for minimum 30 days in the financial year he is eligible for the bonus declared for the financial year 1819, payable between the period April 2019 to Nov. 2019.
The minimum statutory bonus would be Rs. 7000 or min wages whichever is higher. Lets us say min wages in your region is Rs.8500, in this case min. bonus shall be Rs. 8500/-. The Bonus calculation will be on actual attendance (pro rata) basis. Here all authorized leaves, offs and holidays are to be considered as presence only unauthorized absence against which wages has been deducted will be considered as absence.
Lets us the for the period 1st June to 31st Dec the employee has full attendance. So his attendance is 214 days. Now the per day rate for Rs 8500 would be Rs. 279.60. Your company has declared min. bonus i.e. 8.33%.
279.60X214=59834.4@8.33%=Rs.4984
Hope this helps
Shailesh Parikh
99 98 97 10 65
Vadodara
From India, Mumbai
Whether the said employee was eligible to receive the statutory bonus under payment of Bonus act? If he draws less than Rs.21000/month and has worked for minimum 30 days in the financial year he is eligible for the bonus declared for the financial year 1819, payable between the period April 2019 to Nov. 2019.
The minimum statutory bonus would be Rs. 7000 or min wages whichever is higher. Lets us say min wages in your region is Rs.8500, in this case min. bonus shall be Rs. 8500/-. The Bonus calculation will be on actual attendance (pro rata) basis. Here all authorized leaves, offs and holidays are to be considered as presence only unauthorized absence against which wages has been deducted will be considered as absence.
Lets us the for the period 1st June to 31st Dec the employee has full attendance. So his attendance is 214 days. Now the per day rate for Rs 8500 would be Rs. 279.60. Your company has declared min. bonus i.e. 8.33%.
279.60X214=59834.4@8.33%=Rs.4984
Hope this helps
Shailesh Parikh
99 98 97 10 65
Vadodara
From India, Mumbai
Here it is assumed that the employee has worked from june 18 to dec 18. If it is june 17 to Dec 17 than the Bonus is payable from April 18 to Nov 18
From India, Mumbai
From India, Mumbai
According to my perspective, it varies from situation to situation. In general, If an employee is fulfilling the employability clause (as per companies code of conduct), leaving the company on a positive note and as per the number of working day's criteria he/she is eligible for the bonus, then the employee is surely eligible for the bonus.
Regards
M. J Dhadwal
From India, Chandigarh
Regards
M. J Dhadwal
From India, Chandigarh
No matter whether one is in probation or in roll, if the candiadate has put 30 days working is eligible
From India, Mumbai
From India, Mumbai
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From India, New Delhi
From India, New Delhi
How is he eligble for bonus? Can any one describe it? As per bonus act a person should be complete minimum one year in the organisation then he is eligible for bonus.
From India, Delhi
From India, Delhi
Dear Member,
According to section 8 of Bonus Act, 1965 an employee who have worked for 30 days or more in an accounting year for whivh bonus is to be paid to the employees shall be entitled to receive bonus. Section 8 may be read as under.
8. Eligibility for bonus.- Every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisions of this Act, provided he has worked in the establishment for not less than thirty working days in that year.
Regards,
R N KHOLA
From India, Delhi
According to section 8 of Bonus Act, 1965 an employee who have worked for 30 days or more in an accounting year for whivh bonus is to be paid to the employees shall be entitled to receive bonus. Section 8 may be read as under.
8. Eligibility for bonus.- Every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisions of this Act, provided he has worked in the establishment for not less than thirty working days in that year.
Regards,
R N KHOLA
From India, Delhi
Bonus is a sum of money added to a person's wages as a reward for good performance.( Definition of Bonus).
If the employee is on probation, means he may have recently joined, wherein he still needs to be assessed for his performance. Two or three months in the organization is too early to decide on his/her performance.
Hence bonus is not applicable.
From India, Pune
If the employee is on probation, means he may have recently joined, wherein he still needs to be assessed for his performance. Two or three months in the organization is too early to decide on his/her performance.
Hence bonus is not applicable.
From India, Pune
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