Performance bonus payout due by the employeer
10 months ago
If the scenario is, an employee has survived for the thought out financial year for (april 2022 to march 2023), and has gone through the performance appraisal as well. the employee has resigned at the early stage of next financial year may 2023. can someone help me to understand does the employee has rights to claim the performance bonus? is there any law that the employer should release the performance bonus with in the limited time.?
A.Dear client,
According to Payment of Bonus Act, 1965
Time limit for Payment of Bonus (Section 19)
The bonus shall be paid within a period of 8 months from the close of accounting year. However, on application by the employer and on sufficient reasons, the Appropriate authority, by order may extend the said period of 8 months to a period not exceeding 2 years.
According to Payment of Bonus Act, 1965
Time limit for Payment of Bonus (Section 19)
The bonus shall be paid within a period of 8 months from the close of accounting year. However, on application by the employer and on sufficient reasons, the Appropriate authority, by order may extend the said period of 8 months to a period not exceeding 2 years.
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A.Dear Client,
An employee is entitled to a performance bonus on the appraisal of his performance put by him in the preceding financial year on tendering his resignation on any day or month in the next financial year. The performance bonus of the preceding financial year is payable to an employee as soon as the performance appraisal report is prepared/submitted by the appraisal committee within the first quarter of the next financial year or as per the terms of the contract of employment.
An employee is entitled to a performance bonus on the appraisal of his performance put by him in the preceding financial year on tendering his resignation on any day or month in the next financial year. The performance bonus of the preceding financial year is payable to an employee as soon as the performance appraisal report is prepared/submitted by the appraisal committee within the first quarter of the next financial year or as per the terms of the contract of employment.
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