Statutory Bonus

If your salary is not more than Rs.10K per month u r eligible for statutory bonus otherwise not. If your serivce agreement says that you will b paid incentive then it could be claim as dues provided that you had achieved prescribed target.

Mr. Ravit,

Section 8 provides that every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisins of the act This section imposes one important condition that such employee should have worked in the establishment for not less than thirty working days in that year..

Section 9 of the Bonus Act explains about "Disqualification for Bonus". An employee, who is dismissed from service for fraud, or notous or violent behavious while o the premises of the establishment or, theft, misappropriation or saboage of any property of the establishment.

As per your question:- 1. performance bonus comes under statutory bonus 8.33%..?

ans; performance bonus is not coming under statutory bonus as per bonus act.

2. Non - managerial employees are getting incentives every month. But my company is not paying statutory bonus. How can we approach the company for Statutory bonus..?

Ans:- first condition is that in establishment 20 or more employees are there, payment of employees should be less than or equal to 10, 000. and they have to work atleast 30 days in the preceeding accounting year. Ans its depends upon the thier allocable surplus.but it company dont have allocable surplus than go for set off and pay the minimum bonus 8.33% of wages.As you said you are in managerial capacity that indicate your wages is more than 10,000 thousands Rs. So you are not eligible for statutory bonus.

regards

prof. rk agrawal

Dear Ravit,

First of all for claiming statutory bonus, your salary (Basic + DA) should be less than Rs. 10001/-.

Secondly, your Office should have employeed more than 20 employees.

Thirdly, your company should have completed 5 years of working.

Now as per law, if the above three conditions are fulfilled, you should be entitled to a minimum of 8.33% of Basic Salary and 20% maximum Bonus.

Performance Bonus is different from Statutory Bonus, on the grounds that Performance Bonus, is based upon your performance and Managment's discretion, and Statutory Bonus is governed by Payment of Bonus Act, and the both cannot be clubbed together.

You can write to the Management for claiming the same.

Ashish

Dear Sir,

I left mycompany on 11 Nov 2010.My basic monthly salary is less than 10k.Since I have left the organisation this year in Nov,am i entitlet to get  my statutory bonus for this year??

Dear Sir,

I left mycompany on 11 Nov 2010.My basic monthly salary is less than 10k.Since I have left the organisation this year in Nov,am i entitlet to get  my statutory bonus for this year??

Dear Kavitha,

Based on your statement you are entitled for Bonus for the computing year 2010 - 2011.

But Mr. Ashish Ovalekar rightly pointed out you as well your organization should full fil the above mandatory requirements

and

Nowadays no principle of infancy period ( Minimum 5 years of completion  to pay bonus.

Thanks a lot sir

Dear all confirm that my total Basic is less than 10000 is for the month.I had asked my management to pay me the statutory bonus but they said that statutory bonus is claculated on your total cost to company and Not basic.

 Please CONFIRM that whether it is based on basic salary a month or my yearly package.

Also if my management is not ready to pay the same.How can i go about it claiming the same
 

Hi:

I am working with leading IT/Telecom Solutions and services company from last two years but i have not received any statury bonus from the company.In my previous company i use to get statury bonus and other allowance but after coming to this company everything stopped.

 Kindly guide how to proceed and claim.

Regards

Dilip Bhoyar

(Bangalore)