ssue No. 1 – END OF YEAR BONUS
The End of Year Bonus is seen as a thirteenth salary payable upon satisfactory performance of the employee. A minimum of 75% of your end of year bonus shall be paid 5 days before Christmas and the remaining 25% shall be paid alongside your December salary.
Example: Your basic salary is Rs 10,000 a month. On the 20th December, you should receive Rs 7500 (75% bonus). Before the New Year, you will have to receive Rs 12,500 (25% remaining + December Salary).
The end of year bonus will be applicable if you remain in employment till the 31st of December or you have started work during the year and are still in service on the 31st of December. In case you have worked for 8 months in a year then you are eligible for the end of year bonus
Are you aware?
This end of year bonus also includes all the earnings you have received over the years. The earnings can be the attendance bonus you have received during the year or the promotion bonus you have received during the year. This will have to be calculated on your end of year bonus too!