Bonus for bank employees: Check eligibility, guidelines, examples, illustrations
Tentative list of eligible employees together with Bonus Calculation as per the data extracted from HRMS shall be provided to all Zones.
The
payment
of
bonus
act
was
recently
amended.
As
per
the
amended
provisions
ceiling
on
salary
and
wage
has
been
increased
from
Rs.10,000
to
Rs.21,000
per
month.
As
such,
employees
whose
salary/wage
does
not
exceed
Rs.21,000
per
month
are
now
eligible
for
bonus.
It has been decided to pay Bonus at the rate of 8.33% of salary to all the eligible employees for the period 01.04.2016 to 31.03.2017.
Salary for this purpose includes 1) Basic pay (including FPP & PQP) 2) Special Pay Dearness Allowance 4) Special Allowance with DA only. All the branches / offices may note to disburse the Bonus to all the eligible employees as per the procedure given here under.
Tentative list of eligible employees together with Bonus Calculation as per the data extracted from HRMS shall be provided to all Zones.
Zonal Offices should get the data verified and confirm the correctness of eligibility and amount of Bonus paid and payable.
Justification
For any modifications required to be undertaken in the list, Zonal Office should submit the details to HO with suitable justification. On receipt of the "Branch-wise difference and addition of Bonus payable details from the Zonal offices, the Bonus Amount will be credited to the "Cheque Proceeds Account" of the Zonal Office for onward distribution to branches.
Branches should enter details of Bonus paid in the Bonus Register for verification by the Labour Department Officials. The entire exercise of verification of calculation and Payment of Bonus to eligible employees should be completed by 25.09.2017.
Important guidelines
Bonus is payable to those employees whose salary does not exceed Rs.21,000 per month. In other words no Bonus is payable to those employees whose salary exceeds Rs.21,000 per month.
Every employee (including temporary employees) who had worked in the bank for not less than 30 working days during the financial year is eligible to receive the Bonus.
The maximum amount of Bonus payable to any eligible employee should be only Rs.7,000/- where an employee has worked for all 365 days.
For the purpose of computing the number of days during which the employee worked in the accounting year, he/she will be deemed to have worked on the days on which he/she has been on leave with salary / wages.
The minimum amount of Bonus payable to any employee is stipulated as Rs.100/- or the actual eligibility @ 8.33% whichever is higher.
In case, if the earning of an employee is reduced during a month on account of loss of pay, Bonus payable for that particular month should be calculated proportionately. An illustration is given in the Annexure-III
An
employee
will
be
disqualified
for
receiving
Bonus
if
he
is
dismissed
from
the
Service
of
the
Bank
due
to
(a)
fraud
(b)
riotous
or
violent
behaviour
within
the
premises
of
the
Bank
of
(c)
theft,
misappropriation
or
sabotage
of
any
property
of
the
Bank.
In
all
such
cases
the
matter
should
be
referred
to
Human
Resources
Department
(IR),
Head
Office
for
necessary
instructions.
In
case
of
employees
who
were
placed
under
suspension
/
dismissed
/
discharged
for
misconduct
prior
permission
from
our
Human
Resources
Department
(IR),
Head
Office,
may
be
sought
before
making
any
payment
towards
Bonus.
In
respect
of
those
employees
who
are
eligible
for
payment
of
Bonus
for
the
year
2016-17,
but
deceased,
the
Bonus
amount
shall
be
paid
to
their
legal
heirs
provided
a
claims
is
preferred
within
one
year
form
the
date
of
this
circular.
These
cases
should
also
be
referred
to
Human
Resources
Department
(IR),
Head
Office.
No advance against Bonus should be made pending receipt of salary particulars from other branches.
Leave encashment is not to be treated as salary/wages for the payment of Bonus.
Branches claiming Bonus pertaining to earlier years should route their claims through their respective Zonal offices duly substantiating the reasons for delay in making payment. Zonal office should confirm that the amount is not reimbursed to branches earlier. The amount may be Claimed separately and it should not be clubbed with the bonus amount related to this year.
Special points requiring specific personal attention of salary disbursement authorities and contravention of which will attract action against them.
Bonus register form
Bonus register in form "C" should be maintained for each year in which all the particulars of each employee are to be filled without leaving any column blank. Acquaintances should be obtained at the time of payment of Bonus from all the employees to whom Bonus is paid. At the time of inspection by Labour Enforcement Officer, all the relevant records should be produced before the concerned for verification. As per the payment of Bonus rules 1975, every branch shall send an annual return in Form "D" to the concerned Labour Enforcement Officer (Central) so as to reach within 30 days of payment of Bonus. A proforma of form "D" is given in the Annexure. All the branches are advised to note the same and submit the annual return without fail.
Examples
Example
1:
An
employee
has
drawn
salary
of
Rs.15800/-
for
April
2016,
Rs.16500/-
for
May,
Rs.17300/-
for
June,
Rs.18300/-
for
July
and
August
2016,
Rs.19700/-
for
September
and
October
2016,
Rs.20700/-
for
November
2016
and
from
December
2016
to
March
2017
Rs.21200/-.
Bonus
payable
to
the
employee
is
calculated
as
under.
EXAMPLE
-
2
Where
the
salary
of
an
employee
is
reduced
on
account
of
loss
of
pay,
the
Bonus
payable
for
that
particular
month
should
be
reduced
proportionately.
Where
the
salary
payable
to
an
employee
is
more
than
21,000/-
per
month
but
the
salary
earned
for
the
respective
month
is
reduced
to
below
Rs.19,900/-
per
month
on
account
of
loss
of
pay,
he
is
not
eligible
for
payment
of
bonus.
The
Bonus
payable
in
the
above
cases
is
calculated
as
under.
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