Akash (Cluster Mgr) 22 April 2010
A company declares bonus on April 30, 2010 (for the year ended march 2010) and the bonus is payable in two parts (One with April 2010 Salary and other installement in September 2010). If an employee resigns on May 1, 2010 (with a notice period of one month), will he be entitled to the second intallement of bonus along with the full and final settlement?
V B S S PRASAD (COMPANY SECRETARY) 22 April 2010
As per the Bonus Act, the following is the disqualification.
Disqualification for Bonus (Section 9)--An employee is disqualified from receiving Bonus if he is dismissed from service for fraud or riotous or violent behaviour while on the premises of the establishment or theft, misappropriation or sabotage of any property of the establishment.
The Bonus is payble with in 8 months from the Close of Accounting Year. Bonus declare for the period which an employee served in theorganisation.
My openion is The employee even though he was resigned, eligible for Bonus Declred.
VBSS Prasad
Akash (Cluster Mgr) 22 April 2010
Dear Mr. Prasad
Does this apply to performance related bonus as well (if declared)?
Regards
Akash
V B S S PRASAD (COMPANY SECRETARY) 23 April 2010
Dear Akash,
The payment of bonus Act do not deal with Performance linked Bonus. It Depends on the policy of the Company . So The Ac t do not apply to The said issue.
Regards,
VBSS Prasad
PBS KUMAR (HR - PROFESSIONAL) 30 October 2010
Dear Prasad ji,
How we calculate the Production linked Bonus. If there is any formula please supply.
Regards,
PBS KUMAR
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