Hi, I am on notice period in my current job. It will be completed on 20th July 2019. I am going to ask for my bonus for financial year 18-19. Is there any rules or law for bonus, so i can ask on behalf of that to my HR.
From India, Jaipur
From India, Jaipur
Time-limit for payment of bonus has been fixed u/s 19 of the Payment of Bonus Act,1965.
In case of any disputed claim for bonus under the Act, the bonus should be paid within a month from the enforceable date of the award or the date of operation of the settlement relating to the dispute.
In any other case, it should be paid within a period of 8 months from the close of the accounting year.
Coming to the query, the accounts of the establishment for the accounting year 2018 - 19 would have been closed on 31-03-2019 and as such , the employer can have time for payment till 30-11-2019. However, since the poster's formal exit is likely to be effective from 20-07-2019, he can ask for bonus to be included in his F&F settlement. The employer is bound to pay if the quantum of bonus is decided and declared for the accounting year and if not the poster has to wait till 30-11-2019.
From India, Salem
5967In case of any disputed claim for bonus under the Act, the bonus should be paid within a month from the enforceable date of the award or the date of operation of the settlement relating to the dispute.
In any other case, it should be paid within a period of 8 months from the close of the accounting year.
Coming to the query, the accounts of the establishment for the accounting year 2018 - 19 would have been closed on 31-03-2019 and as such , the employer can have time for payment till 30-11-2019. However, since the poster's formal exit is likely to be effective from 20-07-2019, he can ask for bonus to be included in his F&F settlement. The employer is bound to pay if the quantum of bonus is decided and declared for the accounting year and if not the poster has to wait till 30-11-2019.
From India, Salem
If you are drawing Basic salary plus DA below Rs.21,000/- per month, you are eligible for Minimum Bonus amount of Rs.7,000/- for whole year or as per the minimum wages applicable to your grade whichever is higher.
You are eligible for Bonus 2018-19 (01.04.2018 to 31.03.2019) on or before 30.11.2019 and Bonus for the period from 01.04.2019 to 20.07.2019 on or before 30.11.2020 (Financial Year 2019-20).
If your Company has policy to pay Bonus to employees thru settlement they may pay you, else you are entitle as per above.
Regards,
Suresh
From India, Thane
You are eligible for Bonus 2018-19 (01.04.2018 to 31.03.2019) on or before 30.11.2019 and Bonus for the period from 01.04.2019 to 20.07.2019 on or before 30.11.2020 (Financial Year 2019-20).
If your Company has policy to pay Bonus to employees thru settlement they may pay you, else you are entitle as per above.
Regards,
Suresh
From India, Thane
Hi, i had demand for my bonus before my relieving. At that time, HR and payroll officer of my company told me that if I want to get my bonus, my f&f get delayed as they will release my F&F with bonus amount at the time when they will release bonus for the company. I was agree for thale delay, but now without any information they had released my F&F without bonus. When I tried to contact via phone, they are not going to give me satisfied answer. Now I am going to write an e mail regarding this. Now my question is this, is there any place or forum or institution where I can raise my complain ? And what is the procedure to get my bonus amount as O worked for my company and I think it is my right to get my bonus amount. Please suggest and brief me the process.
From India, Jaipur
From India, Jaipur
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc